More than three quarters (76%) of travellers from India who went overseas did not buy travel insurance for their last trip, according to a recent survey commissioned by ICICI Lombard General Insurance.
Indian InsurTech startup Roadzen has listed its shares on the Nasdaq Global Market, with trading of its shares and warrants started on 22 September.
The IRDAI expects to launch all-in-one affordable insurance product, Bima Vistaar - the first of its kind - soon. The policy offers life, health and property coverage.
The Ministry of Corporate Affairs is looking at making relevant changes to the Insolvency and Bankruptcy Code (IBC) to classify insurers as financial creditors in case of default of infrastructure projects, to grow the surety bond business.
Insurance regulator IRDAI has asked the Committee on Common Empanelment Process of Hospitals to submit a report on implementing fully cashless medical insurance settlement in hospitals across the country.
The surety insurance bond market is yet to take off in India due to unaddressed risks and the absence of market makers, according to The Infravision Foundation (TIF), an independent think-tank.
Based on information of fraud obtained through AI and ML anti-fraud initiative, India's government run health insurance scheme Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has collected a penalty amount of INR95m ($1.15m) while 0.53m Ayushman cards have been disabled and 210 hospitals de-empanelled.
The IRDAI has reportedly set up a steering panel to act as the apex decision-making body for the development of its ambitious platform, Bima Sugam. The launch of the platform has now been rescheduled for June 2024.
A study by private life insurer SBI Life and Deloitte has revealed that 71% of uninsured Indians feel insurance is a critical lever for building financial immunity
Iowa-headquartered American Equity Investment Life Holding has formed a strategic partnership with Fintech Blue Solutions, a technology company that enables insurance distribution, and Agam Capital, a company that offers a global platform for insurance analytics, to launch a next-generation life insurance company in India.