Expressing concerns over the rising frequency and intensity of disasters globally, including in India, Prime Minister’s Principal Secretary P K Mishra has advocated for a strategic vision to expand insurance coverage across diverse sectors and entities.

According to a PIB statement issued on Saturday, Mishra was speaking at a National Disaster Management Authority (NDMA) workshop on ‘Why Disaster Risk Insurance Matters -- Key Concepts and Benefits’. He said ensuring that insurance is not only available but also accessible to the most vulnerable is a key challenge.

At the event held on Friday, Mishra deliberated on the likely role of the government in supporting the expansion of insurance coverage.

He also posed several questions such as, “Should the government act as a catalyst, facilitating the growth of the insurance market, or should it take a more direct role such as purchasing insurance for certain sectors?

How should the government create public-private partnerships that improve the outreach of insurance services and products?”

Mishra then added that these questions directly relate to the fiscal sustainability of insurance-related interventions. He also underscored the need for robust actuarial expertise and a well-defined legal framework.

In the context of emerging trends in expanding insurance coverage, Mishra focussed on two critical issues, including ways to effectively reach those segments of the population who find it difficult to purchase insurance.

Emerging trends highlight India’s potential to innovate in its application of disaster risk insurance and join the global trend towards more resilient, efficient and inclusive insurance solutions, he said.

Mishra said this raises questions of accessibility and how insurance reach can be broadened through more affordable pricing, increased awareness and a simplified claim settlement process.

Touching on Prime Minister Narendra Modi’s vision and commitment to this subject, he also delved into an all-inclusive 10-point agenda on Disaster Risk Reduction (DRR).

Mishra, the statement said, observed that disaster risk coverage is a must for all, starting from poor households to small and medium enterprises to multi-national corporations and nation-states.

He mentioned two notable government-backed insurance programmes, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Ayushman Bharat.