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IRDAI directs insurers to submit monthly data for ISP
The Insurance Regulatory and Development Authority of India (IRDAI) has ordered all insurers, except reinsurers, to submit monthly data on premium income, investment income and claims paid for the Index of Service…
The Story in Brief
The Insurance Regulatory and Development Authority of India (IRDAI) has ordered all insurers, except reinsurers, to submit monthly data on premium income, investment income and claims paid for the Index of Service Production (ISP). The directive supports the Ministry of Statistics and Programme Implementation in building the new index, which will measure short-term changes in the services sector.
From July 2026, general and health insurers must report gross direct premium, direct claims paid, and investment income. Life insurers must provide gross premium, gross benefits paid, and investment income. Data must be filed by the 15th of each month via National Informatics Centre online templates. The ISP, with base year 2024-25, will be released monthly with a 60-day lag. The services sector now contributes over 50% of India's gross value added.
The Indian Opinion
Some may see the IRDAI's monthly data demand as another compliance burden on insurers. But the ISP is a necessary tool for a services-driven economy, India has had no short-term gauge for this dominant sector. The real test will be the accuracy and timeliness of submissions. If insurers file incomplete numbers, the index will be useless. Watch for the first ISP release: the lag and data quality will tell us whether this exercise strengthens policy or just adds paperwork.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
