News From Press Reprioritising issues in insurance sector

Reprioritising issues in insurance sector

Source: Businessline May 8, 2025

The government plans to permit 100 per cent FDI in the insurance sector. Legislative intent since 1993 has been to boost competition, expand rural coverage, and fund infrastructure. The number of insurers has grown significantly: from four to 34 in non-life/health and from a LIC monopoly to 26 life insurers. Premiums have surged — non-life from ₹11,808 crore in 2001-02 to ₹3.07 lakh crore in FY2025, and life from ₹56,000 crore to ₹9 lakh crore.

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