Seventh Global Insurance Summit was held at Hyderabad in Andhra Pradesh on 8 January
2014. The summit was organised by National Council on Insurance of Associated Chambers of
Commerce and Industry of India (ASSOCHAM).
The focus of the summit was on the need for simplifying the insurance process and to provide
financial security for the masses in India.
At the summit IRDA advocated for a single policy covering all basic need of insurance which
would be more effective to increase insurance penetration in India.
Cost effective ways of distributing insurance covers would be key to success in increasing
insurance coverage among low income groups. Issuance of epolicies through insurance
repositories would reduce policy issuance costs significantly.
The insurance industry committed to double its green investments to 84 billion US dollars by the
end of 2015.
Three major pension funds from North America and Europe announced plans to accelerate their
investments in low carbon investments across asset classes up to more than 31 billion US dollars
by 2020.
UN Framework Convention on Climate Change (UNFCCC)
The summit talks are separate from the negotiations held under the UN Framework Convention
on Climate Change (UNFCCC) to negotiate 1997 Kyoto Protocol. UNFCCC will culminate with
the Paris conference in December 2015.