Changes being made by IRDAI will benefit the insurance sector, said Deepak Parekh at the annual meeting of HDFC Life
HDFC Life Annual Meeting: Addressing the 23rd Annual General Meeting of HDFC Life, Chairman Deepak Parekh said that the insurance sector will benefit from the proposed changes of IRDAI. The area is rapidly recovering from the effects of Corona. There has been an increase of 18 percent in the financial year 2022-23. In the last financial year, the new business premium of this sector has been Rs 3.7 lakh crore.
In the Annual General Meeting of HDFC Life, Chairman Deepak Parekh says that large-scale regulatory changes in the insurance sector will make it easier to do business in this sector. At the same time, the development of long-lasting products will be encouraged and sustainability will be improved.
Addressing the company's 23rd Annual General Meeting, Parekh said the proposed changes by the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) will increase access to insurance, facilitate sustainable growth, and ease operations.
IRDAI has already started access and file system for faster product launch. The insurance regulator has revised the management and commission expense guidelines to provide more flexibility to companies to manage their cost structures.
Parekh said the life insurance sector has recovered since the pandemic and is set to grow by 18 percent in FY 2022-23. In the last financial year, the new business premium of this sector has been Rs 3.7 lakh crore, which was Rs 3.1 lakh crore in the financial year 2021-22. Parekh was also the chairman of HDFC Ltd till June 30 this year, which merged with HDFC Bank on July 1.
The merger of HDFC Limited and HDFC Bank is considered to be the biggest merger in Indian corporate history. HDFC Life is now a subsidiary of HDFC Bank and has a market cap of Rs 1.39 lakh crore. The name of the company is taken in private sector big insurance companies.
