PIB backgrounder on insurance: India 10th-largest market; FDI limit raised to 100%
A PIB backgrounder on 23 April 2026 said India is the 10th largest insurance market by premium volume (Swiss Re), the FDI limit in insurance has been raised to 100% under the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025, and IRDAI is working towards 'Insurance for All by 2047'.
Summary
India ranks as the 10th largest insurance market globally by premium volume, according to a Swiss Re report cited in a PIB backgrounder published on 23 April 2026. The backgrounder said the FDI limit in insurance has been raised to 100% under the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025, and that the share of insurance and pension funds in household financial assets rose to 29.6% in FY25 from 28.6% in FY19, as per the Economic Survey 2025-26. The Insurance Regulatory and Development Authority of India (IRDAI) has committed to the vision of 'Insurance for All by 2047'. Pradhan Mantri Jeevan Jyoti Bima Yojana had 26.88 crore enrolments and 10.45 lakh claims disbursed as of February 2026.
Key facts
- Global rank
- 10th largest insurance market by premium volume (Swiss Re)
- FDI
- Raised to 100% — Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025
- Household assets
- Insurance & pension funds 29.6% in FY25 (28.6% in FY19) — Economic Survey 2025-26
- IRDAI vision
- Insurance for All by 2047
- PMJJBY
- 26.88 crore enrolments; 10.45 lakh claims (Feb 2026)
Practice MCQs 3 questions
Under which law has the FDI limit in the Indian insurance sector been raised to 100%?
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Correct answer: B — Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025
The PIB backgrounder says the FDI limit in insurance was raised to 100% under the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025.
According to the Swiss Re report cited by PIB in April 2026, India's rank among global insurance markets by premium volume is:
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Correct answer: C — 10th
India ranks as the 10th largest insurance market globally by premium volume, per the Swiss Re report.
Consider the following statements from the PIB backgrounder on insurance (April 2026): 1. IRDAI has committed to the vision of 'Insurance for All by 2047'. 2. The share of insurance and pension funds in household financial assets fell between FY19 and FY25. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
IRDAI's vision is 'Insurance for All by 2047'; the share rose from 28.6% in FY19 to 29.6% in FY25, so only statement 1 is correct.