Natural Catastrophes Are Increasing
2 months ago

Natural Catastrophes Are Increasing

Deccan Chronicle  

Mohammed Ali Londe is vice-president senior analyst at Moody’s Ratings. As they improve their underwriting profitability and pricing adequacy, this will have a trickle-down impact and alleviation on the underwriting profitability pressures of the wider private sector as well. Ans--If you compare fiscal years 2022, 2023 and 2024, we are continuously seeing an improvement in the underwriting profitability of the overall Indian insurance sector. Yes, in the initial implementation stages, these changes do bring implementation hurdles and costs, which are sometimes cumbersome, especially for the smaller insurers, but overall for the industry in the medium to long-term, these improve capital adequacy, capital monitoring, they improve the financial flexibility, profitability and overall governance of the industry. Because the premiums are not necessarily translating to underwriting profit, what this means is that in terms of solvency, the premium growth is applying pressure on the capital adequacy of the sector.

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History of this topic

How reinsurers can help bridge India's huge protection gap
2 weeks ago

How reinsurers can help bridge India's huge protection gap

Live Mint  

According to data from the Swiss Re Institute, total insurance premium collections are projected to grow by 7.1% over the next five years. With low insurance penetration, the large economic losses inflicted by natural catastrophes in India are mostly uninsured. This significant disparity between economic losses and insured losses highlights a critical gap in coverage that presents a considerable opportunity …

Insurance Sector to Benefit From Economic Growth: Moody’s
2 months, 1 week ago

Insurance Sector to Benefit From Economic Growth: Moody’s

Deccan Chronicle  

Mumbai: Robust economic growth and increasing demand for health insurance will drive the insurance sector’s growth in the financial year 2024-25 said a new report from credit rating agency Moody’s. Also aiding the industry’s growth and profitability will be the government’s reforms for state-owned non-life insurers namely Oriental Insurance, National Insurance and United India Insurance Company Ltd. “We expect Indian …

Budget 2025: 5 key expectations from India's insurance sector
2 months, 1 week ago

Budget 2025: 5 key expectations from India's insurance sector

India Today  

The Union Budget 2025 is expected to play an important role in shaping India’s insurance sector. This can allow them to focus on product innovation and customer service.” FDI REFORMS The insurance sector hopes for simplified procedures for Foreign Direct Investment, as increasing FDI limits could bring in more capital. "The Union Budget 2025 presents a significant opportunity for growth …

Insurers eye tax benefits, incentives in Union Budget
2 months, 1 week ago

Insurers eye tax benefits, incentives in Union Budget

The Hindu  

Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market. Balachander Sekhar, co-founder & CEO of RenewBuy, said the Union Budget provides excellent opportunities to pump up the insurance sector, which is hoping for a reduction in …

Budget 2025: Why making insurance affordable should be on agenda
2 months, 2 weeks ago

Budget 2025: Why making insurance affordable should be on agenda

India Today  

The Union Budget 2025 is approaching, and one area that demands urgent attention is the insurance sector. With health insurance premiums expected to remain high, improving affordability and accessibility could make a huge difference to the lives of millions of Indians. "With wages and healthcare expenses exceeding CPI inflation, health insurance pricing is likely to remain elevated," said the regulator. …

Insurance reforms 2.0: Indians not required, and other relaxations to lure foreign money
8 months, 1 week ago

Insurance reforms 2.0: Indians not required, and other relaxations to lure foreign money

Live Mint  

New Delhi/Mumbai: The government is considering another phase of reforms for India’s insurance sector, including a proposal to do away with the mandatory requirement of resident Indian citizens to be on the boards and top management of entities with majority foreign investment. The deliberations aimed at further liberalising foreign investment rules for India’s insurance sector come just three years after …

India’s insurance sector to be fastest among G20 between 2024-28
1 year, 2 months ago

India’s insurance sector to be fastest among G20 between 2024-28

Deccan Chronicle  

Mumbai: India’s insurance sector is likely to be fastest growing among G20 countries from 2024-2028 with an inflation adjusted growth rate of 7.1 per cent according to reinsurance giant Swiss Re. Life business premiums growth is expected to rise to 6.7 per cent in 2024‒28 from 4.1 per cent in 2023 supported by rising demand for term life cover by …

IRDAI Member Says Insurance Sector Needs To Reorient Itself
1 year, 5 months ago

IRDAI Member Says Insurance Sector Needs To Reorient Itself

Deccan Chronicle  

Mumbai: While the domestic economy is growing well, the insurance sector has been unable to keep pace with it unlike the banking sector, BC Patnaik member life Insurance Regulatory and Development Authority of India said on Tuesday. Patnaik said that although the life insurance sector has covered a substantial 52 crore lives, including the adult population through initiatives such as …

Insurance industry to touch $280 billion by FY20 aided by Ayushman Bharat scheme: Study
6 years, 6 months ago

Insurance industry to touch $280 billion by FY20 aided by Ayushman Bharat scheme: Study

Firstpost  

Insurance penetration in the country reached 3.7 percent in 2017 from 2.71 percent in 2001. New Delhi: The Indian insurance industry is expected to grow to $280 billion by 2019-20 aided by the government’s flagship Ayushman Bharat and increasing awareness about need for protection, according to an Assocham-APAS study. It said, Ayushman Bharat, the ambitious scheme of the government, covering …

Insurance penetration in India may cross 4% this year: Assocham
8 years, 1 month ago

Insurance penetration in India may cross 4% this year: Assocham

Live Mint  

New Delhi: Insurance penetration in India is expected to cross the 4% mark by the end of the year amid proliferation of insurance schemes, says a report. As part of social security initiatives, the government has launched low premium insurance schemes both life and non-life in 2015, it said, adding that last year, it introduced crop insurance. With the objective …

Life insurance sector can grow to 2-2.5 times by 2020: Report
11 years, 5 months ago

Life insurance sector can grow to 2-2.5 times by 2020: Report

India TV News  

Mumbai: The life insurance industry has the potential to grow to 2-2.5 times by 2020 from its current size even as it is faced with multiple challenges, including sudden regulatory changes, says a report by BCG Group. “Based on long-term trends and fundamentals underlying household savings, which continues to be around 25 per cent of GDP, we believe life insurance …

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