Future Generali aims to insure every citizen in Sikkim by 2027

Future Generali India Insurance Company Limited (FGII), one of the country’s top private general insurance providers, has set an ambitious goal—to provide 100 per cent insurance coverage to the people of Sikkim by the year 2027. This move, the company says, is a step towards achieving inclusive insurance well before the national target of 2047, set by the Insurance Regulatory and Development Authority of India (IRDAI).

Speaking to the media in Gangtok on Friday, Anup Rau, Managing Director and CEO of FGII, shared the company’s roadmap. He said that Sikkim, with a literacy rate of nearly 91 per cent and a supportive government, is well-suited to become the first Indian state with complete insurance penetration.

“We are the Lead Insurer for the state of Sikkim. With the support from local officials and the positive response from citizens, we are confident about achieving full coverage by 2027,” Rau said. He mentioned that the idea was discussed in a meeting with officials from other insurance companies held earlier in the day.

To make this goal a reality, the company is introducing specially designed insurance products that are simple, affordable, and suited to the local needs. One such product costs only ₹149 and offers coverage up to ₹4 lakh. This includes personal accident cover, death or disability benefits, support for children's education if the earning member dies, and home and burglary insurance.

The company has already started working with Gram Panchayats to spread awareness. Sikkim has 197 Gram Panchayats spread across six districts. So far, FGII has reached three districts—Namchi, Pakyong, and Gangtok—and plans to cover two more by the end of April.

In another initiative, FGII is in discussion with the Urban Development Authority of Sikkim to identify all pucca (permanent) houses so that residents can be made aware of the importance of insuring their homes.

During the financial year 2024-25, the company sold close to 21,000 policies in the state. Rau pointed out that three things are key to increasing insurance coverage: right products, awareness, and a strong distribution network. “We are working on all three. We are using banks for distribution and also building an agency network in the state. Once Bima Vahak (a rural insurance initiative) is introduced, we expect to scale up faster,” he said.

FGII is also exploring ways to support Sikkim’s tourism economy through insurance. “We are open to developing products that suit the needs of local people and even tourists. Insurance can help boost the economy by providing safety and financial security,” Rau added.

FGII is a joint venture between Italy’s Generali Group, which holds a 74% stake, and the Indian retail major Future Group. Established in 2006, FGII has grown into one of India’s top ten private general insurers, with over ₹7,473 crore in assets under management and a Gross Written Premium of ₹5,002 crore as of FY 2024.

The company has earned multiple recognitions including 'Great Place to Work' certifications, workplace excellence awards, and marketing accolades. It has also been recognised for excellence in corporate governance through the Golden Peacock Awards.

The Generali Group, founded in 1831, is a global insurance leader with operations in over 50 countries. With nearly 82,000 employees serving 70 million customers, Generali has a strong presence in Europe and is steadily expanding in Asia and Latin America. The company’s strategy is focused on being a “Lifetime Partner” to customers by offering innovative and personalised insurance solutions.