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.
Customer satisfaction has been a key aim for life insurance companies. However, the annual survey by Hansa Research, a market research company, called "Investor CuES" which measures customer satisfaction of the life insurance industry using a metric called 'Net Promoter Score' (NPS) shows stagnation in this important area in the last one year from 2023 to 2024.
Africa's largest non-banking financial services group Sanlam, through its wholly owned subsidiary Sanlam Emerging Markets Mauritius, has announced that an agreement has been reached to increase the Sanlam Group's effective shareholdings in two Indian insurance companies. The deal, when completed, will make Sanlam the majority shareholder in both JVs.
Public-sector general insurers showed an 8.99% growth in gross direct premium to INR903.4bn ($10.86bn) in the financial year ended 31 March 2024 (FY2024), about half as slowly as their private-sector rivals which posted a 17.5% rise in combined premiums to INR1.55tn in the same 12 months, according to preliminary data released by the General Insurance Council.
The entry of new players in the list of the top 10 motor insurers in India has changed the competitive dynamics of the country's related insurance industry, said data and analytics company GlobalData.