9 insurance coverage corporations together with HDFC Ergo and SBI Common have submitted their plans for an Preliminary Public Providing (IPO) to the Insurance coverage Regulatory and Growth Authority of India (IRDAI), in response to an Financial Instances report.
In consequence, 10 giant insurance coverage corporations have been presupposed to submit their itemizing plans to the IRDAI (Representational picture)
HT could not independently confirm the data.
Additionally Learn: Meta CTO Andrew Bosworth feedback on leak of assembly’s particulars, his messages get leaked too
This follows the regulator’s push for them to get listed. Although itemizing is not obligatory as of now, the IRDAI has been encouraging insurers to go public since it might assist enhance company governance and likewise in elevating funds.
In consequence, 10 giant insurance coverage corporations have been presupposed to submit their itemizing plans to the IRDAI. This contains Bajaj Allianz Life, Bajaj Allianz Common, Tata AIA, and Tata AIG Common Insurance coverage, to submit their itemizing plans by the primary week of February.
9 of them have submitted, however one has requested for further time until later this month for submitting the proposal, in response to the report.
Additionally Learn: ‘PM put curtain…’: Rahul Gandhi on PM Narendra Modi’s reply to query on US’ bribery fees towards Gautam Adani
The IRDAI will now evaluate the plans earlier than figuring out the following steps.
Nevertheless, this may take a while to finish. Established insurers will take a minimum of 4 quarters to finish the method whereas the newer ones might take as a lot as six quarters or extra, in response to the report.
India’s insurance coverage business which opened to the non-public sector in 2000 has 26 life insurers, 27 normal insurers (together with two specialised insurers), eight standalone well being insurers, and 12 reinsurers (together with 11 international reinsurance branches), the report learn.
Additionally Learn: No financial institution vacation on March 31 for Ramzan-Id (Id-Ul-Fitr) | See full particulars
India, with an insurance coverage penetration of three.7% insurance coverage density of $95 (per capita premium) in 2024, lags behind international benchmarks of seven% insurance coverage penetration and density of $889 in 2024, in response to the report.