P K Mishra Advocates for Expanded Disaster Risk Insurance at NDMA Workshop

P K Mishra, Principal Secretary to the Prime Minister, emphasized India's advancements in disaster risk insurance during the National Disaster Management Authority workshop in Delhi. He advocated for broader insurance coverage, robust legal frameworks, and government support, highlighting key programs like PMFBY and Ayushman Bharat as examples of inclusive insurance solutions.

P K Mishra, Principal Secretary to the Prime Minister, highlighted India's efforts in developing insurance products, bonds, and technological solutions for damage assessment at the NDMA workshop on 'Why Disaster Risk Insurance Matters' in Delhi. Mishra discussed India's potential in innovating disaster risk insurance to align with global trends towards inclusive insurance solutions.

Mishra raised concerns about the increasing frequency and intensity of disasters globally, including in India. He called for a strategic vision to expand insurance coverage across various sectors. He emphasized the need for robust actuarial expertise and a defined legal framework, stressing accessibility and affordability for the most vulnerable populations.

Discussing the government's role, Mishra questioned whether it should facilitate market growth or directly purchase insurance for specific sectors. He cited PMFBY and Ayushman Bharat as examples of government-backed insurance programs aimed at promoting social equity and financial inclusion. Mishra concluded by advocating for diverse insurance solutions with sustainability at their core, highlighting the importance of affordable rates and a viable risk pool.

(With inputs from agencies.)