There's scope for more insurance companies in India, says Irdai chairperson

MUMBAI: India's insurance regulator urged large business houses and conglomerates to examine the feasibility of starting an insurance business, given the prospects offered by the large population and increasing incomes.

Speaking at an industry event organised by the CII on Tuesday, Insurance Regulatory and Development Authority of India (Irdai) chairperson Debasish Panda said the 1.4 billion population base offers massive growth opportunities.

"There is scope for more than 70 insurance companies to cater to 1.4 billion people. I encourage more conglomerates to enter the insurance sector. It is an exciting time for the industry," said Panda.


Panda said that regulatory processes have been streamlined, making it easier for new companies to set up shop. "We have removed all entry barriers. The process of starting an insurance company is seamless now, and the regulatory nods take less time," he said, adding that it is now the companies themselves that are seeking more time.

He mentioned a range of investors that can now participate in the country's insurance market, including private equity institutions, venture capitalists, and family offices.