Magazine date:
Apr 2014 During the fiscal year 2013-2014, the life and non-life sectors experienced respective increases of 12.5% and 13% compared to the previous year. According to statements by T.S. Vijayan, chairman of the regulatory authority (IRDA), the life insurance market rises from a 6% drop recorded a year earlier, collecting a total premium equal to 46.4 billion USD.
With 10.2 billion USD premiums totaled this year, the non-life branch has returned from a two consecutive sessions of decline.
Speaking also of bancassurance, T. Vijayan announced the intention of the IRDA to promote an "open architecture model, where each bank could sell the products of multiple companies."