Less than 10% of micro, small, and medium enterprises (MSMEs ) in India have adequate insurance coverage, according to a report released by the National Institute for Micro, Small and Medium Enterprises (NI-MSME).
The Corporate Affairs Ministry (MCA) has gazetted the much-awaited new accounting standard Ind AS 117 on 'Insurance Contracts', taking Indian accounting standards for insurers closer to global standards.
Health insurance claims for seasonal illnesses have risen by about 150% in recent years, according to a study of reported claims by the digital insurance platform Policybazaar.
Insurance giant Life Insurance Corporation (LIC) is looking to acquire a majority stake in a health insurance company during the current financial year ending 31 March 2025, LIC managing director and CEO Siddhartha Mohanty said.
Life Insurance Corporation of India (LIC) has launched a new plan called LIC's Digi Term for online customers and LIC's Yuva for offline customers. It is a non-par, non-linked, life, individual, pure-risk plan that provides financial protection to the insured's family in case of his/ her unfortunate death during the policy term.
More individuals and companies are seeking disability and income loss insurance coverage, leading to higher penetration rates, according to Mr Bhaskar Nerurkar, head of the Health Administration Team at Bajaj Allianz General Insurance.
Finance Minister Nirmala Sitharaman has told lawmakers that they need to propose to their state governments remove the 18% GST levied currently levied on life and health insurance premiums.
India's insurance gap can amount to billions when it comes to counting the costs of extreme weather events, according to Mr Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, and Mr Daniel Murphy, Industry Communities specialist at World Economic Forum (WEF).
SBI General Insurance Company, one of India's leading general insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products.
New India Assurance, the largest general insurer in India, will increase premiums on several health insurance products by 10% in November 2024.