AM Best is revising its outlook on India's non-life insurance segment to 'Stable' from 'Negative', owing to robust growth potential, driven by economic development and rising insurance demand, and recent regulatory developments.
Called Jeevan Utsav, it is a non-linked, non-participating, comprehensive form of life insurance providing lifetime coverage.
India's biggest life insurer, Life Insurance Corporation (LIC), is planning to open an office in GIFT International Financial Services Centre in Gujarat during the current fiscal year ending 31 March 2024 to further its overseas operations.
The Finance Ministry has amended the Insurance Ombudsman rules to increase the maximum compensation amount that the Ombudsman can award to INR5m ($60,000). Previously, the ceiling was capped at INR3m.
The IRDAI has established a task force to examine the implications on the insurance sector of the new Digital Personal Data Protection Act, 2023 (DPDP Act).
Private general insurers increased their combined market share to 53.58% in gross direct premium underwritten in the first half of the current financial year ending 31 March 2024 (FY2024) from 50.81% in the corresponding half last year.
General Insurance Corporation of India (GIC Re) produces an adequate operating performance, supported by a five-year average return-on-equity ratio of 5.3% (FY2019-2023), says AM Best.
While many employers are making commendable efforts in providing health insurance to their employees, there is still more room for improvement, according to the InsurTech company, Plum.
India is rapidly increasing renewable generation, which fits well with a prime ministerial target of "energy independence" by 2047. The government has significant programmes to decarbonise transport and industry, but agriculture is likely to present challenges, says global professional services provider, KPMG.
The Competition Commission of India (CCI) has approved the acquisition of an additional stake in Niva Bupa Health Insurance Company by Bupa Singapore Holdings.