Mint’s Insurance Conclave 2018 in Mumbai, held on 13 February, saw a discussion on IPOs and changing market trends in the life insurance industry.
The panelists included Amitabh Chaudhry, managing director and chief executive officer, HDFC Standard Life Insurance Co. Ltd; Arijit Basu, managing director and chief executive officer, SBI Life Insurance Co. Ltd; Kapil Mehta, co-founder, SecureNow.in; Puneet Nanda, executive director, ICICI Prudential Life Insurance Co. Ltd; R.M. Vishakha, managing director and chief executive officer, IndiaFirst Life Insurance Co. Ltd; and Sanket Kawatkar, principal and consulting actuary- life insurance, Milliman India Pvt. Ltd. The session was moderated by Monika Halan, consulting editor, Mint.
Monika Halan: The life insurance industry manages Rs25 trillion retail money and the annual premium pipeline is Rs4 trillion or 16% of AUM. The sum assured to GDP ratio is 50% in India; in Malaysia it is 149%, and 270% in the US. Why is insurance penetration so low?
