India's biggest general insurer, the state-controlled New India Assurance, with a claims settlement ratio of 98.74% of the total amount claimed in 2023, led the health insurance sector, according to data released by the Insurance Brokers Association of India (IBAI).
The future looks promising for the life insurance industry in India with several changes that will transform the way the industry conducts its business and engages with customers, says the India Brand Equity Foundation (IBEF).
The Indian government plans to amend insurance laws in the ongoing session of Parliament to facilitate a unified licence for insurers and raise the foreign direct investment (FDI) limit to 100% from the current 74%, reported Reuters quoting two government sources.
Intense competition is reshaping the insurance landscape in India, with the IRDAI's plan to issue more than 20 new licences expected to further disrupt the market, says global consulting firm McKinsey & Company.
The Indian InsurTech landscape has made significant strides, with 150+ InsurTechs and a 12x increase in revenue over the past five years to reach $750m and a cumulative valuation of $13.6bn, says Boston Consulting Group (BCG).
Listed life insurers in India have been unable to generate sufficient returns to cover their cost of equity in the past two to three years, according to a report released by the global management consultancy, McKinsey & Co.
India is expected to outperform all major emerging markets in terms of non-life insurance premium growth in 2025-2026, according to Swiss Re Institute (SRI) in a new sigma report.
The expansion of state-owned company Life Insurance Corporation of India (LIC) into the health insurance domain could significantly boost its market share in the country, by capitalising on its existing customer base, says GlobalData, a data and analytics company.
The government could potentially save nearly $10bn annually by expanding insurance penetration to include underserved populations and uninsured assets and events, according to a report by global management consultancy McKinsey & Company. The government could then redirect these saved funds to stimulate economic growth.
Niva Bupa Health Insurance's share price closed at INR74.00 (88 US cents) per share yesterday when the stock made its trading debut on the BSE following an initial public offering. The stock opened the day at INR78.50, reaching a high of INR80.94 and a low of INR73.60.