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Insurance Regulator Update
THE INSURANCE TIMES|December 2024
IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.
Insurance Regulator Update

Speaking at a CII event, Panda explained that IRDAI has simplified entry procedures, removed barriers, and reduced approval timelines for floating an insurance company. He added that the regulator has conducted roadshows in Japan, Europe, and the US to attract global investors and insurers. Panda also stressed the importance of public listing for existing companies, noting that IPOS promote transparency and add value for policyholders and investors. Several companies are currently preparing for public offerings, underscoring the regulator's push for a more open and investor-friendly insurance landscape.

Finance Ministry Proposes public feedback on these proposals by 100% FDI and Composite Licences in Insurance

The Finance Ministry has proposed sweeping amendments to the Insurance Act, 1938, which aim to further liberalize the insurance sector in India. These amendments include increasing the foreign direct investment (FDI) limit in insurance from 74% to 100%, reducing paid-up capital requirements, and allowing composite licences that enable insurers to offer both life and non-life products. The Department of Financial Services (DFS) has invited December 10.

This initiative marks the second round of public consultations regarding the Insurance Act, 1938, Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999.

If implemented, the increase in FDI will facilitate full foreign ownership of Indian insurance firms, fostering greater investment and accelerating sectoral growth. These reforms are expected to make India's insurance industry more competitive globally while enhancing its financial capacity to cater to the growing needs of the Indian population.

IRDAI Highlights High Commissions in Motor Insurance

هذه القصة مأخوذة من طبعة December 2024 من THE INSURANCE TIMES.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 2024 من THE INSURANCE TIMES.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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International News
THE INSURANCE TIMES

International News

Saudi Arabia's Insurance Market Poised for Transformation - Saudi Arabia's general insurance market is on a trajectory of rapid growth, with gross written premiums expected to rise from SAR 68.8 billion ($18.4 billion) in 2024 to SAR 105.3 billion ($28.1 billion) by 2029, reflecting a CAGR of 8.9%. This growth is driven by regulatory reforms, economic diversification, and increased consumer awareness of risk management.

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4 mins  |
December 2024
Life Insurance News
THE INSURANCE TIMES

Life Insurance News

HDFC Life Insurance Reports Data Breach - HDFC Life Insurance recently disclosed a data breach, adding to the growing list of Indian insurers facing cybersecurity threats. The breach, revealed in a regulatory filing, prompted the company to launch an extensive investigation with information security experts to safeguard customer interests.

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4 mins  |
December 2024
Health Insurance News
THE INSURANCE TIMES

Health Insurance News

Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).

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4 mins  |
December 2024
General Insurance News
THE INSURANCE TIMES

General Insurance News

Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.

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4 mins  |
December 2024
"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
THE INSURANCE TIMES

"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."

About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.

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6 mins  |
December 2024
IRDAI Corner
THE INSURANCE TIMES

IRDAI Corner

The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad

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4 mins  |
December 2024
International Conference on Inclusive Insurance (ICII) 2024
THE INSURANCE TIMES

International Conference on Inclusive Insurance (ICII) 2024

The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.

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6 mins  |
December 2024
How to choose a Health Insurance Plan that fits your evolving needs
THE INSURANCE TIMES

How to choose a Health Insurance Plan that fits your evolving needs

When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.

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4 mins  |
December 2024
My View on #20SIRC Conference
THE INSURANCE TIMES

My View on #20SIRC Conference

The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.

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2 mins  |
December 2024

نحن نستخدم ملفات تعريف الارتباط لتقديم خدماتنا وتحسينها. باستخدام موقعنا ، فإنك توافق على ملفات تعريف الارتباط. يتعلم أكثر