In an effort to increase awareness about non-life insurance products, General Insurance Council has launched a campaign ‘Faayde Ki Baat’.
The campaign will reach masses through television advertisements, radio advertisements, digital medium and social media.
Under this campaign, General Insurance Council aims to educate people on how to safeguard themselves and their assets especially their health, home and motor vehicle.
Speaking about the campaign, AV Girija Kumar, Chairman, General Insurance Council said, “The main function of insurance is to provide protection against probable chances of loss. However, the non-life industry is facing a situation where there is still some gap between consumers awareness and understanding of benefits of general insurance products and their expectations from it. It is therefore our endeavor to bridge this gap amongst consumers for the industry, stemming from which is the objective of the campaign to spread awareness on non-life insurance products and why one should have them.”
General insurers believe that there is a huge penetration opportunity for general insurance. General insurance’s penetration is around 1% of GDP which is below the Asian penetration of 1.85% and global penetration of 2.8% to GDP.
General Insurance Council believes that these numbers are indicative of the sizable opportunity with respect to all segments of non-life insurance products.