Insurance News

Private insurers step up commitment to India's new maritime insurance pool

In less than a fortnight of its announcement, private insurers have already committed Rs 1,100 crore to the pool; plans are also afoot to set up an Indian Protection & Indemnity Club

GST Rationalisation impact: Share of high-value health policies doubles

Zero GST on retail health insurance boosts affordability, driving a sharp shift toward high-value policies as rising medical costs push demand for larger coverage

100% FDI in insurance: Global investors drawn to India's non-life market

Chubb, Old Mutual, Tiger Global Management, and Bain Capital are assessing India opportunities

GST tailwind boosts life insurance premiums, fails to lift policy volumes

Removal of GST on individual policies lifted life insurers' premium growth in FY26, but policy volumes remained subdued, highlighting rising ticket sizes rather than wider customer penetration

Regulations should minimise non-compliance, boost activity: Irdai chief

Irdai Chairman Ajay Seth advocates smart regulation and deregulation to balance compliance with growth and strengthen economic activity in India

Jio Financial formalises general insurance foray with Allianz group

The joint venture, awaiting regulatory approvals, will combine Jio's digital reach with Allianz's global expertise to expand insurance access in India

A first: Life insurers collected ₹4 trn in new business premium in FY26

Industry sees strongest growth since FY23 as new business premium crosses Rs 4 trillion, driven by GST cut, product launches and recovery after regulatory changes

Fallout of DFS comments: Shares of SBI Life, Canara HSBC Life tumble

Life insurance stocks decline after DFS suggests banks avoid exclusive tie-ups, raising concerns over bancassurance models and potential impact on costs and margins

India expands Russian insurer list as Iran conflict disrupts oil flows

Some 11 Russian insurers that are not members of so-called P&I Clubs are now allowed to provide the services, up from eight last month

Irdai seeks detailed data on distributor commission of life insurers

Insurance companies have shared the data on distributor commissions with Irdai as the regulator reviews distribution models amid concerns over high costs but are yet to get a response

LIC should have innovative campaigns, products for young people: DFS secy

DFS Secretary M Nagaraju urged LIC to strengthen digital capabilities and design products for younger customers to drive insurance adoption and engagement

$100 mn marine insurance pool on cards for vessels sailing via war zones

Indian insurers plan $100 million marine insurance pool to cover war risks for ships amid West Asia conflict, with possible government support and rising premiums

Standalone health insurers' market share increases to 13.6% in FY26

Standalone health insurers expanded their market share in FY26, supported by GST rationalisation and higher premium collections, even as general insurers saw a marginal decline in their overall share

Non-life insurers log 9.3% premium growth in FY26 amid GST relief

Health insurance growth and GST rate cuts drive premium expansion, even as accounting changes and crop insurance decline weigh on overall industry growth

Irdai revises cyber security norms, mandates stronger governance

Irdai strengthens cyber security framework with tighter board oversight, quarterly risk reviews and enhanced compliance norms for insurers and intermediaries

Irdai sets up sub-panel to review private health insurance landscape

Panel will assess coverage, claims, product design, and consumer experience, and suggest regulatory and operational steps to boost penetration, trust, and innovation

System readiness gaps: Insurers likely to seek forbearance for 1 year

Irdai had mandated insurers to transition to Ind AS effective April 1

GIFT City's insurance premium ecosystem hit $1.2 billion in 2025

GIFT City's insurance and reinsurance ecosystem grows over 11-fold to $1.2 billion by 2025, driven by global entrants, rising underwriting capacity and expanding IFSC market

Excess capacity, lower losses drive steep decline in reinsurance rates

Reinsurance rates soften sharply in latest renewal cycle, with property premiums dropping up to 90 per cent amid excess capacity, lower losses and rising competition

LIC, New India Assurance, GIC Re retain systemically important status

Irdai retains LIC, New India Assurance and GIC Re as systemically important insurers for FY26, mandating enhanced supervision, governance norms and risk management oversight