IRDAI: Indian insurance market growth objectives

Magazine Issue:

Market consolidation [3]

Magazine date:

Jun 2022

IRDAI The Indian insurance regulator IRDAI has unveiled a five-year strategic plan to develop the local insurance market. The objectives that have been set include:

increasing non-life premiums from 2 000 billion INR (27.25 billion USD) in 2021 to 11 000 billion INR (139.362 billion USD) in 2027
doubling the life insurance penetration rate to reach 6% in 2027. For the non-life class of business, this penetration rate should grow from the current 1% to 2.5% in 2027
creating a leading insurance company in each State of the Union

Tue, 05/07/2022 - 12:58

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-192-june-2022
[4] https://www.atlas-mag.net/en/article/insurance-product-approval-procedures-loosened-in-india