Prime Minister’s principal secretary P K Mishra on Friday expressed concern over the rising frequency and intensity of disasters and said there is a critical need to expand affordable disaster risk insurance to vulnerable populations.
He was speaking during his keynote address at the National Disaster Management Authority’s (NDMA) workshop on “Why Disaster Risk Insurance Matters – Key Concepts and Benefits” in Delhi.
Mishra discussed key issues surrounding disaster risk insurance, including the challenge of reaching underserved populations with affordable insurance and ensuring a simplified claims process.
He also stressed the importance of public-private partnerships in widening the reach of insurance products and ensuring the fiscal sustainability of such initiatives.
Mishra linked his address to the broader framework of Prime Minister Narendra Modi’s ten-point agenda for Disaster Risk Reduction (DRR) from 2016.
He also explored the government’s role in supporting the expansion of disaster insurance, either by acting as a facilitator for the private sector or taking a more direct role, such as providing insurance for specific sectors.
He highlighted two major government-backed insurance programs, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Ayushman Bharat, as examples of successful risk protection initiatives.
{{/usCountry}}He highlighted two major government-backed insurance programs, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Ayushman Bharat, as examples of successful risk protection initiatives.
{{/usCountry}}The PMFBY provides affordable crop insurance to farmers, shielding them from income losses due to natural disasters, while Ayushman Bharat offers health insurance to economically disadvantaged individuals, helping to reduce medical expenses.
He suggested the introduction of large-scale disaster risk insurance tailored to various stakeholders, including households, businesses, and government agencies at all levels.
The NDMA workshop brought together senior officials, including home secretary Govind Mohan, NDMA member Rajendra Singh, NDMA advisor Safi A Rizvi and professionals from the insurance sector, to discuss strategies for advancing disaster risk insurance in India.