It has been more than two years since the Insurance Regulatory and Development Authority (IRDA) issued guidelines restricting the design and pricing of unit linked insurance plans (ULIPs). This was just the beginning of a series of regulatory changes. In the last several years, lower than expected business volumes and a series of regulatory changes have caused serious challenges for the industry with no immediate path toward recovery. This report explores the current state of the industry and whether consolidation is needed in the near future.

This article was originally published in Asia Insurance Review, January 2013.