The Indian insurance industry is undergoing a monumental transformation under the guidance of the Insurance Regulatory and Development Authority of India (IRDAI), led by Chairman Debasish Panda. With a vision…
Rising Rejections and Repudiations In FY 2023-24, health insurance companies in India disallowed and repudiated claims worth ₹26,000 crore, marking a significant 19.10% increase from ₹21,861 crore in FY23. This…
A Decline in Insurance Penetration India's insurance penetration fell from 4% in FY23 to 3.7% in FY24, according to the Insurance Regulatory and Development Authority of India (IRDAI) annual report.…
IRDAI’s Proposed Regulations May Stifle Sector Growth Without Addressing Core Challenges Key Highlights: IRDAI’s potential move to limit dependence on parent banks in bancassurance channels criticized as misdirected. Mis-selling attributed…
Streamlining Regulations to Enhance Innovation and Accessibility Key Highlights: What: IRDAI's ambitious goal to ensure universal insurance coverage by 2047. When: Announced on December 11, 2024, at the Global Economic…
The Finance Ministry has proposed major amendments to the Insurance Act, 1938, aimed at transforming the insurance industry in India. The suggested changes include increasing the Foreign Direct Investment (FDI)…
Simplified Language: A Solution for Better Customer Satisfaction Key Developments: Simplification is Key: Pushpa Girimaji, member of the IRDA's Insurance Ombudsman Advisory Committee, has emphasized the importance of using clear,…
Simplifying Policy Language to Benefit Customers and Insurers Key Highlights: Call for Clarity: Pushpa Girimaji, a member of the IRDA's Insurance Ombudsman Advisory Committee, has emphasized the need for insurance…
IRDAI to Strengthen Resources with 120 New Assistant Managers Over Three Years Key Points: The Insurance Regulatory and Development Authority of India (IRDAI) will expand its workforce by hiring 120…
Strategic Acquisition to Meet Rising Demand for Risk Consulting in the Indian Market Key Highlights: Lockton received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to acquire…