While Managing General Agents (MGAs) are being recognised as a useful innovation tool in less developed insurance markets, they are currently not eligible to operate in India, according to Global Insurance Law Connect (GILC), the network of specialist insurance law firms.
Younger generations are increasingly coming into insurance distribution networks in India according to a new survey by Turtlemint. The survey found that GenZ (born after 1997) and millennials (born after 1981) are driving around 85% of total insurance sales.
Life insurance policyholders are entitled to receive a higher surrender value following new rules from the IRDAI which took effect from 1 October.
The average health insurance claim size in India for the financial year ended 31 March 2024 (FY24) rose by 11.35% to INR70,558 ($842), up from INR62,548 in FY23, according to the "ACKO India Health Report 2024".
A proposal has been sent to Finance Minister Nirmala Sitharaman to link insurance premiums of vehicles to the number of traffic violations recorded against the vehicles.
Comprehensive two-wheeler insurance is more popular than compulsory motor third-party liability insurance only, with 57% of owners opting for the former, compared to 43% choosing the latter, according to an analysis of two-wheeler insurance by Policybazaar, an online insurance platform company.
Tata AIA Life Insurance has launched the Tata AIA Nifty Alpha 50 Index Fund, an open-ended New Fund Offering (NFO) with an alpha investing strategy to benefit from potential growth while securing their loved ones with the protection of a life insurance cover, through its unit-linked insurance products.
The Indian government could link financial support for three state-owned general insurance companies to their financial performance, after assessing their capital needs.
Zurich Kotak General Insurance (India), formerly known as Kotak Mahindra General Insurance Company, has appointed Mr Ajey Hegde as head of commercial insurance. In his new role, he will scale the company's portfolio and deliver tailored solutions that meet the evolving needs of Indian businesses.
Wholly state-owned Export Credit Guarantee Corporation of India (ECGC) recorded strong technical earnings in the fiscal years 2023 and 2024, notes AM Best.