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.
The Indian government's ambitious plan to merge three of the four state-owned non-life insurers is likely to be put on fast track as the government begins its second term.
The frequency of heat waves and their duration in India may begin to increase from as early as 2020, says a study by the Indian Institute of Tropical Meteorology (IITM), even as the large swathes of the country are currently sweltering in heat waves with temperatures exceeding 45°C.
The government is likely to announce a capital injection of about INR40bn ($576m) into three state owned general insurance companies when the first full-fledged Budget of the newly re-elected Modi government is scheduled to be presented in Parliament on 5 July.