Visakhapatnam: The insurance regulator IRDAI has allotted three insurance companies for Andhra Pradesh to act as lead insurers.
The regulator allots insurance firms to States and Union Territories to every insurer to increase insurance penetration in India and take insurance to every nook and corner of the country. This decision is in line with the IRDAI Vision 2047 plan aimed at providing ‘Insurance for all’ by 2047–the centenary year of India’s Independence. Under the initiative, Universal Sompo General Insurance Company, Star Health and Allied Insurance Company Limited, and Aegon Life Insurance Company Limited have been allocated AP to operate as the lead insurers.
To implement comprehensive insurance coverage for all individuals in AP, representatives from the insurance companies came together to discuss boosting insurance penetration in the State on Friday. The objective of the meeting held in Visakhapatnam was to speed collaboration among companies and develop actionable plans to increase insurance penetration across the State with support from the Government of AP.