IRDAI asks insurers to submit premium, claims, investment data for ISP
The IRDAI has mandated that all insurers in India submit monthly data on premiums, claims, and investments to support the government's new Index of Service Production (ISP). This initiative aims to better track growth in the services sector, similar to how industrial production is measured.
Why it matters
This regulatory change will improve the accuracy of national economic indicators by integrating the insurance sector into formal service production metrics.
The Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurers, except reinsurers, to submit information every month on their premium income, investment income and claims paid to the government for the purpose of Index of Service Production (ISP).
The details are needed to facilitate data requirements of the Union Ministry of Statistics and Programme Implementation (MOSPI) in preparation of the ISP, the regulator said in a circular to all life, general and health Insurers.
The general and health insurers, excluding reinsurers, are required from July 2026 onwards to provide details of gross direct premium, claims paid (direct) and investment income of policyholders and shareholders. Life insurers are required to submit gross premium, benefits paid (gross) and investment income for policyholders and shareholders.
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