Irdai looking at 20 more insurance applications: Chairman Debasish Panda

Insurance regulator Irdai has given licence to a General insurer for the first time since 2017, close on the heels of allowing two more applicants in the Life space and is looking at around 20 more applications, its Chairman Debasish Panda said on Wednesday.

The latest to get the licence is Kshema General Insurance and earlier in the year Credit Access Life and Acko Life were given licences, Panda said, adding the regulator is looking at around 20 more applications.

The Life licence was last given in 2011, the Chairman told reporters on the sidelines of an industry summit organised by the industry lobby Ficci here.

There are 23 life insurers and 33 general players operating in the country now.

The industry closed February with an AUM of Rs 59 lakh crore with a premium value of Rs 10 lakh crore, a growth of 16 per cent.

Addressing the gathering, the regulator asked the industry to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action and expressed ..