Insurance Brokers Oppose IRDAI Reforms, Project 70% Revenue Loss

The Insurance Brokers Association of India (IBAI) has said that the Insurance Regulatory and Development Authority of India’s (IRDAI) recently proposed norms could trigger a 60-70% revenue collapse across the insurance broking sector. Addressing a press briefing, the industry body representatives also said that the insurance distribution sector, which employs over 83 Lakh people, could see the loss of up to 10 Lakh jobs lost as a result of the economic impact of the proposed policies.