Insurance Brokers Warn of 70% Revenue Plunge Over Proposed IRDAI Reforms

7 Oct 2026, 12:14 am · 2h ago · 1 min read · Inc42New

The Insurance Brokers Association of India has warned that draft regulations proposed by the Insurance Regulatory and Development Authority of India could trigger a 60% to 70% revenue collapse across the broking industry. The association cautioned that reintroducing product-wise commission caps and restricting overall insurer expenses could result in nearly 10 lakh job losses among 83 lakh sector workers. The industry body has requested an extension until late December to submit formal feedback on the proposals. Brokers argue that the restrictive limits threaten small intermediaries and could hinder insurance penetration among underserved and rural Indian communities.