Ease of doing business for MSMEs: The general insurance industry in India is expected to grow at a compound annual growth rate (CAGR) of 9.9 per cent from $29.39 billion in 2021 to $41.78 billion in 2026 in terms of gross written premiums (GWP). However, that’s far from satisfactory when it comes to the adoption of insurance among enterprises particularly MSMEs despite various risks.
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“The insurance and specifically general insurance have a very long way to go in India. Climatic events like the Bengaluru floods, which were earlier probably not seen as an immediate risk, have the potential to wipe out a micro or small business built through the life savings of an entrepreneur,” said Pooja Yadav, Chief Product Officer, Edelweiss General Insurance at SME Artha 2022 event organised by FE Aspire recently.
Talking to FE Aspire, Yadav explained whether Covid has helped in increasing insurance adoption among MSMEs, the role of MSME associations in increasing adoption, and how affordable existing insurance solutions for MSMEs are.
