M Nagaraju, Secretary, Department Of Financial Services (DFS), on Monday said during the Financial Year 2024–25, the Insurance sector has issued 41.84 crore policies, collected premiums of Rs 11.93 lakh crore, paid claims of Rs 8.36 lakh crore, and reported assets under management of Rs 74.44 lakh crore as of 31 March 2025.
He further said the total reinsurance market in India stood at Rs 1.12 lakh crore in 2024–25.
Addressing the 3rd Edition of the IFSCA–IRDAI–GIFT City Global Reinsurance Summit in Mumbai, the DFS said the Indian insurance sector, an integral part of the financial system, plays a significant role in the economy by providing protection against mortality, property and casualty risks, encouraging savings, and providing long-term funds for infrastructure development and other long-gestation projects.
The Summit was themed around “Bridging India Today, Insuring India Tomorrow – the India Evolution Roadmap”.
He mentioned that the government and the insurance regulator have enabled policy frameworks and structural reforms to further growth and insurance accessibility.
Foreign Direct Investment in the insurance sector has been raised to 100 per cent, a new reinsurer was registered last year, and the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, provides for the formation of a Policyholders’ Education and Protection Fund, aligns data protection with the Digital Personal Data Protection Act, 2023, and enhances IRDAI’s regulatory powers.
The IFSCA–IRDAI GIFT City Global Reinsurance Summit was described by the Secretary as a vital platform that brings together key stakeholders from the financial services sector.
Insurance and reinsurance were emphasised as crucial in driving India towards its economic objectives, particularly as the country strengthens its role in the global economy.