Summary:

 India’s insurance sector has grown at a 17% CAGR over two decades and is projected to reach Rs. 19,30,290 crore (US$ 222 billion) by 2026. Growth is driven by awareness, regulatory changes, and private-sector participation. The government’s 100% FDI approval attracts foreign investment, but increasing compliance complexities, including 4,638 annual requirements, pose significant operational challenges.

The report stresses the need for better compliance through technology, strong leadership, and better data security. Manual tracking is slow and error-prone, so automation is essential. Key solutions include a single-window licensing system, using RegTech, and a central compliance database. Simplifying these processes will help insurance companies grow and innovate while staying compliant with regulations.

Source: IBEF  

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