IRDAI asks insurers to submit premium, claims, investment data for ISP

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.

The information should be submitted on or before the 15th day of the month succeeding the reporting month through the National Informatics Centre (NIC) online data templates created for the purpose. Insurers are advised to ensure the information furnished is complete and accurate, IRDAI said.

At present, the insurers publicly share details of their monthly new business premium through the Life Insurance Council and General Insurance Council and with IRDAI. The investment income and claims paid, however, are not shared in this channel.

A new macro indicator to measure the short-term changes in the growth of the services sector, MoSPI’s Index of Services Production is the counterpart of the IIP (Index of Industrial Production) which measures the economic growth of the industrial sector. ISP will cover the formal services sector and will be released on a monthly basis.

Insurance is part of the sub-sectoral coverage under ISP — wholesale and retail trade, transport, banking, telecommunications, hotels and restaurants, real estate, professional, scientific and technical services, arts, entertainment and recreation among others.

The base year of ISP is 2024 -25.

With the services sector emerging the dominant force in the Indian economy, contributing over 50% of the gross value added since 2013-14, India needs a short-term indicator to measure the growth of the sector to enable planners and policymakers to take suitable measures to guide the growth trajectory. ISP will be released with a monthly frequency with a lag of about 60 days, the government had said in June.