The cancellation of the fifth and final T20 cricket match on 19 June between India and South Africa, because of rain, is likely to trigger claims of INR400m ($5.1m) to INR450m.
Many general insurers and standalone health insurers are experiencing an increase in the COVID-19 related health insurance claims filed.
Replacing the 'File and Use' policy -- that has caused delays to the launch of COVID-19-related product -- to one that is "Use and File" will be a game-changer in India, says data and analytics company GlobalData.
The Securities and Exchange Board of India (SEBI) has instructed the Association of Mutual Funds in India (AMFI) to notify its members that no existing or new mutual fund schemes would include bundled insurance products.
The IRDAI is looking into a proposal for premium financing that would allow both retail and corporate customers to take loans to purchase insurance and to spread premium payments over a longer duration.
The majority of Indians are financially unprepared for medical emergencies and job losses, revealed a survey conducted by financial education firm Finsafe India, according to Mrin Agarwal, Founder of the firm.
The Indian insurance sector has created an INR500m ($6.4m) pool to provide insurance cover to fertilisers imported from Russia and Belarus, said a senior industry official.
The IRDAI, continuing with its series of reforms, has reduced the solvency margin requirement for insurers engaged in crop business, the regulator says in a statement.
A panel formed to recommend reforms for the general insurance industry has recommended that investment rules for insurers be relaxed.
Canada's Fairfax group and Kamlesh Goyal, who are the promoters of general insurance company Go Digit General Insurance, have applied to IRDAI for approval to set up a private domestic reinsurance company in India.