The IRDAI has granted certificates of registration to two new entities to conduct life insurance business in the country.
The new insurers are Acko Life Insurance and Credit Access Life Insurance, the IRDAI says in a media statement.
With these two additions, the total number of life insurers operating in India is now 25. Before this, the number of life insurers had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer.
In November 2022, the IRDAI granted a licence to a new general insurer. This means that in the fiscal year ended 31 March 2023, the Indian insurance market saw the entry of three new insurers.
Another 20 applications for an insurance licence are in the pipeline at various stages of registration in the life, general and reinsurance segments, says the IRDAI.
