Considering giving licenses to 20 more insurers: IRDAI Chairman

Insurance regulator IRDAI is looking to issue licenses to 20 insurers. IRDAI chairman Debasish Panda said that the regulator has given licence to a General insurer, Kshema General Insurance Ltd for the first time since 2017, it is very close on issuing licence to two more applicants in the Life space. He further added that IRDAI is looking at around 20 more applications.

As per Bloomberg prime, earlier this year, the regulator approved the applications of two life insurance companies— Acko Life Insurance Ltd. and Credit Access Life and Insurance Ltd. As per Panda, these 2 approvals for life insurance companies are the first since 2011.

Currently there are 23 life insurers and 33 general players operating in the country now. Debashish Panda, while addressing the gathering at an industry summit, requested the industry community to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action. He also expressed confidence that the stated target could be met well before the deadline.

Panda also emphasised on adapting to the technological changes to attain the 2047 goal. He said, "The industry has to be innovative and adopt more and more technologies so that they can develop more and more products that are seamlessly accessible and affordable to the vast majority of the uninsured/underinsured".