Mumbai, Oct. 15 -- Only about 15 per cent of India's population and businesses are estimated to have effective insurance coverage, a figure that could double to 30 per cent over the next five years, Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth said on Thursday, highlighting the large protection gap in the country.

Speaking at the SamvAAd 2026 India Open Finance Summit in Mumbai, Seth said expanding digital insurance services and making them more affordable could help bring more people and businesses under insurance coverage.

"At the most, 15 per cent of our population and economic enterprises would have an effective cover," Seth said during a discussion with financial educator and author Monika Hala...