Browsing: IRDAI

Department of Financial Services Secretary indicates no plans to restrict bancassurance channel, emphasizing its potential role in increasing insurance penetration

The life insurance industry in India experienced robust growth, with assets under management (AUM) reaching Rs. 62 lakh crore in March 2024. This represents a significant increase from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI).

Despite efforts by the insurance industry and regulators, general insurance penetration in India remains low, prompting a need for understanding of the disconnect between awareness and action.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive mandating that insurance companies provide coverage for employees traveling in their employers’ vehicles under the compulsory motor third-party (TP) policy. Importantly, the IRDAI stated that no additional premium will be charged until further instructions.

The insurance sector in India is on the brink of significant changes, with potential reforms including increased foreign investment, composite licenses, and innovative customer engagement strategies.

First-year premiums in India’s life insurance sector fell by 11.6% in February, while the number of policies and schemes also decreased.

Valueattics Re, backed by Prem Watsa’s FAL Corporation and GoDigit Founder Kamesh Goyal, receives the green light to operate as a reinsurance business, marking a significant shift in the Indian insurance sector.

Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, receives the first private reinsurance license in India, marking a significant shift in the industry.

Value Attics Reinsurance, backed by Prem Watsa’s Fairfax group, receives a license, marking the end of GIC Re’s monopoly in India.

Debasish Panda’s term as IRDAI chief saw significant consumer-centric reforms, impacting the insurance industry’s business models and future direction, including the Bima Trinity initiative.