The board of the IRDAI has approved a timetable to hire 120 management officials at the assistant manager (AM) level in the next three years to cope with the growing workload at the regulator.
Minutes of a 2 August 2024 meeting of the board, which were released on 28 October, read, “In view of the regulatory reforms underway, the last two years witnessed the entry of more insurers into the sector with the market expanding.
“The industry is also gearing up to align with global standards in terms of the implementation of Risk-Based Capital, Ind AS (Indian Accounting Standards; converged IFRS), and a Risk-Based Supervisory Framework. For carrying out an enhanced and effective supervisory function in the revamped regulatory framework, there is a need to scale up resources, particularly human resources.
“It is, therefore, proposed to increase the sanctioned strength in the entry grade of AMs to 225 by the end of the year 2027, by recruiting 40 AMs each year, starting from 2025. “
IRDAI chairman Mr Debasish Panda, who presided over the meeting, summed up the insurance industry’s performance for FY23-24 (the financial year ended 31 March 2024). The market grew by 7.5% to INR11.17tn ($133bn) in terms of premium. The life insurance branch grew by 6%, while general insurers grew by 12.78%.
In 1QFY2025 (April-June 2024), overall premiums totalled INR2.60tn with a growth rate of 14.50% over the corresponding quarter in 2023. While life insurers grew by 14.70%, general insurers grew by 13.33%.