On Tuesday, the Lok Sabha passed the Sabko Bima Sabko Raksha (Amendment of Insurance Laws) Bill, 2025. It seeks to reform India’s insurance framework through changes in three Acts: The Insurance Act of 1938, the Life Insurance Corporation Act of 1956, and the Insurance Regulatory and Development Authority of India (IRDAI) Act of 1999. The move is expected to be a step towards achieving the IRDAI’s goal of “Insurance for All by 2047”.

India has seen an improvement in insurance metrics over the past decade. For instance, the number of insurers has........

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