Irdai Chief Urges Growth in India's Insurance Landscape

Irdai chairman Debasish Panda emphasizes opportunities in India's insurance sector, urging more conglomerates to enter. He highlights efforts to attract investments, simplify processes, and enhance transparency through listings. Panda also advocates for affordability, deeper coverage, and technological advancements in distribution.

The chairman of India's insurance regulator, Irdai, Debasish Panda, has called for more conglomerates to enter the booming insurance market in the country. Speaking at a CII-sponsored event, Panda cited vast growth opportunities given the nation's large demographic.

Panda stressed efforts to increase transparency and encourage more listings on capital markets. These measures are aimed at benefiting shareholders and enhancing market dynamics, he noted. He dismissed recent reports about potential tax cuts, emphasizing instead a focus on making insurance more affordable and widespread.

The chairman highlighted Irdai's roadshows in Japan, Europe, and the US to attract global investors. He also discussed initiatives like the 'Bima trinity' to bolster sector trust and efficiency, including Bima Sugam—a tech platform to aid insurance distribution.

(With inputs from agencies.)