India's Union Cabinet has approved a Bill which contains a provision to increase the foreign direct investment limit in insurance companies to 100% from the present cap of 74%. The Bill, cleared on 12 December by the Cabinet, covers several other amendments.
The universal life insurance market is projected to register a compound annual growth rate (CAGR) of 8.1% from 2024 to 2033, according to Allied Market Research.
Life Insurance Corporation of India (LIC) has introduced two new insurance products aimed at providing life cover along with financial flexibility: Protection Plus (Plan 886) and LIC's Bima Kavach (Plan 887). These plans cater to different needs of policyholders, from savings to pure risk protection.
Lloyd's of London has signalled its intentions to enter the International Financial Services Centre (IFSC) GIFT City in India.
State-run insurer Life Insurance Corporation (LIC) of India has announced the appointment of Mr Ramakrishnan Chander as Managing Director.
The Financial Supervisory Commission (FSC), Taiwan's financial sector regulator, has partnered with India's International Financial Services Centres Authority (IFSCA), to enhance mutual cooperation, the FSC has announced.
The Insurance Regulatory and Development Authority of India (IRDAI) has held a discussion centred on strengthening policyholder protection, improving grievance redressal standards and addressing operational challenges faced by the insurance sector.
The Supreme Court of India has asked Indian Railways to explain why train passenger accident insurance cover is not available for those buying train tickets offline.
The World Bank's (WB) latest Financial Sector Assessment (FSA) report on India acknowledges that India's insurance sector development has been in line with the peers, says the insurance regulator IRDAI in a media statement.
Korean Reinsurance Company (Korean Re) has announced that it has received regulatory approval to establish a new branch in Gujarat International Finance Tech-City (GIFT City), India's first operational smart city and International Financial Services Centre (IFSC). The company plans to officially commence operations in April 2026.