China's share of global premiums will continue to rise rapidly to an estimated 18% in 2030, half the share of the US, Swiss Re Institute predicts in its latest sigma report. The forecast 18% is almost double China's 10% share of the global market last year.
The government has called off the long-deliberated merger of the three public sector non-life insurers - National Insurance, Oriental Insurance and United India Insurance - and has announced an additional capital infusion of INR99.5bn ($1.3bn) into the companies.
Indian low-cost airline SpiceJet has partnered with InsurTech player Go Digit to offer its passengers an insurance cover for COVID-19 treatment.
State-run insurers and pension funds may get the nod to invest in government-backed startup-focused fund-of-funds, depending on the outcome of talks among various government agencies.
While most firms are looking to retrench employees or slash salaries during the coronavirus-fuelled economic crisis, Future Generali India Insurance (FGII) has announced promotions, annual increments and variable pay-outs to all its employees according to a report from local news agency IANS.
Paytm, an e-commerce payment system and FinTech company, has announced that it is set to acquire Mumbai based private sector general insurer Raheja QBE, a move which would be its entry into the Indian general insurance market.
A survey conducted by the Insurance Institute of India (III) has revealed that COVID-19 will have a long-lasting impact on the insurance sector, which will have to accelerate digital transformation and reskill the workforce to stay relevant and competitive in the future.
Further volatility in India's investment markets amid the prevailing COVID-19 pandemic may increase pressure on GIC Re's financial performance and balance sheet fundamentals, says AM Best.
Bank of Baroda credit card holders can now purchase a COVID-19-cum-hospital-cash benefit insurance cover that provides financial support upon hospitalisation or on COVID-19 diagnosis.
The IRDAI has formed a nine-member working group to study the legal framework and feasibility of the insurance sector offering offer surety bonds for road contracts.