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.
Life insurance companies are planning to seek a three-month deadline extension from the regulator on the implementation of surrender value rules.
State-owned non-life insurers reported a combined net profit of INR75.58bn ($903.3m) for the financial year ended 31 March 2024 (FY24).
The government has asked state-controlled general insurers, who are struggling to improve their solvency ratio and profits, to 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.