General Insurance Council launches insurance awareness campaign

CHENNAI: General Insurance Council (GIC) has launched a nationwide campaign - Faayde Ki Baat - to create insurance awareness among people.

The campaign, being undertaken with the support of the Insurance Regulatory Authority of India (IRDAI), is in line with the current focus area for GI Council to spread awareness among consumers on the importance of non-life insurance as a risk management instrument.

Over the past two decades, the non-life industry has grown at a CAGR of about 17%. The industry premiums are expected to be Rs 2,00,000 crore for the year ended March 2020, up from about Rs 10,000 crore in 2000-01.

AV Girija Kumar, chairman of GI Council, said, “The main function of insurance is to provide protection against probable chances of loss. However, the non-life industry is faced with 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 endeavour 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.”

Source: The Times of India