Goa, June2023: Zuno General Insurance (Formerly Edelweiss General Insurance, a new-age digital insurer, has been appointed as the lead insurer for the State Insurance Plan in Goa by the Insurance Regulatory and Development Authority of India (IRDAI). This strategic appointment aims to promote accessible and affordable insurance services for all citizens, aligning with the vision of “Insurance for all by 2047.”
As the Lead Insurer for Goa, Zuno General Insurance will collaborate with the state government and other insurers to enhance the reach and accessibility of insurance products across the region. The State Insurance Plan focuses on key objectives such as life and health protection, safeguarding against natural calamities, supporting micro, small, and medium enterprises (MSMEs), and increasing employment opportunities.
Pooja Yadav, Chief Product Officer at Zuno General Insurance, said, ” Our commitment lies in promoting insurance awareness and accessibility, with the goal of making a positive impact on the lives of the people of Goa. We strive to bridge the gap in insurance coverage by offering customized programs and working in partnership with the state government and other stakeholders, ultimately providing financial security to the residents of Goa.”
The launch of the State Insurance Plan in Goa is crucial, given the current insurance landscape. With an insurance penetration ratio of 4.0 as of March 31, 2021, and approximately 40% of vehicles being uninsured, there is a significant opportunity to provide financial protection to Goans. Zuno General Insurance is committed to raising insurance awareness and adoption in the state, working in close partnership with IRDAI and the state government.
Goa stands out with an impressive literacy rate of 88.7% and a poverty rate of 5.90%, highlighting the potential for increased insurance awareness and accessibility. In terms of the insurance landscape, motor insurance dominates the market, accounting for approximately 77% of the state’s Gross Written Premium (GWP), followed by fire and property insurance at 14%, and marine cargo and hull insurance at 3.5%.
Additionally, MSMEs play a significant role in Goa’s economy, contributing 76% to the Gross State Domestic Product (GSDP). With a large number of manufacturing and industrial units employing thousands of people, addressing the insurance needs of these businesses and their employees is essential.
These statistics serve as a call to action, prompting the launch of the State Insurance Plan in Goa. With a comprehensive understanding of the region’s demographic and financial profile, Zuno General Insurance is poised to roll out targeted programs to drive insurance adoption among focus groups such as fishermen, rural and women self-help groups, MSMEs, and uninsured vehicle owners.
