More insurance players required for diverse needs of citizens: Irdai chief

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

While India’s insurance sector has greatly matured from the time it was opened up 20 years ago, the emerging needs of various sections of the populations have made it amply clear that the existing 70-odd players cannot fulfil all of them. Hence, the entry of new players is warranted so that every citizen has insurance cover, Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (Irdai), said on Tuesday.

Irdai has committed to enable “Insurance for All” by 2047, whereby every citizen would have appropriate life, health and property covers, and every enterprise would be supported by appropriate insurance