Mumbai: The Insurance Regulatory and Development Authority of India (Irdai) urged insurance companies to prioritise expanding the number of people covered under insurance, not just improving insurance penetration metrics. The regulator’s call came at a time when the non-life insurance industry committed over Rs 300 crore over three years to an awareness campaign with the tagline ‘Achha kiya insurance liya’ (Did well by buying insurance).Irdai member Deepak Sood told industry leaders that companies should address new risks. “The face of risk is changing every day,” said Sood, citing a shift from traditional physical and business risks to emerging threats such as cyber risks that now “sit in our pocket, in our mobile phones.”“Premium could be anything,” Sood said. “If we can keep those premiums low, make it affordable for our people, it doesn’t matter what penetration percentage is, as long as we can reach out.” Tapan Singhel, chairman of General Insurance Council, warned that India’s low insurance penetration was heightening its economic fragility. “Every time a catastrophe hits, millions remain unprotected,” he said.Singhel cited data to show that general insurance has a lower grievance ratio – 0.35 complaints per 10,000 policies – compared to 0.7 for banking and 4 for e-commerce.