India’s insurance industry has grown sharply in a decade, with life insurance up 2.5-2.6x and general insurance up 3.6x, IRDAI says.

Seth shared these numbers at the Insurance Brokers Association of India’s Silver Jubilee Conclave in New Delhi.

The event marked 25 years of insurance broking in the country and brought together regulators, policymakers and industry leaders to talk about where the sector goes next.

One trend Seth pointed to was the growing role of insurance brokers. They now account for around 42% of general insurance business, up from close to 30% just seven to eight years ago.

That’s a meaningful shift, and it reflects how brokers have moved from simply selling policies to acting more like risk advisors who help customers figure out what cover they actually need.

The conversation at the conclave also touched on the industry’s long term goal of “Insurance for All” by 2047.

Future expansion, according to IBAI’s leadership, will depend on improving insurance’s accessibility and comprehensibility as well as expanding the use of technology and bolstering assistance for smaller brokers.

This comes on the back of a few other regulatory moves from IRDAI over the past couple of months.

Earlier in June, Seth had flagged concerns about high commission costs in the industry, saying insurers still lean too heavily on intermediaries rather than cheaper digital channels.

Around the same time, the regulator reportedly withheld performance linked pay for some insurance company CEOs who missed cost related targets, and it’s also weighing a proposal to raise the combined investment limit for insurers in REITs and InvITs to 6%, up from 3% each currently.

Together, these updates point to a regulator pushing insurers toward better cost discipline and stronger customer outcomes, even as the broader industry keeps expanding at a healthy pace.

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