Insurance News
Irdai asks insurance companies to keep branches open on March 31
Regulator directs insurers to maintain normal working hours on financial year-end to avoid inconvenience to policyholders
 "Irdai asks insurance companies to keep branches open on March 31")
Marine premiums seen staying high despite Iran's Hormuz passage assurance
Insurance brokers say war-risk premiums will remain elevated as uncertainty persists in West Asia despite Iran allowing passage for non-hostile vessels through Hormuz
 "Marine premiums seen staying high despite Iran's Hormuz passage assurance")
Soft landing for aviation insurance premiums amid benign loss trends
Aviation insurance rates have softened due to excess reinsurance capacity and lower global losses, though geopolitical risks continue to influence underwriting conditions
 "Soft landing for aviation insurance premiums amid benign loss trends")
Insurers turn to state bonds for derivatives trade as yields climb
Derivatives linked to state debt are gaining momentum as the yield gap between provincial and benchmark notes widens to a multi-year high
 "Insurers turn to state bonds for derivatives trade as yields climb")
Govt to expedite maritime insurer plan amid rising West Asia conflict
ShipMin and DFS are in talks to set up a domestic P&I club as West Asia tensions push up marine insurance costs for shipping lines and exporters
 "Govt to expedite maritime insurer plan amid rising West Asia conflict")
Bima Sugam to roll out standardised life, health, motor insurance this year
Irdai to set up Public Insurance Repository to strengthen data infra
 "Bima Sugam to roll out standardised life, health, motor insurance this year")
Group insurance payouts not deductible from motor accident compensation: SC
The Supreme Court has ruled that compensation awarded under the Motor Vehicles Act cannot be reduced by amounts received through employer-provided insurance or social security benefits
 "Group insurance payouts not deductible from motor accident compensation: SC")
Centre drafting insurance scheme for gig workers with life, accident cover
The labour ministry is drafting a social security scheme offering insurance and possible pension cover for gig workers under the Code on Social Security
 "Centre drafting insurance scheme for gig workers with life, accident cover")
GIC Re war-risk curbs over West Asia war expose cracks in marine insurance
GIC Re's decision to withdraw war-risk cover in sensitive maritime zones highlights the fragile economics of marine insurance and raises concerns for Indian refiners dependent on global oil shipments
 "GIC Re war-risk curbs over West Asia war expose cracks in marine insurance")
Irdai clears Allianz Jio Reinsurance, Kiwi General Insurance to begin ops
In a press release following its 134th board meeting, the regulator said it had granted certificates of registration to one reinsurer and one general insurer
 "Irdai clears Allianz Jio Reinsurance, Kiwi General Insurance to begin ops")
Life insurers' NBP rises 18% in Feb 2026; non-life premiums up 10%
Life insurers' new business premiums grew nearly 18% in February 2026, led by LIC's strong performance on a favourable base, while non-life insurers posted about 10% year-on-year premium growth
 "Life insurers' NBP rises 18% in Feb 2026; non-life premiums up 10%")
Ahead of IFRS transition, insurance industry's demand for actuaries rises
However, the industry faces supply limitations and is affected by attrition in the segment
 "Ahead of IFRS transition, insurance industry's demand for actuaries rises")
Irdai proposes April 2026 shift to Ind AS with parallel reporting phase
To smooth the transition, Irdai has proposed parallel reporting under both Ind AS and Indian GAAP during the first year of implementation
 "Irdai proposes April 2026 shift to Ind AS with parallel reporting phase")
India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair
Irdai Chairman Ajay Seth flags acute actuarial talent shortage, says capacity building critical as India adopts risk-based capital norms and aligns with IFRS standards
 "India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair")
Distributor commission revamp could raise policyholders' returns: Experts
Industry executives say revising life insurance distributor commissions could improve policyholder returns by lowering acquisition and operating costs, even if premiums remain unchanged
 "Distributor commission revamp could raise policyholders' returns: Experts")
Health insurance premiums increase over 27% in January on GST boost
Strong retail demand, higher government scheme premiums and GST rationalisation fuelled robust January growth for general and standalone health insurers
 "Health insurance premiums increase over 27% in January on GST boost")
Life insurance firms propose deferment of frontloaded commissions
Industry players meet Irdai chief; upfront payouts may be deferred to reduce acquisition costs
 "Life insurance firms propose deferment of frontloaded commissions")
Life insurance premiums jump 21.5% in Jan; non-life insurers up 15%
Both life and non-life insurers reported strong January premium growth, supported by a favourable base effect and the GST exemption on individual life and health insurance premiums
 "Life insurance premiums jump 21.5% in Jan; non-life insurers up 15%")
ULIP traction rises in Q3FY26 as equity markets outperform year-ago period
Private life insurers reported stronger demand for ULIPs in Q3FY26 as equity markets gained sharply. Customers also shifted towards higher sum assured plans with protection-linked riders
Commission expense ratio of life insurers rises to 6.86% in FY25
Life insurers saw commission costs rise in FY25, driven by higher payouts by private players, even as LIC cut agent commissions and insurance penetration slipped