General Insurers

BFSI Summit: General insurers call for norms to navigate climate disasters

At the BFSI Insight Summit 2025, insurance leaders urged joint action on climate, cyber, and EV risks - calling for innovation, tech collaboration, and universal insurance coverage

Managing new-age risks: The changing role of General Insurers

From cyberattacks and climate change to supply-chain disruptions, as risks evolve in complexity and scale, general insurers are being pushed to rethink their traditional playbook.

GST changes, ITC removal may have weighed on insurers' profitability in Q2

Analysts see 50-150 bps VNB margin compression for life insurers and sustained combined ratios for general insurers after GST rate changes and ITC removal

Outlook remains positive for private general insurers despite modest growth

Despite modest growth in the non-life insurance sector in July 2025, key segments like motor and fire insurance showed strength, while health faced challenges.

Life insurers' new business premium up 13% in May; non-life firms rise 6.3%

Standalone health insurers record nearly 10% Y-o-Y growth at Rs 2,916.75 cr

New India Assurance to launch parametric insurance for climate risks: CMD

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

Non-life insurers' premium grow 6.2% to Rs 3.08 trillion in FY25

The general insurers' premium grew by 5.20 per cent Y-o-Y to Rs 2.58 trillion at the end of FY25

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

GST authorities issue Rs 2,000 cr notice to 20 insurers operating in SEZs

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

GST Council's tax norm tweaks may ease burden on general insurers

According to insurance industry officials the decision is a big solace for the insurance & reinsurance industry as no tax can be levied on co-insurance premium and reinsurance commission

Insurance companies can't reject claims for lack of documents: Irdai

The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

General insurers expect premium income growth of 32% to Rs 3.7 trn by FY26

The general insurance industry is expected to earn a gross direct premium income (GDPI) of Rs 3.7 lakh crore by FY26, an increase of 32 per cent from Rs 2.8 lakh crore in FY24, a report said. While the growth for private insurers is expected to remain strong and that of PSU insurers is likely to remain moderate because of the weak capital position, ICRA said in a report. The profitability for private insurers is likely to improve, supported by better underwriting performance, it said. The combined ratio for PSU insurers will remain weak, thereby impacting the net profitability, the report said. The industry's GDPI saw a robust 15.5 per cent year-on-year (YoY) expansion in 2023-24, rising to Rs 2.79 lakh crore on the health segment, it said. Apart from this, the report said that the growth in the motor segment was healthy, supported by the increase in new vehicle sales (two-wheelers, or 2W, rose by 13.3 per cent YoY and passenger vehicles, or PVs, by 8.4 per cent YoY in 2023-24).

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

Irdai launches regulations for insurance electronic marketplace Bima Sugam

The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable

Term insurance plans of 9 companies explained in single chart

Premium, rules, and tenure of coverage are listed in Policybazaar chart

Private general insurers expand market share to 53.58% in H1FY24

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

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Govt to infuse more capital in public sector general insurers next year

The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said. The government last year provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Based on the performance in the FY23, the finance ministry would take a call as to how much capital they would require to meet regulatory requirement, the official said. They are not in good financial health and fund would be infused in these entities to augment their solvency margin, the official added. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. As per the regulator IRDAI's mandate, the minimum solvency ratio insurance companies must maintain is 1.5 to lowe

Indian insurers may have to tackle pricey reinsurance amidst global crises

Impact of global hardening of rates on India difficult to predict, say analysts