Insurance watchdog IRDA said it estimates insurance business in India to touch Rs 4 lakh crore in current fiscal.
IRDA Chairman T S Vijayan also said the regulator is mulling to bring out norms for sub-brokers of insurance products. He, however, did not put any time frame for bringing out guidelines.
"October seems to be business is good for all companies, both life and non-life. Whole year there should be a good growth compared to last year. Last year industry has collected Rs 3.75 lakh crore," Vijayan said on the sidelines of a programme.
When asked if the business would touch Rs 4 lakh crore in the current fiscal, he said: "Anybody's guess. It will be somewhere around that (Rs 4 lakh crore)."