Developments in Insurance Sector

 

For the next three to five years, the live insurance sector is forecast to expand yearly by 14-15% in the country.

The reach of IoT continues to extend beyond the telematics and client risk assessment in the Indian insurance sector. There are now 110+ start-ups in India engaged in InsurTech.

  • In YF21 with 10.11 per cent growth over the previous year, LIC generated a record first-year premium income of Rs. 56,406 for private insurance. In India, FY21 (from April 2020 to March 2021) received a gross written premium of US$26.52 billion from the FY20 (between April 2019 and March 2020) led by significant growth from general insurance firms, which was up to $26.49 billion.
  • ICICI Prudential Life Insurance is in contact with the Indian NPCI in August 2021 with a view to provide unified payments interface autopay.
  • ICICI Lombard General Insurance launched in August 2021, introduced comprehensive coverage, in particular drone operators, for remote piloted aircraft.
  • MedPay, B2B-based digital startup in Bengaluru, established an API architecture in July 2021 connecting medical suppliers, independent clinics, drug stores, laboratories, and insurance organizations via its MedPay connected care network (CCN).
  • The renewal premium of Rs. 1.498 crore, increased to10% in FY21 in June 2021 by the insurance company Bharti AXA.
  • LIC Housing Finance announced intentions in June 2021 to raise ~Rs. 2.334.69 to Life Insurance Corporation of India through Life Insurance Corporation of India (LIC).
  • The Saral Pension Scheme, a non-linked, non-participatory, single premium, individual immediate annuity plan has been established in July, 2021 by LIC.
  • Gallagher stated in July 2021 that he would buy 100% stake in India’s Edelweiss Gallagher Insurance Brokers.
  • Aditya Birla Sun Life Insurance announced in June 2021 that a new Vision Life Income and scheme would be launched which provides policy holders with guaranteed regular income plus customizable bonus payments.
  • Wardwizard Group has a relationship with Bajaj Allianz in June 2021 insurance plans to offer Joy e-Bike clients
  • A non-linked, individual immediate annuity plan was established by Max Life Insurance Co. Ltd. in May 2021.
  • Nonlife insurance firms grew 41% in March 2021, led by growing demand for health products in the midst of COVID-19 rises.
  • Bharti AXA Insurance started its “Health AdvantEDGE” health insurance programme in February 2021 with the goal of providing holistic custody of accelerated health care and health-related expenses.
  • In February 2021, ICICI Lombard General Insurance, a non-life insurance firm in the private sector, has been authorized by the International Financial Services Centre (IFSC) to establish an IFSC Insurance Office (IIO) in GIFT City in Gandhinagar, Gujarat.

Government Initiatives

The General Insurance Business Modification Bill was adopted by the Parliament in August 2021. The project seeks to privatize the broad public insurance undertakings.

The Union budget for 2021 raised the insurance FDI limit from 49% to 74%. The IRDAI has stated that insurance companies are issuing digital insurance policies via Digilocker. The IRDAI has published a report to the insurance company. In accordance with the Union Budget 2021, Minister Nirmalas Sitharaman of Finance said that in the context of the consolidation in the banking and insurance sectors the LIC initial public offer (IPO) will be launched in FY22.Although there has been no formal market assessment, LIC IPO has the potential to raise Rs. 1 lakh crore (US$ 13.62 billion).

  • In June 2021, the government extended a Rs. 50 lakh (US$ 66.85 thousand) insurance coverage scheme for healthcare workers across India until the next one year.
  • In February 2021, the Finance Ministry announced to infuse Rs. 3,000 crore (US$ 413.13 million) into state-owned general insurance companies to improve the overall financial health of companies.
  • Under Union Budget 2021, fund of Rs. 16,000 crore (US$ 2.20 billion) has been allocated for crop insurance scheme.
  •  In June 2021 the State expanded the health worker’s insurance programme to Rs. 50,000 lakh throughout India to the next year.
  • The Ministry of Finance declared in February 2021 that the state-owned general-insurance firms should add Rs. 3,000 crores to strengthen the overall finances of enterprises.

The Union Budget 2021 has made available to the crop insurance plan a fund of Rs 16,000 crore

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