Most employees of India's four state-owned general insurance companies are reportedly in favour of amalgamating them into a single insurer to create a giant corporation.
In India the profession of actuary is among the least popular of the various professional courses available for undergraduate and graduate students.
The position of the insurance regulator is perceived to be reformatory by industry leaders in India, with decisions having been taken to protect customer interests and bring in transparency in processes and pricing to regulate the industry efficiently, according to insurance CXOs polled by PwC India in the professional services firm's Insurance Technology Adoption Survey 2019.
More than half (55%) of Indian customers still prefer to buy insurance products from agents/brokers, with the conversion rate from the online mode standing at just around 4%, according to a survey by the international professional services firm PwC.
The Indian government is reportedly planning to form a single mega entity by consolidating all four state-run insurers-Oriental, National, United India and New India.
The government needs to raise the ceiling on foreign direct investments in the insurance sector in order to attract overseas investments, the Federation of Indian Chambers of Commerce and Industry (FICCI) said yesterday.
The total number of passenger vehicles sold in May stood at 239,347 units, 20.6% lower than the corresponding month in 2018, making the decline the biggest since September 2001 when sales dropped by 21.9%.
GIC Re, India's national reinsurer, has partnered with leading NGO, Smile foundation to provide mobile health care facilities for urban slum dwellers in Mumbai city and in other small towns across the country.
India's largest private non-life insurer ICICI Lombard General Insurance is planning to roll out insurance in sachets. The company is working with e-commerce players, wallet companies and payments and small finance banks for this purpose.