The consultancy said India’s new business premium growth has been in double digits for the better part of the past decade and easing of IRDAI guidelines could drive this.
Last month, the regulator announced several changes in products, distribution, Capital The requirements give insurers the option to make their own choices, many of which require prior regulatory approval.
“The key word that emerges from all this is flexibility. Either in products like use and file, plans to allow insurance companies to distribute other financial products as well or removal of caps on commissions paid by companies, Philip said jacksonPrincipal & Consulting Actuary, Life Insurance at Milliman. In changes announced by IRDAI last month, banks and other corporate agents can now tie up with nine insurers, up from three earlier, while insurance brokers can tie up with six insurers, up from two earlier, in life . General and health. The regulator is also working on removing the cap on commissions, which would allow companies to have an overall board policy on commissions paid instead of individual caps.
The proposal to allow life insurance companies to sell health products is also under review. “We will see more insurance penetration, more products and a possible combination of life and health insurance products. India is still an under-penetrated market in insurance and this will increase penetration as a percentage of GDP. So all these steps are positive and It will make it easier to do business,” Jackson said.
Jackson said whether the companies decide to merge their lives and general Insurance The business will have to take several factors under review and on a case to case basis, once life insurance companies are allowed to sell health products.