Insurance Policies: Compare & Buy Insurance Plan Online

INSURANCE BROKING IN INDIA

Insurance brokers are the only insurance distribution channel which represents the policyholders and are regulated by the IRDAI (Insurance Brokers) Regulations, 2013

As is the case with other countries, the concept of an Insurance Broker was introduced by the Insurance Regulatory & Development Authority of India (IRDAI) through the IRDA (Insurance Brokers) Regulations, 2002 and amended in 2013

Insurances brokers work for policyholders’ interests and are therefore, the fastest growing among distribution channels contributing to 23.2% of the non-life insurance premium

Insurance Broking registered the highest CAGR of 27.7% between FY10 and FY15 among the major channels in non-life insurance

As per the EY Vison 2025, brokers driving customer-centric growth report, it is expected that insurance broking will contribute close to 40% of gross direct premium in non-life insurance in the progressive scenario

As per the report, non-life insurance market in 2025 is expected to be at Rs 4,00,000 Crs and brokers market share is likely to be around Rs 1,60,000 Crs

Source: IBAI HANDBOOK: GENERAL INSURANCE CLAIM INSIGHTS FOR POLICYHOLDERS, 2017

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