'Insurance coverage expansion to underserved segments can save govt $10 bn'

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'Insurance coverage expansion to underserved segments can save govt $10 bn' - Business Standard

Quick Summary:

Further, creating natural disaster insurance pools with mandatory coverage for ecologically sensitive areas could minimise financial losses for small and medium-sized enterprises (SMEs) and other businesses affected by catastrophic events.

Additionally, targeted interventions in crop insurance could help minimise crop losses, compensate for crop damages, reduce loan defaults, and enhance production yields, according to the report.

The government could potentially save nearly $10 billion annually by expanding insurance penetration to include underserved populations and events, which could be redirected towards stimulating economic growth, according to a McKinsey report.