India's general insurance industry posted an increase of 5% in gross premium to INR1,987bn ($26.5bn) in the financial year ended 31 March 2021 (FY21).
Life insurers in India reported high individual APE growth of 90% y-o-y in March 2021 on a low base translating to 40% y-o-y growth in the fourth quarter of financial year 2021 and 8% y-o-y for financial year 2021.
COVID-19 upturned our lives in many ways. Uncertainties made the consumer focus on securing the financial future of their loved ones, thereby scaling the demand for life insurance in the country. As the demand for life insurance shot up, an uptake in recruitment of insurance agents was also witnessed.
India's biggest life insurer, the state owned Life Insurance Corporation (LIC), has reported its highest-ever annual new business premium that amounted to INR1.84tn ($24.4bn) for the financial year ended 31 March 2021 (FY21). The figure represented growth of 4% over FY20's INR1.77tn.
Every degree Celsius rise in global temperature is likely to increase monsoon rainfall over India by about five percentage points according to a new research by the Potsdam Institute for Climate Impact Research (PIK).
The hike in the foreign direct investment (FDI) limit from 49% to 74% in the insurance sector is expected to shorten the breakeven period for insurers from current eight years to five, says a working paper by the Indian Institute of Management Indore.
Both houses of Parliament of India - the Lok Sabha (lower house) and the Rajya Sabha (upper house) - have passed the Insurance Amendment Bill which includes a provision to increase the ceiling on foreign direct investment (FDI) in insurance companies to 74% from the current 49%.
The general insurance industry is uncertain about prospects for the current financial year which ends on 31 March 2022 (FY22).
The IRDAI has issued regulations on insurance advertisements and disclosure, to ensure that the insurers and intermediaries adopt fair, honest and transparent practices while issuing advertisements and avoid practices that would impair the confidence of the public.
The COVID-19 pandemic has changed consumer expectations and needs for insurance and small ticket insurance plans are today gaining traction across the country.