Insurance Brokers Association of India (IBAI) is the only industry association recognized by Insurance Regulatory and Development Authority (IRDA) in India representing the interests of Broker members who are licensed by IRDA. A not for profit organization is funded by the broker members. Its objective is to build a growth led sustainable insurance intermediary services sector for the benefit of insured in the country.
Established in July 2001, the membership of IBAI, headquartered in Mumbai, has grown over the years and is currently at over 400. All licensed insurance brokers are mandated by IRDA to become members of the IBAI. The strength of members as on date is 344 Direct Brokers, 50 Composite Brokers and 6 Reinsurance Brokers, totalling 402 licensed Brokers and all are members of IBAI.
The member organizations of IBAI represent about 24% and 1% of industry revenues in General Insurance and Life Insurance businesses respectively. The member Organisations have enabled IBAI to spearhead the initiatives and programme to build the insurance sector in the country.