General Insurance Sector In India

IRDAI chief Ajay Seth urged insurers to target the bottom of the pyramid, where most of the growth potential lies, and to shift to a moderate-cost model delivering good quality service

The General Insurance Council has asked AHPI to revoke its advisory stopping cashless treatment for Bajaj Allianz and Care Health policyholders, citing risks to patients and families

Despite being one of the fastest growing insurance markets in the world, India only has 735 licensed brokers, significantly lower than developed markets. Of these, the top 36 drive close to 85%

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

German firm Allianz may join hands with Mukesh Ambani-led Jio Financial Services as it seeks fresh entry into India's life and general insurance sector

The initiative launched by Prime Minister Narendra Modi on December 9

However, due to higher base, the growth in health insurance policies have moderated in the period under review to 20 per cent from nearly 24 per cent in the corresponding year ago period

The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India

The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India

With a 10 per cent fall in equity markets, the embedded value of LIC declines by 7 per cent

Offers for senior citizens without an age cap

The Indian non-life industry logged 15.3 per cent growth during the first half of FY23 as compared to 12.6 per cent growth for the same period previous year, CARE Ratings Ltd said.

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

Claims have also not risen sharply both in motor and health, giving some respite to insurance companies

But in terms of sum assured or scope of coverage, the products are unlikely to meet your needs

ICRA expects the PSU insurers to improve pricing in Motor OD segment, and be more selective in health segment in FY2019