IBAI targets 45% Market Share by 2030

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Mumbai, June 16, 2023 - The Insurance Brokers Association of India (IBAI) concluded its Annual Broker's Meet, addressing growth strategies and challenges in the insurance broking sector. With the presence of Mr. Debasish Panda, Chairman of IRDAI, the event emphasized regulatory support for insurance brokers. The association aims to foster innovation, expand market reach, and achieve a 45% market share by 2030. Recognizing the need for insurance literacy, IBAI launched a nationwide campaign targeting 500,000 students to raise awareness about insurance types and financial protection. By equipping students with knowledge, IBAI aims to enhance financial resilience. The matured insurance broking business in India benefits from increased penetration, customized products, digital transformation, and a supportive regulatory framework. IBAI remains committed to promoting industry excellence and advocating for policyholders.

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