Newly-licensed Narayana Health Insurance plans to start operations by the first quarter of the fiscal year starting 1 April 2024 (FY2025).
Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world with a steady brand value of US$9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, according to a report by Brand Finance Insurance 100 2024.
Star Health and Allied Insurance Company has been granted registration as IFSC Insurance Office (IIO), allowing it to set up a branch at the International Financial Services Centre (IFSC), GIFT City, in Gujarat. It is the first health insurance company to be granted the registration.
Health concerns due to their work are impacting a staggering 43% of Indian technical professionals and long work hours have been identified as one of the major contributors to their poor health according to a new study.
The IRDAI has announced its finalised set of rules on surrender value that stipulates that from 1 April 2024, the surrender value is expected to remain the same or even lower if policies are surrendered up to a period of within three years.
The IRDAI has granted a Certificate of Registration to a new health insurer, Galaxy Health and Allied Insurance Company, to carry out health insurance business in India.
The IRDAI has approved eight principle-based consolidated regulations, following a comprehensive review of the regulatory framework for the insurance sector.
Leading Qatari insurer, Qatar Insurance Group has formed a joint venture with Mumbai-based Cosmea Financial Holdings and a few other investors to operate in the general insurance sector.
Swiss Re India Branch has appointed Mr Amitabha Ray as CEO, subject to regulatory approvals, and Mr Hadi Riachi as head, global underwriting centre for Swiss Re Corporate Solutions.
The insurance industry in India has received close to INR540bn in foreign direct investments (FDI) in the last nine years.