New Delhi, Oct. 7 -- Between fiscal years 2022-23 and 2024-25, remuneration paid to life corporate agents rose 125%, while new business premium increased 28%, according to a recent consultation paper by the Insurance Regulatory and Development Authority of India (Irdai).

Similarly, broker commissions in general insurance rose 173%, against 37% growth in premiums sold through that channel.

In a country where most households remain uninsured, high, front-loaded distribution incentives do not appear to be widening coverage. These figures echo concerns raised by the inter-regulatory committee on household finance, which one of us chaired in 2017.

Irdai's consultation papers are therefore a much-needed step towards rationalizing distributio...