Hyderabad, Feb 1 (TNT) Narendra Bharindwal, President of the Insurance Brokers Association of India (IBAI), on Sunday said the Union Budget 2026 provides a strong business push to the insurance sector by expanding the country’s insurable asset base and reducing protection gaps.
In a statement, Narendra while reaching over the Budget, said the continued emphasis on capital expenditure, infrastructure, urban renewal and renewable energy will directly translate into higher demand for engineering, property, liability, motor and workers’ compensation insurance. “Insurance becomes a natural by-product of growth when large-scale economic assets and livelihoods are created,” he noted.
He also pointed out that the Budget’s focus on MSMEs, Mudra-linked credit and ease of doing business will accelerate credit-linked insurance adoption, embedding risk protection into enterprise growth.
Investments in climate resilience, agriculture and disaster preparedness are expected to widen opportunities for crop, parametric and catastrophe insurance, particularly in underinsured regions, he said.
He said that digital public infrastructure and data-driven governance will lower costs, improve claims efficiency and enhance trust, helping insurance penetration grow sustainably.
“From a business perspective, this Budget clearly moves India closer to the goal of ‘Insurance for All’ through broad-based and resilient economic expansion,” he added.
TNT TS
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