More insurers across Asia are focusing on mental health issues which has seen an exponential increase during the COVID-19 pandemic.
A working group formed by the IRDAI to study cyber liability insurance has made several recommendations for insurers to deal with increased cyber risk, including suggesting that efforts be made to popularise cyber cover.
The IRDAI has made it mandatory for all life insurers to offer from 1 April a standard annuity product it has developed for the average customer.
The government is studying a proposal to inject more capital into three state-run general insurers-National Insurance, Oriental Insurance and United India Insurance-in the fiscal year ending 31 March 2022 (FY22) to boost their solvency levels and enable them to meet regulatory requirements in the aftermath of the COVID-19 pandemic.
An IRDAI panel has suggested standardisation of the professional indemnity policy under which insurance cover can be provided to brokers, corporate agents, web aggregators and insurance marketing firms.
Indian insurers look set to withstand the economic downturn, as general insurance premium growth will remain in positive territory and life premiums will remain broadly flat despite the weakening economy, says Moody's Investors Service says in a new report.
India is likely to link motor insurance premiums with traffic violations as recommended by a working group of Insurance Regulatory and Development Authority of India (IRDAI).
The Max Life India Protection Quotient 3.0 (IPQ 3.0) survey conducted by private life player Max Life in partnership with consultancy firm Kantar has revealed a positive movement of four points in urban India on the protection quotient scale from 35 (IPQ 2.0) to 39. The survey also found that in the backdrop of COVID-19, the country continues to feel financially insecure.
The latest incarnation of India's government-sponsored agricultural insurance programme, PMFBY, has been around for almost five years now. While it has successfully addressed some of the inefficiencies that plagued the sector in years past, there remains room for improvement.
An IRDAI-appointed working group committee has proposed linking motor insurance premiums with traffic violations. This new category of motor insurance premium is dubbed 'Traffic Violation Premium'.