The IRDAI has approved the withdrawal of Paytm General Insurance Limited's (PGIL) application for a general insurance licence, according to Indian multinational technology company One 97 Communications, owner of Paytm, in a stock exchange filing on 12 June 2024.
State-controlled Life Insurance Corporation (LIC), India's biggest life insurer, has clarified that it currently does not have any official proposal to enter the health insurance sector.
The IRDAI has issued a Master Circular on Life Insurance business in a move towards making life insurance simple, easy to understand and enhancing transparency for a well-informed decision by prospects/policyholders.
The IRDAI has issued a comprehensive master circular on general insurance business as part of reforms in the non-life sector, ushering a new era of measures for simplified and customer-centric insurance solutions towards seamless customer experience and ease of operations for insurers in a calibrated manner.
An open architecture for insurance agents, the review of rules covering investment distribution and the development of natural disaster insurance are among issues that the insurance industry in India wants the new federal government to address.
Shriram Life Insurance has declared a bonus of INR2.01 billion (US$24 million), up 35% from INR1.49 billion year-on-year (YoY) on the back of robust growth in premium income.
Bajaj Allianz Life has unveiled a compelling campaign aimed at addressing the fundamental issue of underinsurance.
The first phase of Bima Sugam, a proposed ground-breaking one-stop online platform for insurance services, is expected to be launched around April next year, IRDAI chairman Debasish Panda said at a 7 June meeting with the CEOs of life, general and health insurers.
Punjab National Bank (PNB) has announced that it will sell a 10% stake in Canara HSBC Life Insurance Company in an initial public offer of shares in the insurer.
Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year.