Private-sector life insurers are preparing to adjust commission structures for distribution channels, following regulations that came into effect on 1 October requiring insurers to offer higher surrender values for endowment policies.
The Competition Commission of India (CCI) has announced that it has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance (FGIICL) and 25.18% shareholding in Future Generali India Life Insurance (FGILICL) by Mumbai-headquartered Central Bank of India (CBI).
Life insurers posted a 14% year-on-year growth in new business premiums to INR350.2bn ($4.2bn) in the month of September, primarily driven by a surge in individual non-single premium collections, according to data released by the Life Insurance Council.
Atal Pension Yojana (APY), a government-backed pension scheme in India, primarily targeted at the unorganised sector, has attracted total enrolments of more than 70m since its launch in May 2015, according to the Pension Fund Regulatory and Development Authority (PFRDA), which is in charge of the supervision and regulation of pensions in India.
The operating performance of General Insurance Corporation of India (GIC Re) is viewed as adequate, supported by a five-year average return-on-equity (ROE) ratio of 6.5% (FY 2020-2024), says AM Best.
India's non-life insurance industry reported a 7% year-on-year increase in gross direct premium (GDPU) underwritten to INR1,539bn ($18.3bn) in the first three quarters of this year, according to provisional data released by the General Insurance Council.
India's biggest insurer, the state-controlled Life Insurance Corporation of India (LIC), is likely to have reduced the first-year commission rate on its policies to 20% from 25% and bonus rate to 8% from 10%, reported CNBC-TV18 citing sources.
India Ratings and Research (Ind-Ra) has upgraded Star Health and Allied Insurance Company's (Star) Long-Term Issuer Rating to 'IND AA+' from 'IND AA'. The outlook is 'Stable'.
Finance Minister Nirmala Sitharaman has launched a long-term savings programme for children called the NPS Vatsalya scheme.
The push for insurance penetration at the gram-panchayat (village) level by the regulatory authorities is a great user-centric move, according to Mr Anup Rau, managing director and CEO, Future Generali India Insurance Company.