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.
The IRDAI has asked insurance companies to form an advertisement committee, approved by the board of directors, and appoint a senior-level officer of the distribution channel to examine and approve advertisements. This is to ensure that the advertisements are true and not misleading.
The Confederation of General Insurance Agents' Associations of India, an umbrella body of non-life insurance agents, has called on the government to slash the GST (Goods & Services Tax) rate on individual health insurance policies to 5% from the current 18% to encourage people to buy these policies.
Zurich Insurance Company (Zurich), a leading global multi-line insurer, has completed the acquisition of a majority stake in Kotak Mahindra General Insurance Company (Kotak General Insurance) from Kotak Mahindra Bank (Kotak), following the receipt of all necessary regulatory approvals.
HelpAge India, a charitable organisation catering to the elderly, has issued a report highlighting the lack of age preparedness, especially among the 'missing middle', who do not fall under most government schemes and have meagre savings for their later years.
The IRDAI has approved the withdrawal of Paytm General Insurance Limited's (PGIL) application for a general insurance licence, according to Indian multinational technology company One 97 Communications, owner of Paytm, in a stock exchange filing on 12 June 2024.
State-controlled Life Insurance Corporation (LIC), India's biggest life insurer, has clarified that it currently does not have any official proposal to enter the health insurance sector.