Indian Insurance Brokers Oppose IRDAI Reforms, Warn of 70% Revenue Loss

The Insurance Brokers Association of India (IBAI) said proposed IRDAI caps on commissions and insurer expenses could cause a 60–70% revenue collapse in the broking sector and up to 1 million job losses out of 8.3 million employed in distribution. IBAI is seeking an extension of the feedback deadline from October 25 to end-December and has written to the Prime Minister's Office and Finance Ministry.

• IBAI projects 60–70% revenue drop for brokers under IRDAI's proposed caps
• India's insurance distribution sector employs over 8.3 million people; up to 1 million jobs at risk
• IRDAI data: broker-sourced premiums rose 37% while commissions jumped 173% from FY23 to FY27
• Brokers seek feedback deadline extension from October 25 to end-December