[ad_1]
In a bid to increase competition in India’s insurance industry, the
Insurance Regulatory and Development Authority of India (IRDAI) has given the
green light to two new life insurance companies. Acko Life Insurance Ltd. and
Credit Access Life Insurance Ltd. have been granted certificates of
registration to begin operating in the country.
This marks a significant development as the number of life insurers in
India had remained stagnant at 23 since 2011, until the recent addition of
these two companies. The IRDAI had also granted registration to a general
insurer in November 2022, bringing the total number of new insurers to three
for the financial year 2022-23.
According to the IRDAI, another 20 applications for registration in the
life, general, and reinsurance segments are in the pipeline at various stages.
The approval of these applications is expected to further boost competition in
the sector and benefit consumers with more choices and better offerings.
The move by the IRDAI is aimed at enhancing the penetration of life
insurance in India, which is currently low, especially in rural areas. With
more players entering the market, the hope is that the increased competition
will drive innovation and efficiency, leading to better products and services
for customers.
Overall, the approval of these two new life insurers is a positive
development for India’s insurance industry and underscores the regulator’s
commitment to promoting a competitive and vibrant market.
[ad_2]
Source link