Governor K Rosaiah has said that insurance offers a significant support system to the economy, providing individuals and enterprises financial security against unforeseen losses.
Launching the insurance literacy programme in schools at the platinum jubilee of United Insurance in the city recently, he added that insurance provided funds for infrastructure and long-term investments. It acts as a conduit for firms and households to transfer risks to entities that are better suited to handle them, he said.
Pointing out that there were 24 players in life insurance and 27 in non-life space, the Governor said the visibility of the sector had gone up significantly in the past decade and more awareness about the benefits of insurance had been disseminated among the people. In recent years, the sector had also witnessed significant growth in customer service, delivery, deployment of technology in operations. Raising aspirations of life, growing awareness on the need for insurance would bring about higher growth in the sector especially on the non-life side, he said. Praising the United India Insurance for its efforts towards implementing the ‘Rashtriya Swasthya Bima Yojana (RSBY)’ announced by the PM for BPL families in the unorganised sector, he said the firm had also extended support in implementing the Tamil Nadu Chief Minister’s Comprehensive Health Insurance Scheme.
“Improving and creating awareness among the people on the need on financial literacy, including insurance literacy is imperative for the development of the Nation,” he said.
He lauded the company’s efforts to promote insurance literacy among the secondary class students of 75 government and government-aided schools across the country in its first phase.
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