According to one of the two people, the entry barriers for insurance may be eased, and insurers may get greater freedom to design their products.
The reforms will require amendments to India's insurance laws. The aim is to raise insurance penetration in line with the regulator's mission of Insurance For All By 2047'.
According to Swiss Re, one of the world's largest reinsurers, insurance penetration in FY24 globally is expected to be 6.5%; in India, penetration is expected at 3.8%. Life insurance penetration in India is projected at 2.9% and non-life insurance at 1% in FY24.
Insurance penetration is measured as a percentage of total premiums collected to the country's gross domestic product. It is one of the parameters used to assess the level of development of the insurance sector in a country.
Questions emailed to the finance ministry remained unanswered till press time.
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