The Insurance Regulatory and Development Authority of India (IRDAI) has recently issued certificates of registration to two new entities – Acko Life Insurance and Credit Access Life Insurance, to conduct life insurance business in the country.
With these two additions, the total number of life insurers operating in India has increased to 25. The IRDAI has not issued any new licenses to life insurers since 2011. The entry of three new insurers, including a general insurer, in the fiscal year ending March 31, 2023, is expected to enhance competition in the Indian insurance market.
Currently, there are 20 applications in the pipeline for insurance licenses in the life, general, and reinsurance segments, as per the IRDAI.