Ajay Seth appointed as IRDAI chairman
Ajay Seth
, former secretary of the Department of Economic Affairs, has been appointed chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term, the government announced Thursday.
The position had been lying vacant since March 13 after Debasish Panda completed his tenure. In a announcement, the government approved the appointment for a period of three years or till the incumbent attains the age of 65 years or until further notice, whichever is earlier
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A 1987-batch Indian Administrative Service officer from the
Karnataka cadre
, Seth has over three decades of
public service experience
in
economic policymaking
and regulatory reform.
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Seth takes charge at a time when the insurance sector is grappling with challenges in raising penetration. While new business premiums in the life insurance segment grew 4.25% year-on-year in the April-June quarter, overall insurance penetration remains low at around 3.7% of GDP in FY24, down from over 4% in FY23.
Among Seth's top priorities will be expanding insurance access and affordability. With over 60 insurers across life, non-life, and standalone health segments, India has one of the lowest ratios globally in terms of insurers per million population. The sector requires fresh capital and new players to meet growing demand and deepen penetration.
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