Nearly all (94%) of existing and potential health insurance customers in India regard customisation as a crucial factor in buying medical insurance, according to a survey commissioned by Future Generali India Insurance Company.
A number of insurers are mulling an increase in the premium rates for term life insurance this year after two years of high claims from the COVID-19 pandemic.
India lost around 138,300 lives in 573 disasters linked to extreme weather and climate change between 1970 and 2021 according to World Meteorological Organisation (WMO).
State-controlled LIC, India's biggest insurer, has posted an increase in consolidated net profit after tax of 7.7 times for the financial year ended 31 March 2023 (FY2023). The net result reached nearly INR360bn ($4.4bn).
Bajaj Allianz Life has launched the country's first term insurance product designed for Type 2 diabetics and pre-diabetic individuals. The plan is targeted at a segment that ends up being underinsured as they are denied cover at standard rates for health reasons.
The IRDAI is looking to launch a bundled product that will provide life, health, casualty, and property coverage in a single insurance policy at an affordable price, the chairman of the regulatory agency, Mr Debasish Panda, said.
GIC Re's financial results are summarised below:
Life insurance companies in India are looking at new avenues and strategies to counter the impact of the removal of tax exemptions for non-unit-linked insurance policies with premium of over INR500,000 ($6,040) that was given effect in the 2023 Budget.
The IRDAI is working to implement, by 1 August, two high-tech projects - Health Claims Exchange and Bima Sugam - to deepen insurance penetration and simplify claims procedures.
The IRDAI is working on proposals to amend insurance legislation that would provide for rationalised capital requirements, composite registration, one-time registration of intermediaries, value-added services by insurers, and the sale of other financial products by insurers, according to Mr Debasish Panda, IRDAI chairman.