Italian global insurer Generali has signed agreements to become the majority shareholder in both its life and P&C joint ventures in India. Both transactions are subject to the approval of relevant regulators.
The surge in the number of COVID-19 cases in December prompted a large number of Indians to buy health insurance policies, an internal study conducted by general insurer Digit Insurance shows.
High premium and poor awareness could be the two main reasons for the low penetration of insurance in India where a majority of people are either uninsured or under insured.
The FY 2020-21 report by The Economic Survey reported an increased insurance penetration to 2.82% from 2.74% in 2018. Albeit an improvement, there is much work ahead for the industry to educate the population on financial protection.
India's post-pandemic recovery will sustain growth in insurance premiums, improving profitability amid favourable government reforms to the state-owned insurance sector, according to a new report by Moody's Investors Service.
With major changes expected in the educational sector in India in 2023, it is the right time for insurance courses to get a push across universities and colleges in India, said speakers on the second day yesterday of the India Rendezvous that was held virtually.
The ongoing COVID-19 pandemic has exposed massive business interruption (BI) protection gaps, highlighting a fundamental mismatch between economic losses and insurers' risk-taking capacity, Dr Kai-Uwe Schanz, deputy managing director and head of research & foresight at The Geneva Association, said yesterday.
Extreme weather events claimed 1750 lives in India in 2021. As many as 787 persons (45%) were killed due to lightning and thunderstorms followed by 759 (43%) due to floods, heavy rains and landslides.
The IRDAI has lowered the obligatory cession rate on the sum insured on each general insurance policy that is to be reinsured with an Indian reinsurer to 4% in respect of insurance attaching during the financial year beginning on 1 April 2022 (FY2023).
The Pension Fund Regulatory and Development Authority (PFRDA) is working with the IRDAI to launch inflation-indexed annuity products, Mr Supratim Bandopadhyay, the chairman of the pension regulator has disclosed.