India's four government-owned general insurers are expected to undergo major organisational restructuring soon to cut costs, redeploy staff and improve customer service, say industry officials.
While a high proportion of young people aged 18-35 have opted for insurance, the coverage is inadequate, whether it is health insurance or life insurance, according to the Outlook-Toluna Independence Day Youth Survey.
Online insurer Go Digit General Insurance filed its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest INR6.55bn ($82.26m) for a 9.99% stake in Aditya Birla Health Insurance (ABHI), a joint venture of Aditya Birla Capital (ABCL) and Momentum Metropolitan Strategic Investments (MMH).
The Comptroller and Auditor General (CAG) has recommended that public-sector insurers stop subsidising group health insurance business through other insurance branches, given the huge losses posted in group health business.
The Pension Fund Regulatory and Development Authority (PFRDA) is mulling over a guaranteed pension programme under the National Pension System (NPS) which may be launched on 30 September.
Private insurance companies posted twice as much gains than public-sector insurers in the government-backed crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY) for the five fiscal years ended 31 March 2021(FY2021), according to data from the Agriculture Department presented in Parliament.
The IRDAI has announced that it is seeking qualified and motivated young individuals to work on important initiatives within the regulatory agency and assist in the policy analysis and development of the Indian insurance sector.
The IRDAI has released its "Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT), 2022" which will enter into force on 1 November 2022. The guidelines are applicable to all classes of life, general and health insurance business.
The IRDAI plans to make some key changes to regulations related to the management of expenses of general and health insurers, in response to requests from stakeholders for a review of the rules.