Irdai Chairman Advocates for Full FDI in Insurance for 'Viksit Bharat'

Irdai Chairman Debasish Panda advocates for 100% foreign direct investment in India's insurance sector, emphasizing the need for significant capital to achieve 'insurance for all' by 2027. The current FDI limit is 74%. The Bima Sugam platform is highlighted for its role in transforming the industry.

Irdai Chairman Debasish Panda called for 100% foreign direct investment (FDI) in India's insurance sector during an address at Business Standard's annual BFSI event, highlighting the significant capital required for achieving 'insurance for all' by 2027.

Panda described the insurance industry as capital-intensive and noted the necessity for more players to enhance penetration in the market. Currently, up to 74% FDI is permissible in general, life, and health insurance.

He further pointed out that reaching universal insurance will be essential for India's progress towards 'Viksit Bharat' by 2047, with the digital platform Bima Sugam poised to transform the sector, creating a comprehensive infrastructure for policyholders.

(With inputs from agencies.)