IRDAI steps to increase penetration to fasten growth

Recent measures announced by IRDAI)have the potential to fasten the new business growth for companies and deepen insurance penetration in India, Washington based international actuarial and consulting Milliman said.

India’s new business premium growth has been in double digits for the better part of the last decade and IRDAI’s easing of guidelines could extend the run, the consultancy said without quantifying the extent of faster growth.

Last month, the regulator announced a slew of changes in products, distribution and capital requirements, giving insurance companies the option to make their own choices, many of which required regulatory approvals before.