The Insurance Regulatory and Development Authority of India (IRDAI) has ordered insurers to provide monthly data on premiums, claims, and investments to support the upcoming Index of Service Production (ISP).

Key Takeaways

  • IRDAI has mandated monthly data submission for all life, general, and health insurers (excluding reinsurers).
  • The data will facilitate the Union Ministry of Statistics and Programme Implementation (MoSPI) in creating the Index of Service Production (ISP).
  • Required metrics include gross premium, claims paid, and investment income.
  • Data must be submitted via NIC online templates by the 15th of every month.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to all insurers, with the exception of reinsurers, to submit detailed monthly information regarding their premium income, investment income, and claims paid. This regulatory move is designed to facilitate the data requirements of the Union Ministry of Statistics and Programme Implementation (MoSPI) in the preparation of the Index of Service Production (ISP).

Why This Matters

BozokMedia analysis shows that this move is a critical step in formalizing service sector metrics in India. As the services sector has emerged as the dominant force in the Indian economy—contributing over 50% of the Gross Value Added (GVA) since 2013-14—having a robust, short-term indicator like the ISP is essential for accurate economic planning and policy intervention.

The integration of insurance sector data into the ISP will provide a more granular view of the service economy's health.

Starting from July 2026, general and health insurers must report gross direct premiums, claims paid, and investment income for both policyholders and shareholders. Life insurers are similarly required to submit gross premium, benefits paid, and investment income details. All submissions must be completed through the National Informatics Centre (NIC) online data templates on or before the 15th of the succeeding month.

Historical Background

Historically, India has used the Index of Industrial Production (IIP) to measure the growth of the industrial sector. However, with the rapid expansion of the services sector, there was a growing need for a counterpart indicator. The ISP, with a base year of 2024-25, aims to fill this gap by covering sub-sectors such as banking, telecommunications, transport, and professional services.

Did You Know?: The ISP will be released on a monthly basis with a lag of approximately 60 days to ensure data accuracy.

Frequently Asked Questions

1. What is the primary purpose of the ISP?
The Index of Service Production (ISP) serves as a macro indicator to measure short-term changes in the growth of the formal services sector.

2. Are reinsurers required to submit this data?
No, the current IRDAI directive specifically excludes reinsurers from this mandatory reporting requirement.