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Insuring Bharat: Scaling Up People Led Risk Protection

A study on Mutuals and Cooperative insurers in India.


A study on Mutuals and Cooperative insurers in India. The COVID 19 pandemic has brought to limelight the risk protection gap in India across income groups be it health, life, or livelihood. Most Indians are either uninsured or under-insured. India has a total addressable market of 500 million+ people who need insurance. On the supply side, there are only a small number of insurance companies (only 70) who are mostly focused on the high- and middle-income population. Millions of Indian households fall in the ‘missing middle’ of insurance — neither covered by government schemes nor insured by insurance companies (Households with a monthly income of INR 15k-50k).Community based insurance or as known in the insurance parlance ‘mutual insurance’ could be a viable alternative model to insure this vast segment that has the ability to pay but has not been tapped — the missing middle.

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