Ladies and Gentlemen, Now, let me move on to the main theme of this forum. Financial inclusion has emerged as a key global priority. Governments, international agencies, academics and the private sector have all brought financial inclusion to the top of the agenda. The G20 made the topic one of its pillars at the 2009 Pittsburgh Summit.
The Reserve Bank’s Insurance Annual Report indicated that the net loss ratio for the medical class in 2010 was 78.6%. In other words, for every $ of premium earned, 78 cents was taken up by claims alone, leaving the medical insurers with a small margin to foot operating costs and to try to make a profit.