M&As are expected to dominate the next phase of growth in the Indian insurance industry, according to a report by the Confederation of Indian Industry (CII) and professional services firm KPMG in India.
Lockton, a globally renowned, privately held insurance brokerage firm, has been granted regulatory approval by the IRDAI to acquire Arihant Insurance Broking Services.
The board of the IRDAI has approved a timetable to hire 120 management officials at the assistant manager (AM) level in the next three years to cope with the growing workload at the regulator.
Regulatory push, the advent of rural and social-focused insurance players, digital adoption and innovation are expected to drive the insurance industry, said a report released by the Confederation of Indian Industry (CII) and professional services firm KPMG in India.
Online insurance broking platform company InsuranceDekho is in advanced talks to merge with smaller peer RenewBuy in a cash-and-stock deal, according to two people familiar with the matter.
The IRDAI has drafted guidelines for a comprehensive insurance fraud monitoring framework for the insurance sector to identify, assess, and mitigate fraud risks effectively across the insurance industry.
Jio Financial Services is in discussions with German global insurer Allianz SE to set up an insurance partnership in India, Bloomberg News reported.
IRDAI chairman Debasish Panda has called on conglomerates to join India's insurance sector, emphasising growth opportunities.
German global insurer Allianz SE has indicated to Bajaj Group that given its strategic priorities, it is actively considering an exit from the life and general insurance joint ventures with the latter, listed company Bajaj Finserv stated.
Heart-related insurance claims have doubled in the past five years, while the average claim size has surged by three times, according to data from Policybazaar, a digital insurance platform company.