With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, an increase in the rebate on health insurance premiums is the next big ask among the respondents (45%) to the second edition of the India Union Budget Survey.
In India, like large corporations and cooperatives, the government too can benefit from the use of insurance captives for public programmes like the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Pradhan Mantri Jan Arogya Yojana (PMJAY), says Mr Ankur Nijhawan, CEO of AXA France Vie India Reinsurance Branch.
India's retail health insurance segment has the potential to become a $25bn market in the next five years according to a new research study.
Edelweiss Tokio Life Insurance has launched a new income-oriented life insurance product called Premier Guaranteed Star, offering guaranteed regular income till the policy term on payment of all due premiums.
India's retail health insurance sector has the potential to give a 20% yearly return on equity (RoE), according to a report by Mumbai-headquartered financial services firm Avendus Capital.
Urban India is a steady increase in financial protection levels, with the India Protection Quotient (IPQ) rising by eight points to 43 in 2023 from 35 in 2019.
Mr Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, has been elected as the chairman of the General Insurance Council (GI Council), with the post to be headed for the first time by a private-sector insurance figure.
The insurance industry will need a capital infusion of INR500bn ($6.2bn) per year to double its penetration in the next five years, the IRDAI chairman, Mr Debasish Panda, has said.
With 27 general insurers and five standalone health insurers in the non-life market in India, there is a lot to do and a lot to achieve, said Mr Thomas Devasia, IRDAI member (Non-life) In his address at the 16th India Rendezvous yesterday.
The immediate impact of the introduction of a risk-based capital (RBC) framework in India could be on the equity and solvency position of insurers, which will likely shift towards capital allocation based on the nature of the risk in the underwriting portfolio, says Swiss Re Institute (SRI) in a report.