Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India.
This week in insurance: Aussies misjudge EV costs, India tightens fraud rules, AIA flags retirement gap
This week in insurance: Aussies misjudge EV costs, India tightens fraud rules, AIA flags retirement gap
Singlife also launched an AI tool whilst Marsh plans rebrand.
IRDAI issues new 2025 framework to tighten fraud monitoring rules
Insurers must implement a board-approved Anti-Fraud Policy.
IRDAI urges insurers to pass GST relief fully to customers
The Chairperson urged insurers to develop products for different population groups.
Bharti AXA backs IRDAI plan for internal ombudsman system
The proposed mechanism will apply to all insurers with over 3 years of operations.
IRDAI directs insurers to expedite Air India Flight 171 claims
Settlement is to be made directly to nominees listed in policies.
India’s life insurance first-year premiums fall 11.6% in February
Meanwhile, number of policies and schemes for the month dipped by 22.22% YoY.
India's non-life insurers premiums surges 13% in FY 23-24
Health insurance remained the largest segment with a 40.29% share.
India life insurance premiums rise 6.1% in FY 2023-24
Insurers also issued 291.77 lakh new policies under individual businesses.
IRDAI reforms focus on modernising insurance oversight
The Regulatory Sandbox framework has also been updated.
India’s insurance penetration slumps to 3.7% in FY 23-24
Insurance density in India rose slightly, from $92 in FY 22-23 to $95 in FY 23-24.
India eyes turnaround plan for public insurers
The upcoming Ind AS 117 is expected to recalibrate solvency ratios.
IRDAI sets 30-day free-look period for policies
Insurers are required to provide a tool on their websites for verifying authorised distribution channels.
IRDAI aims for accessible insurance by 2047
Innovations in the insurtech sector were discussed to meet insurance goals.
India considers raising insurance FDI cap to 100%
Despite many industries open to FDI, the insurance sector remains partially restricted.
InsuranceDekho bags composite broking license
It plans to start its reinsurance businesses.
New IRDAI rules enhance grievance redressal
It also aims for a “zero grievances” status.
IRDAI greenlights Paytm Insurance withdrawal
It will focus on the health, life, motor, shop and gadgets segment.
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AI isn’t replacing insurance, it’s finally making it work