IFFCO Tokio MD and CEO Tatsuya Fujimoto says India’s insurance industry needs to move beyond policy sales and focus on adequate coverage, risk prevention and customer resilience.
India’s growing economy needs a stronger culture of insurance protection, according to Tatsuya Fujimoto, managing director and CEO of IFFCO Tokio General Insurance. He said the industry should focus not only on selling more policies but also on helping customers understand risks and secure adequate coverage.
Fujimoto made the comments in a recent article outlining his vision for India’s insurance industry. He argued that rising household incomes, business investments and asset ownership are increasing the value that individuals and companies need to protect.
Insurance must focus on adequate protection
Fujimoto said insurers should shift from a product-selling approach towards becoming long-term risk partners. In his view, customers need policies that match their risks, provide sufficient sums insured and clearly explain coverage and exclusions.
He also highlighted the importance of risk prevention alongside financial protection. Fire safety reviews, electrical inspections, equipment maintenance, employee training and business continuity planning can help businesses reduce the frequency or severity of losses.
The need for stronger protection becomes particularly clear after natural disasters. Fujimoto referred to his experiences around the 2011 Great East Japan Earthquake, the 2023 Maui wildfires and the July 2026 Kumamoto earthquake.
The Kumamoto earthquake measured 7.1 and reached a maximum seismic intensity of 7, according to Japan’s National Research Institute for Earth Science and Disaster Resilience. Japanese authorities continue to assess its impact.
The Maui wildfires also generated more than 10,000 insurance claims, with estimated losses exceeding $3.29 billion, according to data from Hawaii’s Insurance Division.
Technology and trust to shape insurance growth
Fujimoto said artificial intelligence, advanced analytics and digital claims platforms can make insurance services faster and more personalised. However, he stressed that technology cannot replace customer trust, particularly when policyholders need support after an accident or major loss.
He also pointed to smaller cities, towns and rural areas as important growth markets. Digital distribution, local networks and financial education could help insurers reach customers who remain under-protected.
Small and medium-sized businesses represent another significant opportunity. Fujimoto said insurers can support these businesses by identifying risks, improving safety measures, selecting appropriate coverage and preparing continuity plans.
He also linked the industry’s future to the broader Insurance for All by 2047 vision. The General Insurance Council currently uses the same national ambition in its policyholder-focused mandate.
Fujimoto said the next phase of India’s insurance growth should measure success not simply by policy numbers, but by the relevance and adequacy of protection. In his view, stronger risk awareness, prevention and claims support can help make India’s economic growth more resilient.
Why Insurance Matters for Your Family: Understand why adequate insurance protection matters when preparing for unexpected financial risks. – Learn Why Insurance Matters
Also Read: GST Cut Lifts Insurance Demand and Coverage
Disclaimer: This MyRupia article provides information based on publicly available government, regulatory and industry sources. It does not constitute investment, financial, tax, insurance or legal advice. Information, examples, market data and expert views may change over time and do not represent a recommendation to buy, sell, invest in or surrender any financial product. Readers should consider their individual circumstances and consult a qualified financial professional before making financial decisions.