CHENNAI: The Insurance sector will gain from the increased economic activities and greater ease of doing business. At the same time, announcements such as vehicle replacement policy, digital public infrastructure for agriculture, a higher rebate on personal income tax and a more significant focus on public health will also substantially impact the non-life insurance sector, said MS Sreedhar, MD-CEO, Royal Sundaram General Insurance. Being now the most populous country in the world, India has built a robust foundation comprising demographic dividend, economic stability, tamed inflation, improved incomes, phygital distribution network and above all, better awareness towards insurance. Noting that the success of health insurance in the past decade – backed by strong government resolve to offer low-cost access has set the right context for the sector, Sreedhar said, “We believe the industry has just scratched the surface and will ride on a high degree of customisation and product innovation in the coming years.”

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