The Indian Insurance Regulatory and Development Authority (IRDAI) recently announced a target goal of 5 years for other life insurers. Along with this, the state-level bankers and insurers committee (SLBIC) was also proposed for repeat evaluation.
According to a report by the Insurance Regulatory and Development Authority of India (IRDAI), insurers should double their insurance coverage by 2027. The goals for general insurance premiums are stated to be Rs 2 trillion to Rs 11 trillion. The share of overall GDP that will need to be increased is 2.5 percent, rather than the current 1 percent.
Besides that, the insurance regulator has indicated a goal to increase the volume of life insurance penetration from 3% to 6%. The intention has been given to companies to increase the insurance penetration to nearly double within the same year.
The commissioner also provided that the Independent Regulatory Agency of India would have to be present in every state as the SLIBC insurance entity was on the lines of SLBC.