Insurers

System readiness gaps: Insurers likely to seek forbearance for 1 year

Most insurers may seek one-year relief from Ind AS transition deadline as system readiness and automation gaps persist despite progress on proforma submissions

GIFT City's insurance premium ecosystem hit $1.2 billion in 2025

GIFT City's insurance and reinsurance ecosystem grows over 11-fold to $1.2 billion by 2025, driven by global entrants, rising underwriting capacity and expanding IFSC market

Why insurers are turning to hedge funds to cover AI data centre risks

As billions flow into AI data centres, insurers are turning to hedge funds and private investors through catastrophe bonds to help cover disasters, cyber attacks and other risks

LIC, New India Assurance, GIC Re retain systemically important status

Irdai retains LIC, New India Assurance and GIC Re as systemically important insurers for FY26, mandating enhanced supervision, governance norms and risk management oversight

Irdai forms joint expert group to guide insurers on Ind AS transition

Irdai forms a joint expert group to guide insurers on Ind AS transition, addressing implementation challenges, audit clarity, and actuarial roles

Insurers turn to state bonds for derivatives trade as yields climb

Derivatives linked to state debt are gaining momentum as the yield gap between provincial and benchmark notes widens to a multi-year high

Ahead of IFRS transition, insurance industry's demand for actuaries rises

Insurers preparing for IFRS and risk-based capital frameworks are stepping up actuarial hiring, but limited supply, high turnover and rising reporting complexity pose challenges

Insurers face rising losses as civil unrest grows in wealthy nations

Claims tied to SRCC, strikes, riots and civil commotion, are emerging as a growing headache for insurers as episodes of unrest increasingly lead to the destruction of property in Western democracies

Leading South Korean insurers explore entry into India's $130 bn market

MUMBAI, Feb 6 (Reuters) - South Korean firms Samsung Fire & Marine Insurance, Mirae Asset Financial Group and Hyundai Marine & Fire Insurance Co are in exploratory talks about entering India's $130 billion insurance market, three Indian sources said.

Insurers knock on Irdai door for clarity on director overlap ban

Insurers seek Irdai clarity on a new law barring common directorships, a move that could disrupt boards of bank-backed insurance companies

Misselling grievances against life insurers up 14% in FY25, says Irdai

Mis-selling complaints against life insurers rose over 14% in FY25 even as total grievances dipped marginally, prompting Irdai to flag concerns and seek corrective action

Irdai proposes allowing insurers to invest 20% in debt of public infra SPVs

Irdai noted that once infrastructure projects begin commercial operations, their cash flows become more predictable and regulated, significantly reducing funding risks

RBI relief for exporters; insurers face DPDP overhaul, India’s Bloomberg index inclusion prospects

To cushion exporters from the steep 50% US tariff, the RBI has announced relief measures, including easing debt repayment pressure and extending flexibility in export credit.

Irdai asks insurers, distributors to form fraud risk management framework

Irdai has asked insurers and reinsurers to implement anti-fraud frameworks and cybersecurity systems by April 2026, including data sharing and blacklisting via IIB

Launch campaigns on GST reforms' benefits, DFS secy tells insurers

DFS Secretary M Nagaraju urged insurers to launch outreach campaigns to publicise GST exemption on life and health policies and ensure benefits reach policyholders

GST Council may allow input tax credit for employee group insurance

"ITC on group health and life insurance policies may be taken up for discussion. But there is no proposal to exempt these policies from GST. They will continue to attract 18 per cent," official said

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

Irdai panel flags risks in merging insurers with non-insurance firms

Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms

Indian insurers urge IRDAI to revamp bond valuation to boost debt market

Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies

Limit on duration for state debt STRIPS may dent demand, say insurers

STRIPS allow dealers to sell principal and interest payments independently, enhancing liquidity in the state government securities by enabling distinct trading of these components