Prudential has launched its first fully owned facility in the Indian city Bengaluru. This represents a strategic investment in the Indian market.
Brand Finance's latest report has ranked Indian life insurer, Life Insurance Corporation of India (LIC) as the third strongest insurance brand in the world.
The government has announced the opening of applications for the position of chairperson at the Insurance Regulatory and Development Authority of India (IRDAI), as the current chairman, Debasish Panda, is set to conclude his tenure on March 13, 2025.
A survey has revealed that there is a n increasing demand for low-cost health insurance plans among women across India, demonstrating a growing focus on financial security and health awareness.
India's non-life insurance premium growth is expected to be bolstered over the medium term by the country's economic development, rising insurance demand and regulatory initiatives which are designed to increase insurance penetration and promote financial inclusion, according to AM Best associate director Chris Lim.
The General Insurance Corporation of India has experienced a notable drop, with its stock falling for three consecutive days, resulting in an overall decline of 8.49%.
A new study has highlighted that individuals aged 25-35 are filing the most insurance claims, with a significant focus on maternity coverage. Women are leading the claims landscape, representing 60% of total claims compared to men's 40%.
The IRDAI is working on guidelines for a comprehensive insurance fraud monitoring framework for the insurance sector to identify, assess, and mitigate fraud risks effectively across the insurance industry.
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a high-powered committee to review significant changes to the Insurance Act of 1938, that will look into proposed amendments to FDI in the insurance sector and ways to improve market penetration.
The health insurance industry in India is witnessing strong growth, driven by rising healthcare costs and increasing consumer awareness post the COVID-19 pandemic. According to GlobalData, with medical inflation at an annual rate of 14%, the health insurance market is projected to reach INR2tr ($23.8bn) by 2028.