Despite the phenomenal growth achieved by the Indian life insurance industry over the past decade, certain regulatory actions as well as external events in the past few years have prompted many to raise several questions about the future performance of the industry.

Will the industry revive? How and when?

This paper considers various practical steps that can be taken by the Insurance Regulatory and Development Authority (IRDA) and the government, in order to help revive the industry. The paper also discusses some changes that may be necessary in the business practices adopted by companies, as well as in the macro-economic environment in India for the life insurance industry to go back on a sustainable growth path again.

This paper was originally presented at 16th Global Conference of Actuaries organized by the Institute of Actuaries of India on 17-18 February, 2014 in Mumbai.