IRDAI Mandates Monthly Data Reporting to Fuel National Index of Service Production
India's insurance regulator has instructed life, general, and health insurers to begin sharing detailed monthly financial metrics with the government. This data will serve as a primary component for the Ministry of Statistics and Programme Implementation’s new short-term economic indicator.
Key takeaways
- Insurers must submit premium, investment, and claims data by the 15th of every month starting July 2026.
- The data will populate the Index of Service Production (ISP), a new monthly economic growth indicator for the services sector.
- Life, general, and health insurers are included in the mandate, while reinsurers are currently exempt from these specific requirements.
Data Submission Requirements for the Service Sector Index
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive requiring all insurers, excluding reinsurers, to submit monthly financial data to the central government. This mandate supports the Ministry of Statistics and Programme Implementation (MoSPI) in its development of the Index of Service Production (ISP). Starting from July 2026, companies must provide specific figures regarding their premium income, investment earnings, and claims disbursements.
Expanding Financial Transparency
Currently, insurance providers disclose monthly new business premiums through the General Insurance Council and Life Insurance Council. However, the new IRDAI circular expands these reporting obligations to include investment income for both shareholders and policyholders, as well as total claims paid. Life insurers are specifically tasked with reporting gross premiums and benefits paid, while general and health insurers must detail gross direct premiums and direct claims.
Monitoring Economic Growth
The ISP functions as a service-sector equivalent to the Index of Industrial Production (IIP), tracking short-term growth across the formal services economy. With the services sector accounting for over 50% of India's gross value added since the 2013-14 fiscal year, the ISP aims to provide planners with timely data to steer the nation's economic trajectory. The index uses 2024-25 as its base year and covers various sectors, including banking, telecommunications, and real estate.
Operational Timeline
Insurers must submit their data through the National Informatics Centre (NIC) online templates by the 15th day of each following month. The government intends to release the ISP monthly, maintaining a reporting lag of approximately 60 days. The regulator emphasized that all furnished information must be complete and accurate to ensure the integrity of the national economic indicator.
Key Facts
- MoSPI will use the collected data to calculate the monthly Index of Service Production.
- All life, health, and general insurance firms are covered by the mandate; reinsurers are exempt.
- Submission deadlines are set for the 15th of the month succeeding the reporting period.
- Reported metrics include gross premiums, investment income, and claims or benefits paid.
- The ISP covers diverse sectors including trade, transport, and professional services alongside insurance.
Source: The Hindu — Economy
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