India’s insurance regulator has ordered insurers to submit comprehensive monthly data on premiums, claims, and investment income, aiding the development of a new index to track short-term changes in the services sector, including insurance, trade, and telecommunications.
India’s insurance regulator has ordered all insurers except reinsurers to start sending monthly figures on premiums, investment income and claims to the government, in a move designed to feed a new services-sector measure being built by the statistics ministry. According to a circular reported by the Hindu, the Insurance Regulatory and Development Authority of India said the data will help the Ministry of Statistics and Programme Implementation prepare the Index of Services Production, a monthly indicator intended to track short-term changes in the sector.
From July 2026, general and health insurers will have to report gross direct premium, direct claims paid and investment income for policyholders and shareholders, while life insurers will submit gross premium, benefits paid and investment income for policyholders and shareholders, the Hindu reported. The information must be filed by the 15th day of the month after the reporting period through online templates hosted by the National Informatics Centre, and insurers have been told to ensure the returns are complete and accurate.
At present, insurers already share monthly new business premium data with the Life Insurance Council, the General Insurance Council and the regulator, but claims and investment income are not part of that public reporting channel, according to the material supplied. That additional detail matters because the new index is meant to cover the formal services economy, including insurance, trade, transport, banking, telecommunications, hospitality, real estate and professional services, with a base year of 2024-25.
The government has said the services sector has accounted for more than half of gross value added since 2013-14 and needs a faster-moving gauge to help policymakers judge momentum. The Index of Services Production is expected to be released monthly, with a lag of about 60 days, putting insurance among a wider set of service industries that will be monitored more closely as India refines its economic statistics.
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