A new dawn for insurance industry: Irdai looks to make sector attractive

Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture

Ever since the new chairman of the Insurance Regulatory and Development Authority of India (Irdai) took over nine-odd months ago, the insurance sector has seen a slew of changes in regulations. The aim is to improve the ease of doing business for existing players, as well as attract fresh capital into the sector, to facilitate a significant increase in insurance penetration in the country from the current low levels.

After the former chairman — S C Khuntia — demitted office in May 2021, the insurance regulator functioned without a chief for close to 10 months. Part of this period coincided with