In the financial year 2022-23 (FY23), India’s overall insurance penetration was down at 4 per cent from the level of 4.2 per cent in FY22, according to a Swiss Re Sigma report.
"The business from policies with premiums higher than Rs 5 lakh is down by an absolute 10%. The number of policies has grown by 20% and we have lost the contribution from plans above Rs 5 lakh by 10%. So, our business for the first nine months was 10%," said Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance.
The approval of 'Bima Sugam' by the Insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry.
India s insurance industry is experiencing a significant transformation, primarily driven by the growth of health insurance. The Insurance Regulatory and Development Authority of India (Irdai) has shifted its focus from rule-based to principle-based regulations, aiming to achieve universal insurance coverage by 2047.
Bima Sugam e-market, life cover surrender value, corporate governance norms among 8 regulations approved by IRDAI thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.