Pune: The Vice President of India, Mr. M. Hamid Ansari, today delivered the 4th Convocation address at the National Insurance Academy School of Management, Pune (Maharashtra).

During his address, Ansari said that the format of development of the insurance industry can neither be standardized nor be prescriptive across national contexts.

"The ultimate beneficiaries of the reforms process and the resultant competitive insurance market should be the Indian public. Insurance is slowly moving beyond tax incentives and statutory insurance requirements towards becoming an effective risk mitigation instrument", he said.

"The success of the transition and reaping of the fruits of insurance depends on the efficacy of regulation and timely innovation to cater to real needs of our citizens", Ansari added.

The Vice President expressed his concern that the current agricultural insurance schemes suffer from low coverage and high claims-to-premium ratio.

"There is an urgent need to seriously consider some proposals including coverage of pre-sowing and post-harvest risks and effecting a transition to actuarial rates and upfront subsidy payments by the Government which will enable timely claim payments".

He further said, "Sustainable agricultural growth and improvement in agricultural technology and productivity would not be possible without reliable risk cover for our farmers".

He said that the success of the transition and reaping of the fruits of insurance depends on the efficacy of regulation and timely innovation to cater to real needs of our citizens.

Ansari hoped that the students graduating today, and those benefiting by the training provided by the National Insurance Academy, would contribute to the development of a vibrant insurance market in the country.