Life Insurance Up 2.6x, General Insurance 3.6x in a Decade; IBAI Marks 25 Years of India’s Insurance Broking Journey Silver Jubilee Celebration brings together industry leaders to chart the next phase of growth towards ‘Insurance for All’ by 2047

New Delhi, July 25, 2026: The Insurance Brokers Association of India (IBAI) today celebrated its 25th anniversary at its Silver Jubilee Conclave, bringing together policymakers, regulators and industry leaders to reflect on the evolution of India’s insurance broking profession and discuss the next phase of growth for the sector under the theme “Bimit Bharat – Surakshit Bharat.” The conclave highlighted the critical role of insurance brokers in advancing the vision of Insurance for All by 2047.

Mr. Ajay Seth, Chairman, IRDAI, graced the occasion as the Chief Dignitary and delivered the keynote address. Speaking at the conclave, he highlighted the sector’s robust growth, noting that life insurance has expanded 2.5–2.6 times and general insurance 3.6 times over the past decade. He also noted that insurance brokers now contribute 42% of the general insurance business, up from around 30% seven to eight years ago, and urged brokers to focus on affordability, transparency, risk mitigation and policyholder protection.

Marking 25 years of India’s insurance broking fraternity, the conclave reflected on the industry’s remarkable evolution from policy facilitation to trusted risk advisory. Over the past two decades, brokers have played a pivotal role in improving access to unbiased, customer-centric insurance solutions while supporting greater insurance awareness and financial resilience across the country. IBAI also met Hon’ble Finance Minister Smt. Nirmala Sitharaman in October 2025 to congratulate the Government on landmark GST reforms in insurance.

Mr. Narendra Bharindwal, President, Insurance Brokers Association of India (IBAI), said:
“As IBAI marks 25 years, we celebrate not just a milestone but the remarkable evolution of India’s insurance broking profession. Brokers have grown from policy facilitators to trusted risk advisors, helping customers understand risks and access the right protection. The next phase of growth must make insurance more accessible, better understood and relevant to every individual. We are committed to strengthening the profession through technology adoption, capacity building and knowledge sharing, while supporting small and medium brokers. As we look ahead, sustainability must remain central to our collective efforts, ensuring the insurance ecosystem remains resilient, responsible and focused on protecting policyholders for the long term. With innovation, sustainability and collaboration, we aim to build a resilient ecosystem aligned with India’s vision of Insurance for All by 2047.”

Mr. Nirmal Bazaz, Honorary Secretary, Insurance Brokers Association of India (IBAI), said:
“The discussions over the past two days reaffirmed that the future of insurance will be shaped by collaboration, innovation and a continued focus on policyholder interests. As risks evolve and customer expectations change, it is important that the industry continues to strengthen professional capabilities, embrace technology responsibly and work together to improve insurance awareness and accessibility across the country.”
Discussions at the conclave covered AI and insurtech, health insurance affordability, life insurance distribution, reinsurance opportunities through GIFT City, cyber and geopolitical risks, rural and agricultural insurance, and regulatory evolution. Across sessions, a consensus emerged that deeper collaboration, wider financial awareness and responsible technology adoption are essential to strengthen customer trust and drive meaningful insurance penetration across India.

About Insurance Brokers Association of India (IBAI): 
Insurance Brokers Association of India (IBAI) is the recognized association of all licensed insurance brokers in the country. It was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001 with its own Memorandum of Association as well as Articles of Association, as required under the Companies Act, 1956. The management of the IBAI vests in its Board of Directors (17 in number) who are elected by the members. The day-to-day functioning is entrusted by the Board to those directors who are chosen as office-bearers & the Secretary-General who is appointed by the Board.