A parametric insurance plan helped 46,000 women across 22 districts in India tackle the extreme heatwave conditions that swept through vast swathes of the country in May and June this year.
High-net-worth individuals (HNIs) in India are increasingly opting for high-value term insurance policies with an insured sum of at least INR200m ($2.40m).
While India is home to 62m business owners, a mere 3% have embraced SME insurance, according to Mr Anand Singhi, chief- Retail and Government Business at ICICI Lombard.
Health Insurer Niva Bupa has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer.
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.