Blitz Bureau
EMPHASISING India’s growing role in disaster risk insurance PK Mishra, Principal Secretary to the Prime Minister, underscored the country’s potential to innovate and lead the global push towards resilient, efficient, and inclusive disaster risk insurance solutions.
Addressing an event titled “Why Disaster Risk Insurance Matters – Key Concepts and Benefits” during the National Disaster Management Authority’s (NDMA) workshop in Delhi, Mishra outlined key developments in insurance products and the use of technology for assessing damage and loss in disaster-prone areas He expressed concern over the increasing frequency and intensity of natural disasters, both globally and in India, calling for a comprehensive strategy to expand insurance coverage across sectors. This, he noted, would require robust actuarial expertise and a well-defined legal framework.
Mishra focused on two critical challenges. First, he questioned how insurance could be made accessible to vulnerable populations who find it difficult to afford coverage. He stressed the need for affordable pricing, increased awareness, and simpler claims processes to ensure that the most vulnerable are protected. Secondly, he explored the Government’s role in fostering insurance growth. He argued that the government’s involvement in disaster risk insurance is essential for ensuring fiscal sustainability and expanding insurance outreach.
The PMFBY provides affordable crop insurance to farmers, safeguarding their livelihoods from natural disasters, while Ayushman Bharat offers health insurance to economically disadvantaged individuals, reducing healthcare costs and promoting access to quality services. Both initiatives, Mishra noted, are central to the Government’s mission to promote social equity and financial inclusion.
