India's insurance sector is strong and growing, remains supported by better regulations and digital innovations

Securities and Exchange Board of India or SEBI has highlighted the latest Financial System Stability Assessment from the IMF in a latest update. The FSSA report acknowledges that India's insurance sector is strong and growing, with a significant presence in both life and general insurance. The sector has remained stable, supported by better regulations and digital innovations. SEBI noted that IMF's FSSA report highlights that India's financial system has become more resilient and diverse since the last FSAP in 2017, driven by rapid economic growth. Financial Sector in India has shown recovery from various distress episodes of 2010s and withstood the pandemic well. In terms of evolution of financial sector landscape, Non-Banking Financial Intermediaries (NBFI) sector has become diverse but more interconnected. Banks and Non-Banking Financial Companies (NBFCs) have sufficient aggregate capital to support moderate lending even in severe macro financial scenarios.

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