IRDAI chair Ajay Seth urges doubling insurance to 30%
Big plans from the IRDAI: Chairperson Ajay Seth says India should aim to double its insurance coverage, jumping from 15% to 30%, in just five years.
Speaking at the SAMVAAD Summit, he emphasized making insurance simpler and more user-friendly, so people actually understand what they're signing up for.
Registry, PII and Account Aggregator expansion
Seth mentioned a public insurance registry coming by January 2028 and a Personal Identifiable Information (PII) framework and a consultation paper.
Nandan Nilekani also pitched in, suggesting that the Account Aggregator system, which has multiple usage of data and can go beyond lending and beyond the banked population, should reach half of all adults, not just salaried workers.
He wants gig workers and small businesses included too, so everyone gets better access to financial services.