Closing India's large protection gaps and supporting the growth of new and existing insurance lines will require significant additional capacity, as well as innovation, according to Aon in its "Reinsurance Market Dynamics April 2024" report.
Max Life Insurance Company (Max Life), a joint venture between Max Financial Services Limited and Axis Bank Limited, has announced that it has achieved INR1.5 trillion of assets under management (AUM) by the end of March. The firm has reportedly registered a 20% growth rate year-over-year.
India's Goods and Services Tax (GST) Council is set to review exempting reinsurance business from GST.
The IRDAI has announced its decision to allow general insurers to change the wordings in all corporate insurance policy documents, except motor third party. The move is expected to lead to a sea change in the way insurance policies are issued, insurance officials say.
The Financial Planning Standards Board (FPSB) India is planning to increase the representation of women in the financial planning field to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
The IRDAI has amended the terms of coverage for people with pre-existing health conditions by reducing the maximum waiting period set out in health insurance policies to 36 months from 48 months previously. The change took effect from 1 April 2024 for new and renewed health insurance policies.
Aon has appointed Mr Shailendra Sapra as CEO of reinsurance solutions in India. He is also a member of the APAC region's reinsurance executive committee, effective 1 June, 2024. In his new role, he will identify and develop growth opportunities for (re)insurers and presented by India's rapidly developing insurance market. This will involve aiming to close the country's insurance protection gaps and supporting the development of new and existing lines, through delivering additional capacity, and innovation in solutions and services.
Japan's Nippon Life Insurance has established a new subsidiary in India to bolster its operations in the market, the company said recently. Nippon Life Asia Pacific, a unit based in Singapore, formed Nippon Life India as its direct subsidiary. The new unit will provide management support and market research for Nippon Life's affiliates in India. Until now, Nippon Life has done business in India through partially owned local entities. The life insurance division offers products to individuals and organizations while the asset management division deals in stocks, bonds and exchange-traded funds. The Indian operations had been overseen by Nippon Life's headquarters in Tokyo, but those functions are being transferred to the Singapore subsidiary starting this fiscal year. The new Indian subsidiary is intended to enhance collaboration with the group's local affiliates there and boost research capabilities, reported Nikkei Asia.
Nippon Life Insurance Company (Nippon Life) has announced that its subsidiary, Nippon Life Asia Pacific (Regional HQ) based in Singapore, obtained approval from Indian authorities on 10 April 2024 to establish a subsidiary in Mumbai.
GIC Re, India's only locally incorporated reinsurer, plans to increase the proportion of its international business to diversify its revenue sources.