'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
'It is imprudent on the part of Indian insurance companies to invest out of the shareholders' fund in a private limited company.'
Shares of Indian life insurance companies, particularly SBI Life Insurance and Canara HSBC Life Insurance, saw significant declines after the Department of Financial Services (DFS) secretary, M Nagaraju, stated that banks are being asked to avoid exclusive tie-ups with their own insurance subsidiaries and instead remain neutral.
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
The exemption of individual life and health insurance premiums from the Goods and Services Tax (GST) enables the insurance industry to make products affordable and attractive, said Ajay Seth, chairman of Insurance Regulatory and Development Authority of India (Irdai) at the Business Standard BFSI Insight Summit 2025.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
'The kind of reach it has with so many bank branches even in the remotest part of the country, it is one channel which will play a very important role in vision of insurance for all.'
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
From April 1, when we buy insurance for a car or take out a health cover, insurance companies can offer a product totally customised for us.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
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