Insurance space buzzing up as new players queue up for foray

The insurance business is expected to be more competitive and crowded with many new players entering the industry soon. “There are 20 applications seeking approval for setting up new insurance companies both in life and non-life are currently under process with the IRDAI. The review of applications and the outcome is expected in about six months or a year from now,’‘ a senior official said. IRDAI has put in place a stringent review process for scrutiny of applications and the final acceptance will be accorded by its board, he added. The Head of Underwriting in a large private insurer stated that the primary drivers for insurance business growth are the large number of millennial population, an increase in awareness regarding the need for insurance in the post-Covid period, and a series of regulatory reforms introduced by the regulator in the recent past to promote ease of doing insurance.