Listed state-controlled reinsurer GIC Re has received in-principle approval from its board of directors to establish a wholly owned subsidiary in the United Kingdom.
India's gig economy is expected to grow at a compounded annual growth rate of 17% to reach a gross volume of $455bn by 2024-25, with the potential to add 1.25% to GDP by 2030 and create 90m jobs in the long term. The country's gig economy currently supports sectors such as e-commerce, transportation, and delivery services.
India has proposed to allow 100% foreign direct investment (FDI) in the insurance sector up from the current 74% on the condition that the foreign firms would invest the entire premium collected in India.
Private life insurer, HDFC Life in its latest campaign emphasises on how parental teachings serve as a guiding compass for children in an ever-changing world, helping them navigate uncertainties with confidence and integrity.
SBI General Insurance has reported a profit after tax of INR504 crore ($5.8bn), reflecting a year-on-year (y-o-y) growth of 273%.
Aon has launched its life and health (L&H) reinsurance practice in India with the appointments of Ms Neha Shah as chief actuary and Ms Renuka Nar as head of broking.
Amid rising demand for commercial insurance solutions in the country, the Generali Group has established the Global Corporate & Commercial (GC&C) business unit in India.
SBI Research division in a new research report has proposed that the government may consider no goods and services tax (GST) on insurance and separate deductions in new tax regime for social security.
Prudent Insurance Brokers has appointed Mr Amjad Khan as chief growth officer for international and employee benefits business.
Indian insurance industry leaders have called for removing the goods and services tax (GST) on insurance premium. Speaking with Asia Insurance Review, Canara HSBC Life Insurance MD and CEO Anuj Mathur said, "Affordability is key to making insurance accessible to all. Revisiting GST rates on life insurance premiums could enhance affordability, especially for lower and middle-income groups.