<h1>Insurance Sector Growth: 57 Million Insurable Individuals, Premiums Surge to Rs.2.65 Trillion by 2010, IRDA Reports.</h1> As of 2010, the Insurance Regulatory and Development Authority (IRDA) reported that approximately 57 million individuals in the country were insurable. Private life insurers had 40.36 million policies in force, covering 41.96 million lives under group new business. Insurance penetration increased from 2.32% in 2000 to 5.51% in 2010, with insurance offices growing from 2,199 to 12,018. Multiple distribution channels, including brokers and bancassurance, emerged, capturing 21% of new business by 2009-10. The first-year life insurance premium rose from Rs.19,857.28 crore in 2001-02 to Rs.1,09,894.02 crore in 2009-10, with total premiums reaching Rs.2,65,450.37 crore.