The insurance industry requires 9 billion USD to reach the global average penetration rate

The Insurance Regulatory and Development Authority of India (IRDAI) said that the insurance industry needed a recapitalization in order to double the insurance penetration rate and reach the world average rate of 6%.

The required amount is between 500 and 600 billion INR (7.5 billion and 8.97 billion USD).
Regarding the source of the amount to collect, TS Vijayan, chairman of IRDA, said that the capital could come from Indian and foreign investors whoses contribution is expected at 49%.