Irdai's recent reforms will help expand the market

India’s resolve to emerge as a global economic powerhouse is anchored in the twin pillars of self-reliance and economic resilience. As macroeconomic conditions worldwide present newer risks and challenges, insurers and re-insurers assume a crucial role in insulating the economy from external shocks. The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation’s progress.

Against this backdrop, the Insurance Regulatory and Development Authority of India’s (Irdai’s) visionary ‘Insurance for All by 2047’ mission plays a crucial role in realising the goal of building a