Premiums for mandatory third party liability (MTPL) insurance are set to rise by up to 20% in the new fiscal year starting 1 April.
The insurance regulator has urged private insurance providers to reach out to the uninsured in remote areas, as it expresses concerns over low penetration of health insurance, especially in the hinterland.
The Indian government has appointed Mr M R Kumar as the new chairman of India's biggest life insurer, Life Insurance Corporation of India (LIC), according to a Personnel Ministry order.
Insurance regulator IRDAI is asking domestic life insurance giant LIC to submit a plan to reduce its shareholdings in IDBI Bank, in order for the insurer to comply with regulatory requirements.
Only one in five Indians owned term insurance even though it is a basic and affordable form of financial protection, revealed a recent survey by life insurer Max Life Insurance.
he IRDAI has rejected Indian Canadian billionaire Prem Watsa's proposal to acquire ITI Reinsurance, which is currently the only privately held domestic reinsurer, say people with knowledge of the matter.
Absentmindedness and forgetfulness are the two main reasons behind motor insurance policyholders failing to renew their policies in India.
The IRDAI has released draft rules for common directors in the insurance sector to prevent conflict of interest that such directors may find themselves involved in.
India's life insurance protection quotient stands at 35 out of 100, which reveals that a vast majority of Indians are grossly underprepared to face financial instability caused by the eventualities of life.
The IRDAI has reiterated that insurance companies must make provisions for their exposure to debt-laden Infrastructure Leasing and Financial Services (IL&FS).