IRDAI Chairman Targets Doubling India Insurance Coverage by 2031

Ajay Seth, Chairman of the Insurance Regulatory and Development Authority of India, announced that effective insurance coverage for the Indian population and economic enterprises could double to 30% within five years. Speaking at the SamvAAd 2026 India Open Finance Summit in Mumbai, Seth noted that current coverage is estimated at only 15%.

Seth identified a significant protection gap, stating that the industry has historically tracked policy sales and premium collections rather than the actual number of lives covered or the total sum insured. He argued that digital infrastructure, particularly the Account Aggregator framework, is essential to reduce service costs and extend insurance access to smaller cities.

While emphasizing that digital platforms are the primary path forward, Seth maintained that the industry must continue to prioritize products tailored for individuals and small businesses. He also stressed the importance of preserving the advisory role of insurance agents during this digital transition.