The IRDAI has issued regulations on insurance advertisements and disclosure, to ensure that the insurers and intermediaries adopt fair, honest and transparent practices while issuing advertisements and avoid practices that would impair the confidence of the public.
The COVID-19 pandemic has changed consumer expectations and needs for insurance and small ticket insurance plans are today gaining traction across the country.
There is a large gap of 54% in the value of COVID claims submitted and COVID claims settled by the general insurers as on 31 March 2021 according to figures made available by the General Insurance Council of India (GIC).
The government may hike the foreign direct investment (FDI) ceiling in the pension sector to 74% and a Bill in this regard is expected to be introduced in Parliament, reported Press Trust of India.
Gross premiums underwritten by non-life insurers grew by 5.2% to INR1.99tn ($26.4bn) for the financial year ended 31 March 2021 (FY21), according to preliminary data from the IRDAI.
The IRDAI is allowing Indian insurance companies to invest in fund of funds (FoFs), a move seen as giving a boost to the private equity sector.
The IRDAI has issued draft guidelines for general insurers to offer trade credit insurance products with customised covers for Small and Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs).
The claims ratio for group term life insurance (GTLI), a plain vanilla insurance product providing only death risk cover, has reached 200% at some insurers, says Mr Mani Kant, vice president of India Insure Risk Management & Insurance Broking Services.
Four start-ups have been selected under the second edition of the InsurTech accelerator programme 'Max Life Innovation Labs 2.0'.
Aegon Life, a private digital life player in India has introduced a work-from-anywhere (WFA) policy for all its employees that gives them the flexibility and convenience to work from anywhere in India.