Private Insurers

AIIEA says allowing private executives to head PSU insurers undermines nationalisation and could demoralise staff, while experts see scope for merit-based reforms

The scheme could help someone in Uttarakhand or Punjab whose house was washed away in the floods. Let's unfold the climate-linked insurance scheme and understand how it can help people

Data from insurers' annual reports show ICICI Prudential Life Insurance covered 91.74 million lives in FY25, down from 96.61 million in FY24

Irdai has proposed implementing Indian Accounting Standards (Ind AS) 117 - the Indian equivalent of IFRS 17 - from April 1, 2026

General insurers report flat premiums in July while standalone health insurers see modest growth; overall momentum slows amid accounting changes, weak motor segment

India's non-life insurance industry registered a 5.2 per cent increase year-on-year in premiums to Rs 23,422.5 crore in June 2025, according to a report released by CareEdge Ratings on Wednesday. This was lower than the 8.4 per cent growth recorded in June 2024. "The transition to the 1/n rule has impacted the industry's performance, resulting in a slowdown in health insurance growth to single digits and muted growth in the passenger vehicle (PV) segment, which was partially offset by renewals in the commercial lines," the report noted. Despite the moderation in premium growth, non-life insurance premiums crossed the Rs 3-lakh crore mark in FY25, driven by supportive regulations, rising insurtech adoption, accelerating digitalisation, and an expanding middle class, the report said. Moreover, the government's Bima Trinity push is poised to accelerate growth in the non-life insurance sector. Further, standalone health insurers are expected to maintain their dominance in the retail ..

However, private insurers reported premium growth, indicating a mix of higher-value policies

State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance

Axis Max Life Insurance managing director and chief executive officer talks about the company's strategy for 2025-26

India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine

The report suggested that insurers should adopt RegTech solutions to automate compliance processes and reduce manual tracking

Currently, the free look period offered by insurers is one month

LIC's premium fell 41.15 per cent Y-o-Y to Rs 13,523.87 crore, while private insurers reported 7 per cent Y-o-Y growth in NBP to Rs 16,694.85 crore

LIC's new business premium grew by 12.4 per cent Y-o-Y to Rs 203,69.26 cr

LIC share of rural policies more than doubled; ULIPs witnessed increased demand in urban areas

Lack of regulatory clarity complicates matters on third-party data-sharing

To push Non-par policy sales till Sep 30

The insurance regulator has proposed the merger of seven different regulations

The insurance regulator has proposed the merger of seven different regulations

Private general insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent in the year-ago period. As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (Irdai). Private insurers registered an annual increase of 14.86 per cent in gross direct premiums. The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23. "Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said. PSU