India Introduces Reforms to Enhance Insurance Accessibility and Reduce Costs

India's insurance sector is undergoing significant reforms aimed at enhancing accessibility, transparency, and affordability. The 2025 amendments include allowing 100% foreign direct investment in insurance companies and recognizing Managing General Agents to foster innovation. The Insurance Regulatory and Development Authority of India (IRDAI) plans to overhaul distribution and commission structures, introduce a digital insurance marketplace, and implement a digital public stack to reduce costs and improve customer value. These initiatives seek to deepen insurance penetration and streamline operations across the industry.