Insurance Sector

Insurance companies can't reject claim by delaying cheque presentation

The Bombay High Court ruled that an insurer cannot reject a claim by delaying the deposit of a valid premium cheque, holding the insurance company liable for deficiency in service

FDI for growth: Foreign participation in insurance should raise competition

Even as the sector opens up to greater competition and foreign investment, long-standing challenges continue to constrain its reach and credibility

Health insurance companies are quietly bringing back claims-based loading

The move is taking the form of a reduction in discount on next year's premium once a policyholder has made a claim

Sabka Bima Sabki Raksha Bill passed; way paved for 100% FDI in insurance

The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, was cleared by the Rajya Sabha with a voice vote, a day after it was passed by the Lok Sabha

Insurance industry flags concerns over proposed Insurance Amendment Bill

Under the proposed Bill, the revised definition of insurance business seeks to allow insurers to enter into non-insurance contracts as well

Govt introduces bill in Lok Sabha to hike FDI in insurance sector to 100%

A bill seeking to raise FDI in the insurance sector to 100 per cent was on Tuesday introduced in the Lok Sabha amid strong protest from the Opposition. The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, seeks to amend Insurance Act, 1938, Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999, as per the bill circulated to members of Parliament. Introducing the bill, Union Finance Minister Nirmala Sitharaman said the common people's insurance has always been the focus of Prime Minister Narendra Modi and the central government has provided insurance to the marginal sections of the society even during the Covid pandemic. Sitharaman said objections of some of the Opposition members could be part of the debate and she was ready to answer all their questions during the debate on the proposed legislation. Opposing the introduction of the bill, RSP member N K Premachandran said the nomenclature of the bill has nothing to do wit

Draft Insurance Amendment Bill: Stricter safeguards on cards for life funds

The Bill also places a cap on payments made from the surplus towards debentures. Payments, including interest, cannot exceed 50 per cent of the disclosed surplus

Galaxy Health Insurance launches Galaxy Twin 360 with IPD and OPD cover

Galaxy Health Insurance has launched Galaxy Twin 360 for young adults, combining inpatient cover with outpatient benefits and wellness services to improve renewals and long-term adoption

DFS tightens grievance redressal oversight; banks, insurers face rankings

In a key reform introduced in June 2025, DFS began ranking public sector banks, private sector banks and public sector insurers on the basis of the quality and timeliness of grievance disposal

Tier-II, -III mkts make 62% of new health insurance policies: Report

Policybazaar data shows a structural shift in India's health insurance market, with Tier 2, Tier 3 and rural regions accounting for most new policies in FY26

Insurance industry's premium growth tops 20% for the first time in FY26

Nil GST on premiums, favourable base effect key drivers

Travel insurance: If an airline cancels a flight, it pays, not the insurer

Policies typically reimburse cancellations for reasons such as medical emergencies, death of an immediate family member, or natural disasters

Berkley IFSC Branch first P&C insurer in GIFT City with dual licences

Berkley Insurance Company IFSC Branch has become the first P&C insurer in GIFT City to hold both insurance and reinsurance licences, and will focus on specialty lines by end-FY26

Digitally unified insurance systems can transform India's healthcare: Study

Digitally unified insurance systems can enhance transparency, reduce fragmentation and improve access under India's evolving subsidised health insurance setup, according to a new study by the Goa Institute of Management (GIM), WHO and Gates Foundation. The one-of-its-kind comprehensive analysis conducted in collaboration with Kerala Health department has demonstrated how integrated digital health-financing platforms can reform health systems and advance India's progress towards Universal Health Coverage (UHC). As India continues to expand subsidised health insurance schemes, the study highlights why unification of data and processes across different stakeholders is essential for improving service delivery. The study titled "Health System Reform Powered by Data Integration of Health Financing: Lessons from India, has been published in the prestigious journal Health Systems and Reform. "The study provides one-of-its-kind comprehensive analysis of how digitally unified insurance syste

Air pollution, SIR, Vande Mataram: Key issues and bills in Winter Session

Winter Session of Parliament could see debates on air pollution, electoral revisions, Vande Mataram, and key bills spanning nuclear energy, higher education, and corporate law

Irdai asks insurers for customer-centricity, stricter grievance compliance

Irdai has raised concerns over rising complaints, urging insurers to improve grievance redressal systems, standardise classification processes

Bima Sugam will make insurance inclusive, affordable, transparent: Experts

Leaders called Bima Sugam a tool for transparency, affordability and inclusion

After GST rationalisation, innovation will boost life insurance: CEOs

Insurance leaders view the GST waiver as an inflexion point, detailing plans to boost customer value and make products the engine for growth

GST rate cut is a growth opportunity for insurers: Irdai chief Ajay Seth

Making insurance products more affordable shows that the govt views the sector as essential as food, says Irdai chief Ajay Seth

Bill to hike FDI in insurance sector to 100% to be tabled in winter session

The government proposes to introduce a bill to raise foreign direct investment in the insurance sector to 100 per cent in the upcoming Winter session of Parliament. The Winter session of Parliament is slated to begin on December 1 and continue till December 19. The session will have 15 working days. According to a Lok Sabha bulletin, the Insurance Laws (Amendment) Bill 2025, which seeks to deepen penetration, accelerate growth and development of the insurance sector and enhance ease of doing business, is part of the 10 legislations listed for the upcoming session of the Parliament. Finance Minister Nirmala Sitharaman in this year's Budget speech, proposed to raise the foreign investment limit to 100 per cent from the existing 74 per cent in the insurance sector as part of new-generation financial sector reforms. So far, the insurance sector has attracted Rs 82,000 crore through foreign direct investment (FDI). The finance ministry has proposed amending various provisions of the ..