BIMA VISTAAR
Leaderless and lagging: India's insurance overhaul stalls without Irdai head since March
India's insurance sector faces stagnation. Major reforms are delayed after the Irdai chairman's departure. Initiatives like Bima Sugam, Vistaar, and Vahaak are stalled. Plans for risk-based capital and IFRS alignment are suspended. Proposals on FDI and composite licenses await approval. Regulatory scrutiny increases over bundled insurance. Public sector insurers face solvency challenges. The industry needs transparency and rebuilt trust.
Outgoing IRDAI Chief has hits to his credit, perhaps misses, too
Change in EoM Guidelines: Under his stewardship, IRDAI introduced the Expenses of Management (EoM) regulations at a time when the industry faced scrutiny over tax evasion through overriding commissions.
Irdai, insurers discuss growth trends, risks
Irdai emphasised on the need for stress testing, scenario analysis and effective asset-liability management (ALM). The National Bank for Financing Infrastructure and Development (NaBFID) presented insights on infrastructure investments and the bond market and discussed opportunities for insurers to diversify their portfolios.
India's non-life Insurance industry may register double-digit growth in 2025
Non-life insurers in India expect double-digit growth in 2025. Key drivers include a conducive regulatory environment and innovative products. Health insurance will likely continue leading, while segments like pet insurance, liability, and housing gain traction. Crucial factors are GST relief and updated motor third-party rates. Digital innovation will also play a significant role.
Irdai chairman Debasish Panda seeks more conglomerates to enter insurance; regulator nudging more cos to list
Irdai chairman Debasish Panda encourages conglomerates to join India's insurance sector, emphasizing growth opportunities. He highlights efforts to enhance transparency through IPOs and initiatives like 'Bima trinity' to improve affordability and coverage. The regulator simplifies entry barriers and engages global investors.
High premium costs for parametric insurance flagged at NDMA meet amid GST concerns
The National Disaster Management Authority (NDMA) discussed the high cost of parametric insurance premiums and the imposition of 18 percent GST on insurance premiums. The meeting focused on expanding parametric insurance, particularly for extreme heat, and finding ways to finance premiums for disadvantaged groups. The NDMA also plans a workshop on disaster risk insurance in September 2024.
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Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Our business from policies above Rs 5 lakh is down by 10%: Kamlesh Rao, Aditya Birla Sun Life Insurance
"The business from policies with premiums higher than Rs 5 lakh is down by an absolute 10%. The number of policies has grown by 20% and we have lost the contribution from plans above Rs 5 lakh by 10%. So, our business for the first nine months was 10%," said Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance.
SAHI jawab for insurance
India's insurance industry is experiencing a significant transformation, primarily driven by the growth of health insurance. The Insurance Regulatory and Development Authority of India (Irdai) has shifted its focus from rule-based to principle-based regulations, aiming to achieve universal insurance coverage by 2047.
Very few people think of life insurance as pure protection: Casparus Kromhout, Shriram Life Insurance
"Everybody in India is used to the fact that life insurance is a savings vehicle, or an alternative savings, or an investment vehicle, and very few people think of it as pure protection," says Casparus Kromhout, MD & CEO, Shriram Life Insurance.
Budget 2024: Payout should be tax free up to Rs 10 lakh premium on life insurance products, says Sumit Rai of Edelweiss Tokio
The annuity double taxation is a big one because India is one of the largest grey countries and a part of the reason annuities are not doing as well is the taxation structure. You are taxing it at entry and exit: Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance shares his expectations from Budget 2024
Navigating the general insurance landscape: A reflective review and forward outlook
The GI industry is entirely focused on achieving the glorious mission of 'Insurance for All' by 2047, set by the insurance regulator.
LIC plans to launch assured return product to increase market share
Our market share is down in group business because we could not get some of that. Our individual business is growing, and I am confident of growing market share in the coming quarters.
How AI, Blockchain technology are taking India’s insurance industry to next level
Though the model has been quite robust, the insurance industry is reinventing itself to new heights where it is going through a profound change and transformation primarily driven by technological advancements focusing on enhancing the customer experience at each touchpoint. Insurance companies are leveraging their industry experience and the new age of innovative advancements to provide their customers with more personalized and customizable product solutions and related services.
IRDAI panel to look at health insurance servicing via proposed new e-portal: Common claim platform?
IRDAI constitutes a 15-member health insurance consultative committee that will help to achieve the goal of universalisation of health insurance in the country. The committee has been constituted for a period of two years, the regulator mentioned.
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