Indian Insurance Industry: The Need for More Insurers.

India has become the most populous country in the world with over more than 1.4 billion people. Major portion of this population is not having an adequate insurance coverage. Rate of insurance penetration of India is very low as compare to other countries. The Indian Insurance industry is regulated by IRDAI and the regulatory framework has traditionally being very strict, the requirements for insurance licensing and capital are very tough. These are also some of the reasons for having less number of insurers in Indian insurance industry but recently, IRDAI, the Indian regulator has changed a lot and has proposed so many measures to facilitate the entry of new insurers in India. The Indian Insurance regulator is promoting product innovation and competition in the Indian insurance industry. The regulator is also aiming to create a conducive environment for achieving a goal of insurance for all by 2047. It is possible that in the near future Indian insurance industry will see a good number of new insurance players like the ways other countries are having, some of the important factors like competition, regulatory compliance, fulfilment of capital requirements and building trust among policyholders will continue to play a very important role in shaping the entry and growth of new insurance players. [ABSTRACT FROM AUTHOR]