Insurance commission revamp to hit insurtech firms
The Insurance Regulatory and Development Authority of India proposed lower commission limits for insurance distributors, impacting firms like PB Fintech and Turtlemint. Shares of PB Fintech plummeted 36% to ₹1,210, resulting in a market cap loss of ₹31,000 crore. This shift could pressure banks and non-banking finance companies reliant on insurance distribution income, particularly Axis Bank and HDFC Bank.