Bajaj Allianz Life Insurance, one of India's leading private life insurers, and South Indian Bank, a leading Indian private sector bank, have signed a corporate agency arrangement in Kochi. Through this strategic partnership South Indian Bank's customers' can now fulfil their long-term life goals by investing in Bajaj Allianz Life Insurance's value-packed products across the bank's 942 branches in the country.
Indian private equity firm True North has said it would sell around 20% of its stake in Niva Bupa Insurance to its UK-based partner Bupa for about INR27bn ($325m).
Only 24% of international travellers bought travel insurance in their non-work related overseas trips in the last one year, however, 92% of the international travellers said they will buy the covers on their next immediate trip.
The aspiration for India now "is not universal healthcare but universal health insurance", according to Dr Devi Shetty, founder and chairman of Narayana Health and one of India's leading cardiac surgeons.
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.