IRDA Chairman Said Big Thing In Health Insurance Summit 2022

On Tuesday, the Chairman of the Insurance Regulatory and Development Authority of India (IRDA) said that health insurance is expensive for many sections of society. There is a need to reduce the cost of health insurance to increase its reach to those sections. Debashish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDA) said in his statement on Tuesday that, we need to leverage technology to reduce costs. Speaking at the Health Insurance Summit 2022, he said that it is possible that health insurance is expensive due to hospital expenses in the form of indirect costs along with high operating and distribution costs. The fixed price is probably very high, making insurance coverage unavailable to many sections of society. Panda further said that to make insurance affordable, ways to reduce expenses have to be considered. Advanced technological solutions can be a way out. We are also actively participating in the industry's key questions, he added. The regulator is working on relaxing the expenditure management limit as per the demand of the industry.

The management and regulation of the insurance and reinsurance industry in India is the responsibility of the Insurance Regulatory and Development Authority of India (Irdai), an independent and statutory agency. A chairman, five full-time members, and four part-time members make up the Irdai's ten-person board. It was established in 1999 by a Parliamentary Act, and Hyderabad acts as the agency's primary location.