25 years of the Indian insurance industry: Here are the hits and misses

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column

Breaking years of stagnation, the Indian insurance industry recently welcomed six new entrants. In the general and health insurance sectors, the latest addition comes after a five-year gap. In the life insurance industry, the gap is longer – 12 years.

The Insurance Regulatory and Development Authority of India (IRDAI) has turned 25 this year. How does the industry plan to celebrate the silver jubilee?

Let’s start by rewinding to the pre-IRDAI era.

An ordinance was issued on January 19, 1956 nationalising the life insurance sector. That year, the Life Insurance Corporation of India (LIC) came into being, absorbing 154 Indian