The government has asked state-controlled general insurers, who are struggling to improve their solvency ratio and profits, to the exit the motor and health insurance segments, which have been identified as significant loss-making branches.
InsuranceDekho, an online insurance platform, has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking sector with a composite insurance broking license marking a significant milestone in the company's mission to revolutionise insurance accessibility and distribution across India.
Tata AIA Life was ranked sixth in the Global Million Dollar Round Table (MDRT) rankings for 2024.
Finance Minister Nirmala Sitharaman has proposed in the 2024 Budget unveiled yesterday that a reduction in the TDS (Tax Deducted at Source) rate to 2% from 5% on payouts from life insurance policies.
India's elderly population - or those aged at least 60 - is expected to double to 346m by 2050, according to United Nations Population Fund (UNFPA) India resident representative Andrea Wojnar.
The IRDAI has repealed its guideline capping the commission for long-term motor insurance policies, aligning these policies with the standard one-year motor insurance policies.
The Indian health insurance industry is set to grow at a compound annual growth rate (CAGR) of 12.8% to INR2.0tn ($23.9bn) in 2028 from INR1.3tn in 2024 in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
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.