Page 2 - Insurance Sector

A look at insurance sector reforms

What electronic trading exchanges and central depositories did for capital markets in 1996, and credit bureaus did retail banking in 2000s, Bima Sugam and PIR are set to do for the insurance turf now

Irdai may roll out insurance distribution reforms in Jan 2027 amid backlash

The effective dates under consideration are Jan. 1 and April 1, Girija Subramanian, an executive at the Insurance Regulatory and Development Authority of India, said

Life insurance NBP jumped 21% in Sepember; non-life premium up 6%

LIC and private life insurers drive strong new business premium growth, while general and health insurers lift non-life premiums despite a sharp decline in crop insurance collections

Insurance brokers oppose Irdai's proposed reforms, warn of job losses

The Insurance Regulatory and Development Authority of India proposed the rules as part of a discussion paper in late September and invited stakeholders to submit feedback by October 25

Insurers must compete on price, not distributor commission: Irdai chief

Irdai Chairman Ajay Seth says proposed insurance distribution reforms are not final and stakeholder feedback will be considered before draft regulations are issued

Irdai's insurance reforms: What may change for industry, insurers, buyers

Irdai wants insurance prices and product details to be visible without sharing phone or email; its wider reforms could affect insurers, distributors and how customers buy policies

Containing costs

Irdai's proposals will help reduce mis-selling

Irdai proposes tighter expense limits, new commission caps for insurers

The regulator proposes phased cuts to insurers' expense limits, new commission caps and a ban on compulsory bundling of insurance with loans to lower costs and curb mis-selling

Term plans with return of premiums: Count the real cost before you buy

Compare the higher premium with pure term cover, factor in inflation, and examine lapse and surrender terms

Irdai eases dividend repatriation rules for foreign-owned intermediaries

The insurance regulator has removed the requirement for prior approval to repatriate dividends by insurance intermediaries with majority foreign ownership

Indian Bank to explore partners for insurance, mutual fund businesses

Indian Bank aims to enter the insurance and asset management spaces through joint ventures within 1.5 to 2 years, while launching wealth management services in H2

Irdai's insurance registry: What data will it link and who can access it?

From policy and claims records to intermediary and grievance data, Irdai's proposal sets out what the registry could connect and how access would be controlled

Irdai plans public insurance registry to bridge data gaps, widen coverage

Proposed registry will provide an interoperable access layer to verified insurance data, helping streamline policy servicing, claims and regulatory oversight

Irdai takes firm stance on insurers breaching expense management limits

Regulator's action on EOM breaches signals tighter scrutiny of operating and distribution costs, though experts expect limited short-term business impact

Life insurers' new business premium rises 20.7% to ₹47,005 crore in July

Life insurers' new business premium rose 20.7% in July, led by strong growth in LIC's group business and steady expansion by private insurers

Insurance sector poised for growth, but profitability concerns persist: S&P

S&P Global Ratings says reforms and low insurance penetration support long-term growth, but underwriting pressures and weak profitability remain key risks for insurers

India's insurance sector set for 'massive' growth despite risks: S&P

India's insurance sector is poised for 'massive' long-term growth, supported by structural reforms, low insurance penetration, and a favourable regulatory environment, but macroeconomic headwinds and profitability pressures remain key risks, S&P Global Ratings said on Thursday. In a report titled 'India Insurance Sector Trends', S&P said favourable regulatory reforms are attracting foreign capital and accelerating M&A activity in the sector. "Accelerated industry reforms and low penetration levels to drive massive sector growth in India. Liberalization, competition and regulatory changes will shape the insurance sector's development," the report said. The government had earlier this year approved 100 per cent foreign direct investment (FDI) in the insurance sector under the automatic route. S&P said both life and non-life insurance sectors have growth potential, but profitability of non-life insurers could continue to be strained as pricing philosophies lean heavily on

Bajaj General Insurance ties up with Swiss Re for commercial partnership

Partnership will use Swiss Re's international platform to offer structured risk solutions to Indian companies

Beyond policy sales: Insurance companies must prioritise customer retention

Rising life insurance policy surrenders highlight weak policy persistency, underscoring the need for reforms focused on better products, sales practices and consumer retention

Premature life policy exits surpass maturity payouts, shows govt data

Surrenders and withdrawals accounted for 39% of total benefits paid by life insurers in FY26, overtaking maturity payouts amid rising early exits from long-term policies