Despite attempts by the government and the insurance regulator to expand coverage, the National Insurance Academy stated in a report released on Thursday that up to 95% of the country's population is uninsured. In releasing the research, IRDAI Chairman Debasish Panda advised the industry to follow the procedures that lead to the huge success of UPI, bank account opening, and mobile penetration.

Panda believes that mandatory natural disaster insurance in high-risk areas, as proposed in the report, is required if the country is to achieve universal coverage by the time it celebrates its centenary as a republic.

According to the research, 95 percent of the country's 144 million people are unaccounted for. The high incidence of lack of insurance coverage is significant in view of the increased number of natural disasters and other climate-related disasters that have struck the country. It further stated that 84% of low- and middle-income people, as well as 77% of residents in coastal regions, tier-2, and tier-3 cities, do not have property insurance.

The research also advocated for mandatory crop insurance for farmers who have taken out bank loans, with premium funding provided by microfinance institutions and agri-input suppliers. According to the research, the annuity and pension protection gap is now at a high of 93% in terms of category-specific insurance gap. According to the analysis, there is an 87% protection gap in life insurance, which creates a major economic opportunity.

In terms of health insurance, the research stated that 73% of the population is uninsured, and it advocated for collaboration among government, non-governmental organizations, and industry groupings to develop micro health insurance with simplified solutions. Pension and annuity coverage is similarly lacking, with only 24% of employees registered in employee retirement plans. According to the survey, low-income individuals and lower-middle-income groups have only 14% and 25% penetration, respectively.

According to the report, the cyber security gap is rapidly rising across sectors as a result of increased exposure, increased digital usage, and growing connectivity, with 62% of customers trying to protect themselves from cyber risk.

Apart from the country, the National Insurance Academy was founded in 1980 in Pune and has since been the foremost center for executive training, research, and study on insurance, pensions, and related disciplines across Africa, the Middle East, and Southeast Asia.