A higher proportion of residents in Tier Three cities in India save amore than 30% of their income than their counterparts do in Tier One and Two cities, according to a report released by Fin One, which focuses on enhancing financial awareness in the country.
Medical inflation in India is projected to hover around 10% to 15% in 2025, according to a report released by WTW, a leading global advisory, broking and solutions company.
Prime minister Narendra Modi yesterday launched the 'Bima Sakhi Yojana' (BSY) of state-controlled LIC under which 200,000 woman insurance agents will be appointed over the next three years.
The IRDAI and the Finance Ministry's Financial Services Department have voiced support for a proposal to cut GST on insurance premiums.
While proposed reforms by IRDAI would allow for full foreign ownership of insurance companies in India, many international investors may still prefer to enter the market through joint ventures with Indian partners, particularly in the initial stages, says the global law firm Freshfields.
Indian insurers have asked the government to issue new sovereign debt instruments, including zero-coupon bonds, to broaden investment opportunities available to them and to help them manage long-term risks, reported Bloomberg quoting people familiar with the matter.
Finance Minister Nirmala Sitharaman has said that the cost of insurance to policyholders is expected to fall if the GST Council recommends a reduction in the GST rate on health and life insurance policies.
India's biggest general insurer, the state-controlled New India Assurance, with a claims settlement ratio of 98.74% of the total amount claimed in 2023, led the health insurance sector, according to data released by the Insurance Brokers Association of India (IBAI).
The future looks promising for the life insurance industry in India with several changes that will transform the way the industry conducts its business and engages with customers, says the India Brand Equity Foundation (IBEF).
The Indian government plans to amend insurance laws in the ongoing session of Parliament to facilitate a unified licence for insurers and raise the foreign direct investment (FDI) limit to 100% from the current 74%, reported Reuters quoting two government sources.