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IRDAI to Give New Licenses to More Players in General Insurance

As per the Insurance Regulatory and Development Authority of India, in the last few years, the insurance industry has witnessed positive growth in the general as well as life insurance sector. Considering this, there is a lot of scope, particularly, in the general insurance space. To spur the insurance industry further, IRDAI is planning to grant licence to various other players in health and general insurance sphere.

In 2017, the life insurance sector saw Rs. 35 lakh crore assets and the total premium collected was around Rs. 6 lakh. Given that the penetration in India is less than 3 percent and almost 7 percent globally, the potential of insurance sector is huge. This also indicates that a lot needs to be done in the insurance industry in the coming years. As per an IRDAI report, the first-year premium of life insurance companies was accounted to be Rs. 1.38 lakh crore at the end of 2017, as compared to Rs. 1.16 lakh crore in December 2016.

In the last financial year, the total investment of LIC in equity markets was over Rs. 47,000 crore and had marked a profit of Rs. 19,000 crore in equity markets.

Written By: PolicyBazaar - Updated: 27 August 2020

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