As we welcome 2025, it’s essential to reflect on the remarkable transformations that defined the insurance industry in 2024. From regulatory advancements to technological integration, the year was pivotal in reshaping the sector’s future.
One of the standout milestones was the IRDAI’s extension of the IFRS 17 compliance deadline, allowing insurers to adapt to global accounting standards at a more manageable pace.
In 2024, the much-anticipated Bima Sugam platform also gained significant traction, marking a revolutionary step in simplifying insurance access. Designed as a one-stop digital marketplace, Bima Sugam aims to bring insurers, intermediaries, and policyholders onto a unified platform. The first phase of Bima Sugam, is expected to launch around April 2025.
2024 also saw the launch of Ayushman Bharat for Senior Citizens, a significant expansion of healthcare coverage for the elderly. This initiative strengthened the role of insurance in India’s social security framework, emphasizing accessibility and affordability for vulnerable populations.
In a bid to enhance the industry’s competitiveness and growth, IRDAI pushed for new insurance company registrations and encouraged discussions on public listings of insurers in collaboration with SEBI.
The spotlight on technology remained bright, with insurers embracing AI, machine learning, and blockchain to improve customer experiences and streamline operations. The insurtech boom further enabled customized products, quicker claim settlements, and data-driven decision-making.
Additionally, climate risk and inclusive insurance emerged as critical themes in 2024. The industry made strides in developing products tailored for vulnerable populations, particularly in rural areas, to mitigate risks from climate change and natural disasters.
We wish all our readers, contributors and advertisers a very Happy New Year 2025. From the December 2024 issue, The Insurance Times embarked on a comprehensive restructuring of its content to better reflect the evolving needs of our readers and the dynamic nature of the insurance industry. Our revamped format now offers more in-depth coverage of trending topics, regulatory updates, global insights, and cutting-edge innovations in risk management. We look forward to your feedback and suggestions to make content more interesting.
