Page 2 - Insurance News

Protection biz growth may cushion GST hit for life insurers in Q1

Growth in protection products is expected to offset the impact of GST-related input tax credit changes on life insurers, while lower combined ratios may support non-life insurers' profitability

Amit Shah unveils plan for a cooperative life insurance company

The government plans to launch a cooperative life insurance company and expand Bharat Taxi, aiming to boost financial inclusion and deepen the cooperative model in new sectors

ICICI Pru Life to become ICICI Life as Prudential seeks reclassification

The insurer will seek Irdai approval for the name change as Prudential Corporation Holdings begins the process of reclassification from promoter to investor

Young Indians drive boom in unlimited health cover: Policybazaar data

Rising medical costs and greater awareness are driving demand for unlimited sum insured health plans, with millennials, Gen Z and consumers in smaller cities leading the shift

Irdai plans overhaul of commission rules to curb insurance misselling

The insurance regulator is expected to propose staggered commission payouts over the life of a policy and link remuneration to advisory and after-sales services

Irdai grants health insurance licence to Prudential HCL joint venture

The Prudential-HCL Group joint venture becomes India's eighth standalone health insurer, with the regulator issuing its third registration of calendar year 2026

Life insurance policy surrenders outpaced maturity payouts: RBI report

Reflects policyholder dissatisfaction, product mis-selling, among others

Bima Sugam's first products set for Sept-end launch: Irdai Chairman

Irdai Chairman Ajay Seth says Bima Sugam will roll out initial motor, health and term insurance products by September-end as insurers complete technology integration with the platform

ESIC clears direct hospital management, extends unemployment benefit scheme

Corporation approves direct management of upcoming ESI hospitals, extends the Atal Beemit Vyakti Kalyan Yojana till June 2027, and clears new medical education and healthcare initiatives

Generali Central General Insurance targets ₹10K cr premium in five years

The insurer plans to focus on profitable growth by expanding retail health, fire and SME insurance while reducing exposure to intensely competitive group health business

ESIC forms three-member panel to strengthen internal audit after CAG report

The statutory social security body will review its audit framework and recommend reforms after the CAG flagged deficiencies in financial controls, audit timelines and record-keeping

Protection products drive near double-digit VNB growth for life insurers

Life insurers reported healthy growth in value of new business in FY26 as higher sales of protection and non-par products lifted profitability despite higher operating costs

Govt sets performance targets for state-run general insurers for FY27

Government sets ambitious FY27 KPIs for PSU insurers, targeting lower claims ratios, faster settlements and stronger digital adoption

Pvt life insurers rekindle agency networks amid scrutiny over bancassurance

Private life insurers are ramping up agency investments to diversify distribution as concerns over bancassurance mis-selling trigger closer scrutiny

NSE IPO windfall may aid PSU insurers, though solvency challenges remain

Listing gains likely to strengthen balance sheets of general insurers

Insurers may invest up to 5% of surplus funds in private ltd firms: Irdai

The regulator has proposed permitting insurers to invest a portion of surplus shareholders' funds in eligible private companies while tightening promoter-group exposure norms

Irdai proposes perpetual registration framework for TPAs under SBSR Act

The regulator has proposed a transition framework for existing third-party administrators, along with an annual fee mechanism under the SBSR Act regime

Irdai sets up working group to guide AI adoption in insurance sector

The working group will guide insurers on AI adoption, governance and oversight while ensuring policyholder interests and data protection remain safeguarded

India charts course for homegrown maritime insurer blueprint: Study

India faces $45-60 mn foreign outflows in P&I costs, according to a govt study

Irdai proposes framework for regulation-making, public consultations

Draft norms seek to formalise stakeholder engagement, consultation processes and periodic review of insurance regulations