The IRDAI has issued a comprehensive master circular on general insurance business as part of reforms in the non-life sector, ushering a new era of measures for simplified and customer-centric insurance solutions towards seamless customer experience and ease of operations for insurers in a calibrated manner.
An open architecture for insurance agents, the review of rules covering investment distribution and the development of natural disaster insurance are among issues that the insurance industry in India wants the new federal government to address.
Shriram Life Insurance has declared a bonus of INR2.01 billion (US$24 million), up 35% from INR1.49 billion year-on-year (YoY) on the back of robust growth in premium income.
Bajaj Allianz Life has unveiled a compelling campaign aimed at addressing the fundamental issue of underinsurance.
The first phase of Bima Sugam, a proposed ground-breaking one-stop online platform for insurance services, is expected to be launched around April next year, IRDAI chairman Debasish Panda said at a 7 June meeting with the CEOs of life, general and health insurers.
Punjab National Bank (PNB) has announced that it will sell a 10% stake in Canara HSBC Life Insurance Company in an initial public offer of shares in the insurer.
Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year.
Arka Fincap has been granted a Certificate of Registration to act as a corporate agent (composite) by the IRDAI, allowing it to venture into insurance distribution.
The IRDAI has issued a comprehensive Master Circular on Health Insurance Products, which aims to empower policyholders, ensure that they receive the highest standards of care and service, foster trust and transparency and bolster inclusive health insurance.
State-run listed reinsurer GIC Re has announced that its net profit after tax for the fiscal year ended 31 March 2024 (FY24) reached INR64,973m ($779.2m), 2.9% higher than in FY23.