The Indian government is likely to introduce a Bill seeking amendments to the Insurance Act, 1938, during the Budget session set to begin on 23 July.
India's top life insurer, Life Insurance Corporation of India (LIC) has partnered with strategy consultant A T Kearney to undertake an agency transformation project aimed at future-proofing its 1.4m agents to meet the rapidly evolving needs of customers.
India's life insurance sector saw a 14.8% y-o-y increase in premiums in June 2024, reaching INR42,434 crore ($5bn), with significant improvements in both premium collections and policy issuances. The performance highlights a strong and growing demand for life insurance in India.
The newest standalone Indian health insurer Narayana Health Insurance has unveiled its first health insurance policy, Aditi. It is India's first health provider-owned insurance cover.
The population of India is expected to remain the world's largest throughout this century, according to the the latest edition of the official United Nations population estimates and projection report.
General insurers reduced their exposure to crop insurance under the government-backed Pradhan Mantri Fasal Bima Yojana (PMFBY) during FY24 despite the government's push to expand the coverage of the crop insurance scheme.
IndiaFirst Life Insurance has appointed Mr Sumeet Sahni as president and chief distribution officer - agency and alliances and Mr Varun Gupta as president and chief distribution officer - bancassurance.
Non-life insurers in India reported a 13.7% growth in gross direct premium in the April-June quarter of the financial year ending 31 March 2025 (1QFY25). This was driven by strong performance in health and motor segments, according to data released by the General Insurance Council.
Life insurers in India saw a 22.9% increase in new business premium collection in the first quarter of the current fiscal year that started on 1 April 2024 (FY25), according to data released by Life Insurance Council.
The increasing adoption of EVs in India is not only reshaping the India motor industry but also revolutionising the motor insurance segment in the country.