Birla Institute of Management Technology (BIMTECH), one of India's leading B-schools, organised the 7th BIMTECH Insurance Colloquium in Mumbai. The Colloquium was themed at "Expanding the Sustainable Value Chain: Climate Change's Impact on Property & Casualty, Health and Life Insurance." There were intriguing and insightful conversations about the important relationship between climate change, insurance, and sustainability.
Dr. H. Chaturvedi, Director, BIMTECH gave a heartfelt welcoming address to kick off the Insurance Colloquium. Prof. Bejon Kumar Misra, an expert in international consumer policy and a member of the General Insurance Council's executive committee then gave an insightful theme address. Setting the tone for the day's talks, former LIC of India Chairman Shri M.R. Kumar then took the stage to give an engaging keynote address.
The release of the "India Insurance Report," which offered insightful information about the current situation of the insurance market in India, was one of the event's major highlights.
Prof Bejon Kumar Misra, International Consumer Policy Expert, Member Executive Committee -General Insurance Council said, "In today's world, we must prioritize sustainability, innovation, and the well-being of every individual. Let us work together, consult all stakeholders, and create a future where no one is left behind. As we strive to achieve ambitious goals, remember, there's no shortcut to success, and customer delight is the key. We have the power to overcome challenges and make healthcare affordable for all. Let's take the pledge to work together, innovate, and build a brighter future for India and the world."
Shri M.R. Kumar, Former Chairman, LIC of India said, “Climate change will significantly impact the insurance industry with higher severity of cat losses, inadequacy of property coverages, and higher business interruption losses. India is one of the most vulnerable countries to climate-induced flooding and heat stress. The city of Mumbai could suffer economic damages of USD 49 to 50 billion by 2050 due to sea level rise. Insurers must integrate both physical and transition risks and find ways to manage them effectively. Policymakers may need to require insurers to extend coverage where economically unfeasible."
Atul D. Boda, Group Chairman of all the J.B. Boda Group of Companies, said, "Through 80 years of dedicated work, I have been privileged to witness the growth and success of J.B. Boda Group, a journey made possible by the collective efforts of a remarkable team. I extend my heartfelt gratitude to all our clients, stakeholders, and especially my life partner and family members for their unwavering support. With renewed energy and enthusiasm as a result of this recognition from BIMTECH, I will forward to continuing our journey and making great progress in the years ahead."
Prof. (Dr.) Abhijit K. Chattoraj, a Chartered Insurer and the Dean of SWSS; Professor & Chairperson of PGDM-IBM at BIMTECH, emphasized the importance of a net zero transition in underwriting while moderating the first session. The panel discussed how to mitigate losses caused by climate risks. Property and casualty underwriters must strategically work to seize the growth opportunities resulting from this transition. Underwriters must adjust their portfolio to minimize their carbon footprint.”
Of the three sessions, the first session was about "Climate Change, Insurance, and Inclusion" while the second session was focused on "Innovation in Insurance and Climate Change," and the last session was themed around "Life and Livelihood Insurance and Consumers."
The Colloquium concluded on a high note with the presentation of the Lifetime Achievement Award to Shri Atul D. Boda, Group Chairman of all the J. B. Boda Group of Companies. His acceptance address highlighted the industry's commitment to addressing climate-related challenges.