The head of the insurance regulator IRDAI has said the health insurance industry should not indulge in predatory pricing which would harm the industry and policyholders and make businesses unviable.
One third of India's population is likely to suffer from hypertension, with around 20% of the rural populace too becoming victims, say health experts.
Targeting high net worth individuals (HNWIs), China Taiping Insurance Singapore (CTPIS) has introduced its first universal life plan 'Infinite Universal' with a minimum sum assured of $500,000.
Mrs Ritu Nanda, one of India's legendary insurance agents, passed away on the 13th of January after a long battle with cancer.
Indian insurers are under pressure in the wake of recent events involving US and Iran, with reinsurers turning wary and increasing premiums on coverage for crude oil shipments to India.
With public sector general insurers in India faring poorly, a second-round capital infusion could be announced during the upcoming budget in a bid to improve their financial health, according to a report from local publication The Economic Times.
The IRDAI has directed lndian insurers and their offices overseas, lndian reinsurers and their offices overseas, foreign reinsurance branches in lndia and lndian insurance intermediaries not to engage in any business activity with Labuan-registered broker, Confiance lnternational Reinsurance Brokers, as well as its representative Jaipur-based Global Master Consultant (GMC).
The Reserve Bank of India (RBI) has released its five-year (2019-24) National Strategy for Financial Inclusion to include all, particularly the poor and underprivileged class. The strategy aims to provide access to formal financial services in an affordable manner, broadening and deepening financial inclusion and promoting financial literacy and consumer protection.
Markel International has appointed Anirudh Singh as India chief underwriting officer effective from December 24, 2019, highlighting Markel's commitment to growing its presence in Asia.
The central government's flagship crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), has attracted less interest from insurers in the wake of losses following a surge in extreme weather events.