India: Regulator urges swift action
Source: Asia Insurance Review | May 2023
The Insurance Regulatory and Development Agency of India (IRDAI) has asked the insurance industry to be prepared to move quickly with health insurance solutions covering the ‘missing middle’ in the country.
The regulator says that it will soon publish its report on health insurance for this segment of the population which comprises 400m-500m people who are neither covered under the government’s social schemes providing health insurance nor do have employers’ or private health insurance, reported Times of India.
IRDAI chairman Debasish Panda, speaking at an insurance conference in Mumbai, said, “A large section of the population—the missing middle—still has no coverage under health insurance.
“What the insurance solutions are is something that we need to work out. We have already appointed a committee which is working quickly; you should work out your strategy.” A