Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi

In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak

There is a huge unserved population in the country, which is without financial aid and insurance. It is possible to look at the option of having niche players catering to niche sectors, akin to non-banking financial companies (NBFCs) and microfinance institutions (MFIs) in lending, said Rakesh Joshi, member (Finance & Investment), Insurance Regulatory and Development Authority of India (Irdai).
 
Speaking at the Business Standard BFSI Insight Summit in late December, Joshi said, “Today, most of our insurance companies operate at the national level. There is arguably a case for having differentiated operations, which cater to niche sectors just as