IRDAI: Indian insurance market growth objectives

The Indian insurance regulator IRDAI has unveiled a five-year strategic plan to develop the local insurance market. The objectives that have been set include:

• increasing non-life premiums from 2 000 billion INR (27.25 billion USD) in 2021 to 11 000 billion INR (139.362 billion USD) in 2027
• doubling the life insurance penetration rate to reach 6% in 2027. For the non-life class of business, this penetration rate should grow from the current 1% to 2.5% in 2027
• creating a leading insurance company in each State of the Union