The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular as part of its moves towards reinforcing empowerment of policyholders.
The Finance Ministry is planning to raise INR47bn ($797m) by divesting a 6.78% stake in listed General Insurance Corporation of India (GIC) through an Offer for Sale (OFS).
The season of festivals in India for the year that began with Krishna Jayanti celebrations on 25 August 2024 will also bring a short-term bonanza for insurers who provide short-term insurance covers for the organisers and participants celebrating these festivals. Krishna Jayanti will be followed by Ganesh Chaturthi, Durga Pooja, Dussehra, Deepawali and many more until the year end.
Insurance Regulatory and Development Authority of India (IRDAI) has set up a task force to solve the bottlenecks and drive the growth of surety bond insurance in the Indian market. The task force comprises representatives from insurance companies, banks and reinsurers.
Indian health insurer, Star Health Insurance, has launched an industry-first braille version insurance policy tailored for individuals with 40% or more disability and initiated income generation opportunities for them.
Insurance companies are seeing a boost in demand for professional liability insurance (PII) in the healthcare field, according to CoverYou CEO and co-founder Deepanker Mahajan, an insurance broker dedicated solely to the healthcare industry.
Tata AIA Life Insurance (Tata AIA) has launched its offshore branch at Gujarat International Finance Tec-City (GIFT City), India's first International Financial Services Centre (IFSC). It allows the company to offer US Dollar-denominated life insurance products to Non-Resident Indians (NRIs) through its dedicated website.
The central government is planning to increase the sum insured under two of its flagship insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
British insurer Aviva has said that its India unit is "actively engaging" with local authorities in connection with alleged tax evasion practices, reported Reuters.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), which on 28 August 2024 marked the 10th anniversary of its establishment, has been hailed as a great success in boosting financial inclusion.