IRDAI grants operating license to new insurer, breaks 5-year grap since last entrant

Notably, this is the fifth registration granted by the IRDAI across the industry in approximately the last year.

The Insurance Regulatory & Development Authority of India (IRDAI) awarded a Certificate of Registration to Narayana Health Insurance in its 124th meeting on 28 December 28 2023.

This marks the entry of a new player in the health insurance sector in India, breaking a 5-year gap in new health insurer registrations. 

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With Narayana Health Insurance's entry, the total number of companies operating in the health insurance market in India has risen to six. 

Notably, this is the fifth registration granted by the IRDAI across the Life, Non-life, and Health insurance segments in approximately the last year, indicating a period of growth and expansion in the Indian insurance industry.