Speakers at the opening session of the 18th India Rendezvous in Mumbai yesterday highlighted the huge potential in the Indian insurance market, as it embarks on the journey of becoming a developed nation by 2047.
In his welcome address at the 2nd IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit, International Financial Services Centres Authority (IFSCA) executive director Praveen Trivedi, said that setting up businesses in India has been gaining notable traction in the past period thanks to the regulatory effort which focused more on enhancing ease of doing business. Mr Trivedi said that it is a positive sign that the 2nd edition of the Summit is attracting guests from all around the world representing various insurance, reinsurance and insurance-related entities as well as regulators and other industry professionals.
A record number of close to 1000 delegates from 45 countries have registered for the 18th India Rendezvous that kicks off in Mumbai today.
Gallagher has appointed Mr Ajit Horra as CEO and principal officer of India, subject to regulatory approval. In his new role, he will lead the team headquartered in Mumbai, with regional offices in Bengaluru, Bhubaneshwar, Chennai, Delhi, Gurugram, Guwahati and Kolkata.
India's insurance market is expected to lead the G20 nations in premium growth at an average rate of 7.3% annually between 2025 and 2029. A new India market outlook report published by global reinsurer Swiss Re released in January 2025 says India is emerging as a global economic powerhouse, supported by robust domestic consumption, private investment and progressive reforms.
With India's union budget 2025 just round the corner, the one major point that requires government's attention on a priority basis is the insurance sector. With health insurance premiums already running high, there is expected to remain high, improving affordability and accessibility could make a huge difference to the lives of millions of Indians.
Insurance penetration in India experienced a dip for the second successive year in 2023-24 according to Insurance Regulatory and Development Authority of India (IRDAI) annual report for the financial year 2023-24. Industry sources say this is worrying and contrary to the global trend.
The Indian union cabinet has cleared the revamped versions of its two-flagship crop-insurance schemes to mitigate growing climate risks for the Indian farmers. The government has also extended the duration of these two crop insurance schemes - Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) - for one more year till 2025-26. A total budget of INR695158m has been allocated for these two schemes.
A survey by LocalCircles India has revealed that the Indian health insurers over the last three years either rejected or approved only partially over 50% of the health insurance claims submitted by health insurance policyholders.
Indian life insurance sector as of 31 March 2024 held unclaimed amounts totalling INR200.62bn ($2.35bn) according to the Insurance Regulatory and Development Authority of India (IRDAI). According to IRDAI annual report for 2023-24 unclaimed amounts of life insurers at the beginning of the financial year 2023-24 was INR222.37bn.