IRDAI and Odisha Govt Collaborate to Boost Insurance Penetration

Bhubaneswar: In a significant move to strengthen insurance penetration in Odisha, Satyajit Tripathy, Member Secretary of the Insurance Regulatory and Development Authority of India (IRDAI), met with Anu Garg, Development Commissioner-cum-Additional Chief Secretary, and Principal Secretary of Finance. The discussions aimed to devise strategies to address Odisha’s insurance penetration, which currently lags behind the national average.

Acknowledging insurance as a cornerstone of financial services and economic growth, the meeting aligned with the national vision of “Insurance for All” by 2047. A key outcome was the proposal to establish a State Level Insurance Committee (SLIC). This committee will serve as a collaborative platform, bringing together stakeholders from IRDAI, the state government, and the insurance industry to chart actionable steps for increasing coverage across the state.

The proposed roadmap for SLIC includes initiatives to raise awareness about insurance products, improve accessibility in rural and underserved areas, and introduce tailored policies to meet the diverse needs of Odisha’s population. Senior officials from both IRDAI and the state government emphasized the need for targeted efforts to bridge existing gaps and ensure inclusive financial security for all citizens.