AMN / NEW DELHI

Principal Secretary to the Prime Minister, Dr PK Mishra, has advocated for a strategic vision to expand insurance coverage across diverse sectors and entities. Addressing the National Disaster Management Authority’s (NDMA) workshop in New Delhi yesterday, Dr. Mishra expressed concern about the increasing frequency and intensity of disasters globally, including in India. He underscored the need for robust actuarial expertise and a well-defined legal framework. He noted that disaster risk coverage is essential for all, starting from poor households to small and medium enterprises and extending to multinational corporations and nation-states.

Dr Mishra strongly stressed that globally, the development of diversified insurance products for disaster risks is gaining momentum. He added that, in this endeavour, the NDMA and the Department of Financial Services (DoFS) diverse outreach to global and domestic partners will surely assist in building a robust disaster insurance market in India. Dr Mishra also suggested implementing ‘diverse insurance solutions,’ emphasising the need for sustainability at its core and providing insurance to an ever-expanding group at affordable rates while maintaining a growing and viable risk pool.