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Irdai's move to limit banca biz may stifle insurance sector growth: Emkay

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Last week, reports suggested that Irdai is likely to bring in regulations to limit the overdependence of life insurance companies on their parent banks for business sources through bank channels
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new regulations that limit the commission structures for banks selling insurance products, potentially impacting the growth of the insurance sector. According to a report by Emkay Global Financial Services, these changes could lead to a significant reduction in the distribution of insurance products through banks, which currently account for about 60% of life insurance sales and 25% of non-life insurance sales. The new norms cap the commissions at 15% for life insurance and 17.5% for general insurance, which might discourage banks from promoting insurance products as aggressively as before. This could result in a shift towards other distribution channels like agency and direct sales, although these might not compensate for the potential decline in bancassurance. Emkay suggests that while these regulations aim to ensure fair practices, they might inadvertently stifle the sector's growth by reducing the incentive for banks to push insurance products.

Read the Full Business Standard Article at:
[ https://www.business-standard.com/finance/insurance/irdai-s-move-to-limit-banca-biz-may-stifle-insurance-sector-growth-emkay-124121600889_1.html ]