On the occasion of pre-budget, Rikhil Shah, Chief Financial Officer, SBI General Insurance commented, “2018 has been an important year for the Insurance sector with multiple announcements and regulatory changes. From the merger of 3 PSU non-life insurers, Ayushman Bharat, changes in rules for motor insurance and the inclusion of mental illness in health insurance, we’ve witnessed a lot of changes in the interest of the consumer. With the budget coming, we are positive and optimistic that it will bring more good news for the insurance sector. There might be some tax exemptions for the patrons. We’ve already seen a GST cut which was a welcome move for the insurance industry. We are hoping for positive tax benefits in the home insurance area as in the last year we have seen some major calamities and home insurance has certainly gained importance. We are also hoping for some regulatory framework in the healthcare/pharma industries to make insurance a reality for all in India.”

Like last year, a lot of expectations are there from the government to be more on the protection space for the wellbeing of the population.