February 4, 2023

The Indian insurance coverage sector wants an annual capital infusion of round Rs 50,000 crore to double insurance coverage penetration within the nation in 5 years, Debashish Panda, Chairman of the Insurance coverage Regulatory and Improvement Authority of India (IRDAI) stated on Friday.

He urged conglomerates to infuse funds into the sector as it’s able to producing enticing returns on fairness.

“We want extra conglomerates to enter the insurance coverage sector,” he stated in his deal with at an {industry} occasion organised by the Confederation of Indian Industries (CII) in Mumbai.

In 2021-22, India’s insurance coverage penetration – premiums as a share of gross home product (GDP) – was 4.2 %.