The Bengal Chamber organised the annual seminar on Indian Insurance Industry on 26th May 2016 at Kolkata.

Though the number of insurance companies operating in India has increased significantly, hundreds of millions of people have limited awareness and/ access to insurance and financial services. India as a country still remains grossly ‘under-insured‘ in terms of insurance penetration and density. In India, Life Insurance is primarily sold as a tax-saving instrument rather than as a risk coverage product. There is a considerable amount of misinformation about insurance in the mind of the average Indian investor and hence there is a crying need to change people’s perception and outlook on insurance. Despite higher growth witnessed by health insurance & PA, the Motor Insurance segment continues to maintain its leading position amongst the different segments with a 46% share in the overall industry’s Gross Direct Premium in FY 2015. Most general insurance companies reported significant gains on their investment books owing mainly to the rally in the existing equity positions as well as on fresh positions. During FY 2015, PSU players witnessed an 18% YoY growth in their investment book while ‘Select Private Players’ witnessed a 20% YoY growth. The objective of the seminar was to analyse the challenges and prospects of Indian Life and Non-Life Insurance Industry.

Mr. K Sanathkumar, Chairman & MD, National Insurance Co. Ltd. graced the occasion, as the Chief Guest. Mr. Munish Sharda, MD & CEO, Future Generali Life Insurance Co. Ltd graced the occasion as the Guest of Honour. The Summit has also witnessed the deliberation of eminent speakers like Mr. Kailash Mittal, Director & Actuarial Practice Leader, KPMG India; Mr. U S Roy, Director IndiaFirst Life Insurance Co. Ltd; Former Deputy MD, SBI; Former MD, SBI Life; Mr. Khalid Ahmad, Head- Product Management, PNB MetLife Insurance Co. Ltd.; Mr. Parthanil Ghosh, Chief Marketing Officer, L&T Insurance Co. Ltd.; and Mr. K V R Krishna, Regional Manager, United Insurance Co. Ltd.

The Summit also witnessed the participation of a large audience and eminent finance professionals and was widely covered in different media.