• 31400 crores in 24 hours!


• A big blow to a company that has been influential for 18 years


• What exactly happened?

Insurance Market Crash: A giant company of 3 friends, which has been building its distinct dominance in the Indian insurance sector for the past 18 years, has been hit hard in the market. In just 24 hours, the company has lost as much as Rs 31,400 crore and the shares have seen a huge fall. Let's know exactly which company and what happened. (Insurance Market Crash)

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September 24th and 25th turned out to be very bad days for Policy Bazaar, India's leading insurance web aggregator company. Because the company's shares fell by 40 percent. In fact, a proposal by the insurance regulator IRDAI proved disastrous for other financial companies, including PB Fintech, the parent company of Policy Bazaar, which led to a massive sell-off in their shares. But, the biggest hit was the policy market shares. Shares of PB Fintech fell sharply in 2 days and the company's market cap fell by Rs 31400 crore.

Damage due to IRDAI's proposals

Insurance Regulatory and Development Authority of India IRDAI proposed sweeping changes to the economics of insurance distribution, prompting a heavy sell-off in shares of insurance distribution platform PB Fintech on Thursday. Simply put, the proposal recommends capping commission rates in the insurance business, raising concerns about the revenue potential of insurance aggregator companies.

Slowdown in business due to low commission

The entire revenue model of the policy market depends on the commission received from the insurance companies. These proposals by the insurance regulator are likely to have a significant impact on their revenue and profitability. Brokerage firm Jefferies said a 10% cut in commission rates could reduce PB FinTech's total revenue by 10% to 12%.

Company of 3 Friends

Policybazaar, India's leading insurance web aggregator was founded in Gurgaon in 2008 by Yashish Dahiya, Alok Bansal and Avnish Nirjar. The initial mission of the company was to provide an online platform for buying insurance and from there PolicyBazaar evolved into an online broker. Over the past 18 years, PB FinTech has transformed what started as a single insurance marketplace into a comprehensive financial platform service, including agent-based distribution, corporate insurance and operations in the UAE.

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