Page 4 - Insurance Sector

Policybazaar reports 60% offline growth in West Bengal insurance sales

Insurance broker Policybazaar on Wednesday said its offline business in West Bengal was growing at 60 per cent and made up nearly 30 per cent of its total policy sales in the state. The company, which has a presence in at least 80 cities, opened 15 offices and point-of-sale outlets across the country last fiscal, an official said. "Offline sales are picking up fast for Policybazaar, and already account for about one-third of our business in Bengal. The growth will be around 60 per cent, and we expect to maintain the traction," said Gaurav Surana, Deputy Vice President (East) Life Insurance at Policybazaar. West Bengal has emerged as a key market for term insurance, contributing 26 per cent of the overall policy count in FY'25, he said. He said that the GST waiver on insurance will further boost growth. Surana said educated and salaried customers form the bulk of insurance buyers in West Bengal. "Graduates and above make up 80.1 per cent of policyholders in Bengal, higher than the

Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

Input tax credit removal blunts impact of GST waiver on insurance

While the GST exemption on health and life insurance premiums will lower costs for consumers, insurers will absorb some impact due to the removal of input tax credit (ITC)

GST relief aids insurers; HDFC Life, Star Health among winners, says JM Fin

While the market was anticipating a cut in GST rates for term and health policies, analysts at JM Financial said, the exemption on savings-oriented life products came as a positive surprise.

Govt draft norms to ease compliance for foreign investment in insurance

The draft norms for foreign investment in insurance propose easing compliance by scrapping residency requirements for directors and KMPs while retaining key leadership conditions

Bima Sugam Phase I likely to launch in December after slight delay

Bima Sugam, the Irdai-backed digital insurance marketplace, is expected to launch Phase I in December with e-KYC and initial products, sources said, after missing earlier timelines

No insurer can ignore bancassurance channel, says India First Life MD

Will have 96 branches & 10,000 agents by year end, says Rushabh Gandhi

AHPI to take call on ending freeze on Bajaj Allianz cashless services

Reports also suggested that AHPI is likely to write to the Competition Commission of India and the Insurance Regulatory and Development Authority of India on the issue

Insurance body asks AHPI to withdraw advisory on Bajaj Allianz, Care Health

The General Insurance Council has asked AHPI to revoke its advisory stopping cashless treatment for Bajaj Allianz and Care Health policyholders, citing risks to patients and families

The $4.8 bn surge in India's insurance broking amid sector transformation

Despite being one of the fastest growing insurance markets in the world, India only has 735 licensed brokers, significantly lower than developed markets. Of these, the top 36 drive close to 85%

Participating life insurance plans: Suitable for steady, long-term goals

Be mindful of limited returns, low liquidity, and higher premiums than non-par plans

Insurers hopeful of reduction in GST on health and life premiums

Insurers hope for a reduction in GST on health and life insurance premiums, following PM Modi's announcement of GST relaxations, aiming to boost insurance penetration and make coverage more affordable

Life insurers bet on participating products to diversify portfolio mix

Many players in the industry have rebalanced their portfolios, shifting towards par products after a period of being ULIP-heavy and relying on non-par products to drive topline and margins

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

LIC targets sales growth in double digits for FY26: MD & CEO R Doraiswamy

The 64 per cent market share is on a composite basis, in which group insurance plays a major role, says Dowaiswamy

Major private insurers seek time until 2027 for public listing plans

Irdai has proposed implementing Indian Accounting Standards (Ind AS) 117 - the Indian equivalent of IFRS 17 - from April 1, 2026

Non-life insurers clocked 2.7% growth in premiums in July, shows data

General insurers report flat premiums in July while standalone health insurers see modest growth; overall momentum slows amid accounting changes, weak motor segment

Renewal of life insurers' policies, after 1 year, declines in June quarter

Persistency is the proportion of life insurance business renewed from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten

How India's health insurance sector is undergoing a profound shift

The industry has grown in scale and ambition, but outdated reporting norms are being replaced-backed by regulations and market pressure-for better transparency and lasting sustainability

Banca channel key to achieve insurance for all: SBI Life MD Amit Jhingran

Following the company's Q1FY26 earnings, Amit Jhingran, MD&CEO, SBI Life Insurance spoke to Subrata Panda in Mumbai about the company's performance, growth strategy, challenges