IRDAI’s annual report has stated that out of 24 life insurance companies, only 19 insurers remained profitable in 2015-16. The life insurance industry has reported a profit of 7,415 crore rupees in 2015-16. The inflation-adjusted insurance premium in India increased by 7.8% and the non-life insurance sector has seen a growth of 8.1% during 2015.
On April 19, 2000, Insurance Regulatory and Development Authority of India was established with the main objective of protecting the interest of the holders of Insurance Policies and to regulate and promote the orderly growth of the insurance industry. The headquarters of Insurance Regulatory and Development Authority of India is located in Hyderabad.