Comparison between Indian and Pakistanis a Insurance sectors annual fees

Mashrukh Khan: Registered Insurers in India must pay an annual fee to IRDA as prescribed under Regulation 56 of the 2024 Registration Regulations.

The annual fee is 5 lakh rupees or 0.05% of the total gross premium written direct by the insurer in the previous financial year, whichever is higher.

There are 85-90 insurance companies in India, 26 of them are life-insurance, 33 are non-life insurance and around 20 are reinsurers. They have collected a premium of Rs 11 lakh crores in the last financial year.

In Pakistan insurance companies pay an annual fee to SECP, under Rule 8 of the Insurance Rules, 2017 The annual fee is Rs. 2 per thousand which is equivalent to 0.2% of the gross direct premium written by the insurer in Pakistan during the previous financial year.

The maximum cap is RS 5 crores. Pakistan currently has 42 active insurance companies, among them 11 are life insurance companies, 30 are non-life and only 1 is a reinsurance company. They collected a combined gross premium of Rs. 677 billion in 2024.