New Insurance Players Enter Market: IRDAI Approves Allianz Jio Reinsurance and Kiwi General Insurance

New Delhi, 11th March 2026: The insurance sector regulator approved two new insurance entities and initiated steps to align regulations with the recently enacted Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 during its 134th Authority meeting held on March 9.

The Insurance Regulatory and Development Authority of India (IRDAI) granted Certificates of Registration to two companies, allowing them to begin operations under the applicable regulatory framework. The approvals were given to Allianz Jio Reinsurance Limited as a reinsurer and Kiwi General Insurance Limited as a general insurer.

With these approvals, both companies will be permitted to undertake insurance business in India in accordance with regulatory requirements.
During the meeting, the Authority also discussed the regulatory framework required following the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The law was notified on December 21, 2025, and came into effect on February 5, 2026.

The legislation amends the Insurance Act, 1938 and the IRDA Act, 1999, requiring the regulator to frame new regulations and amend existing ones to align the insurance regulatory framework with the provisions of the new law.

To accelerate the regulatory alignment process and implement reforms under the SBSR Act, the Authority granted in-principle approval to draft and publish new regulations for stakeholder consultation.

Commenting on the development, Dr Tapan Singhel, Chairman of the General Insurance Council, said the approval of new licences reflects the continuing evolution and growth potential of India’s insurance sector.

“The granting of new licences to Allianz Jio Reinsurance and Kiwi General Insurance is a positive development for the industry and reflects the continued evolution of India’s insurance sector. India is one of the most exciting insurance markets in the world, and we need greater scale, innovation and wider participation to fully unlock its potential,” Singhel said.

“In a country of India’s size and diversity, I have often said that we would eventually need more than a thousand insurers to address the protection needs of every citizen. Each such step strengthens the overall ecosystem and brings us closer to expanding insurance access across the country,” he added.