Explanation: The Indian Insurance sector is at an inflexion point. India will be one of the main drivers of global insurance industry growth over the next decade. Indian Insurance Market is the 10th largest in the world and is poised to become the 6th largest by 2032, ahead of Germany, Canada, Italy, and South Korea.

• The insurance regulator, IRDAI, has taken up the mission of universal insurance, which is expected to lead to a significant increase in insurance penetration such that, when India celebrates 100 years of its independence in 2047, every Indian has appropriate life, health, and property insurance cover and every enterprise is supported by appropriate insurance solutions.
• Easy entry into the insurance sector: A Single Window NOC Portal (noc.irdai.gov.in) Was launched to facilitate the incorporation of an insurer by making the NOC available in a hassle-free and timely manner.

Source: Economic Survey 2023