Page 2 - Insurance News
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
 "GIFT City's insurance premium ecosystem hit $1.2 billion in 2025")
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
 "Excess capacity, lower losses drive steep decline in reinsurance rates")
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
Irdai seeks compliance check, action plan on dark patterns from insurers
Irdai asks insurers to assess compliance with dark pattern norms within 15 days and submit corrective action plans within a month for any non-compliance
 "Irdai seeks compliance check, action plan on dark patterns from insurers")
Excess capacity, low losses drive steep fall in reinsurance rates
Reinsurance rates have softened significantly, with property premiums dropping up to 90 per cent amid excess capacity, low losses, and intense competition
 "Excess capacity, low losses drive steep fall in reinsurance rates")
Irdai forms joint expert group to guide insurers on Ind AS transition
Irdai forms a joint expert group to guide insurers on Ind AS transition, addressing implementation challenges, audit clarity, and actuarial roles
 "Irdai forms joint expert group to guide insurers on Ind AS transition")
Irdai notifies Ind AS norms for insurers; allows one-year forbearance
Regulator allows one-year forbearance and extends parallel reporting to two years as insurers transition to Ind AS framework from April 2026
 "Irdai notifies Ind AS norms for insurers; allows one-year forbearance")
Strait of Hormuz opens to ships but marine covers to stay pricey
Insurance brokers say war-risk premiums will remain elevated as uncertainty persists in West Asia despite Iran allowing passage for non-hostile vessels through Hormuz
 "Strait of Hormuz opens to ships but marine covers to stay pricey")
IPL insurance premiums likely to drop 15-20% this year on lower claims
Driven by rising valuations, the sum insured has gone up 25-30%
 "IPL insurance premiums likely to drop 15-20% this year on lower claims")
Irdai asks insurance companies to keep branches open on March 31
Regulator directs insurers to maintain normal working hours on financial year-end to avoid inconvenience to policyholders
 "Irdai asks insurance companies to keep branches open on March 31")
Soft landing for aviation insurance premiums amid benign loss trends
Aviation insurance rates have softened due to excess reinsurance capacity and lower global losses, though geopolitical risks continue to influence underwriting conditions
 "Soft landing for aviation insurance premiums amid benign loss trends")
Insurers turn to state bonds for derivatives trade as yields climb
Derivatives linked to state debt are gaining momentum as the yield gap between provincial and benchmark notes widens to a multi-year high
 "Insurers turn to state bonds for derivatives trade as yields climb")
Govt to expedite maritime insurer plan amid rising West Asia conflict
ShipMin and DFS are in talks to set up a domestic P&I club as West Asia tensions push up marine insurance costs for shipping lines and exporters
 "Govt to expedite maritime insurer plan amid rising West Asia conflict")
Bima Sugam to roll out standardised life, health, motor insurance this year
Irdai to set up Public Insurance Repository to strengthen data infra
 "Bima Sugam to roll out standardised life, health, motor insurance this year")
Group insurance payouts not deductible from motor accident compensation: SC
The Supreme Court has ruled that compensation awarded under the Motor Vehicles Act cannot be reduced by amounts received through employer-provided insurance or social security benefits
 "Group insurance payouts not deductible from motor accident compensation: SC")
Centre drafting insurance scheme for gig workers with life, accident cover
The labour ministry is drafting a social security scheme offering insurance and possible pension cover for gig workers under the Code on Social Security
 "Centre drafting insurance scheme for gig workers with life, accident cover")
GIC Re war-risk curbs over West Asia war expose cracks in marine insurance
GIC Re's decision to withdraw war-risk cover in sensitive maritime zones highlights the fragile economics of marine insurance and raises concerns for Indian refiners dependent on global oil shipments
 "GIC Re war-risk curbs over West Asia war expose cracks in marine insurance")
Irdai clears Allianz Jio Reinsurance, Kiwi General Insurance to begin ops
In a press release following its 134th board meeting, the regulator said it had granted certificates of registration to one reinsurer and one general insurer
Life insurers' NBP rises 18% in Feb 2026; non-life premiums up 10%
Life insurers' new business premiums grew nearly 18% in February 2026, led by LIC's strong performance on a favourable base, while non-life insurers posted about 10% year-on-year premium growth
 "Life insurers' NBP rises 18% in Feb 2026; non-life premiums up 10%")
Ahead of IFRS transition, insurance industry's demand for actuaries rises
However, the industry faces supply limitations and is affected by attrition in the segment