Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India is the authority responsible for regulating and developing the insurance sector in India, whose dual mission combines prudential supervision and the promotion of insurance access in a vast and heavily under-penetrated market. India represents one of the highest-growth-potential insurance markets in the world, driven by its demography, the rise of a middle class and a considerable protection gap. The regulator has launched reforms to broaden access, attract capital, including foreign capital through raised participation caps, and promote innovation and the digitalization of distribution. It pursues an ambitious goal of insurance for all within a near horizon. For international insurers and reinsurers, India is a strategic long-term market, whose access and operating conditions depend closely on IRDAI's orientations, in an environment exposed to major catastrophe risks, monsoon, earthquake, cyclone.