More Insurers, More Jobs: FM Sitharaman Defends Insurance Amendments

Finance Minister Nirmala Sitharaman has rejected concerns that proposed Insurance Amendments will hurt employment, asserting in the Rajya Sabha that opening up the sector will instead create net jobs. She said new insurers, intermediaries and service providers will expand the insurance ecosystem, boosting opportunities for agents, brokers and ancillary services such as technology, claims management and analytics. Sitharaman highlighted rising demand for actuarial science graduates and increased hiring across branch offices. She noted that employment in the insurance sector has nearly tripled, from 30.14 lakh in 2014–15 to 88.17 lakh in 2024–25, and said the amendments will further strengthen formal job creation and skill development.