India's insurance industry is experiencing upward growth due to increasing awareness and growing incomes. The industry is the fifth largest life insurance market in the world's emerging insurance markets, growing at a rate of 32-34% each year. The industry has 57 companies, with 24 in the life insurance business and 34 in non-life insurance. Foreign Direct Investment (FDI) up to 26% is allowed under the automatic method, and the industry is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).