Insurers are lobbying for more tax incentives from the government ahead of the delivery of the 2024 Budget, scheduled to be read on 23 July 2024. The insurers want to increase the appeal and affordability of insurance offerings through tax incentives.
New Delhi recorded the highest number of days when the temperature was over 35°C out of 20 capital cities analysed by London-based International Institute for Environment and Development (IIED), an independent policy and action research organisation working primarily in the global South.
A parametric insurance plan helped 46,000 women across 22 districts in India tackle the extreme heatwave conditions that swept through vast swathes of the country in May and June this year.
High-net-worth individuals (HNIs) in India are increasingly opting for high-value term insurance policies with an insured sum of at least INR200m ($2.40m).
While India is home to 62m business owners, a mere 3% have embraced SME insurance, according to Mr Anand Singhi, chief- Retail and Government Business at ICICI Lombard.
Health Insurer Niva Bupa has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer.
Health insurers in India have on average a 94% approval rate for health insurance claims, rising to 97% for online claims, according to a Policybazaar report that provides insights into health insurance claims.
The GST Council of India, chaired by Finance Minister Ms Nirmala Sitharaman, has clarified that no tax will be levied on co-insurance premiums and reinsurance commissions under the GST law.
Indian health insurer Niva Bupa is planning to raise $360m in an IPO, potentially valuing the business at up to $2.5bn, reported Reuters citing two sources and a document it had seen.
The Pension Fund Regulatory and Development Authority (PFRDA) is set to issue new guidelines for the sector, its chairman Hemant Contractor has said.