India Life & Non-Life Insurance News

Recent industry report about India Life & Non-Life Insurance company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ India Life & Non-Life Insurance Market industry experts.

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India Life & Non-Life Insurance News

  • In 2022, LIC paid out 70.39 % of the total payouts, and private insurers covered the remaining 29.61 %. The benefits paid as a result of surrenders or withdrawals rose to 1.58 lakh crore in 2021-22, with LIC accounting for 60.09 % and private insurers for the remainder. ULIP policies made for 1.96 % of the total surrender benefits for the LIC and 78.29 % for private insurers.
  • In 2022, In contrast to the private sector insurers, who have offices in 596 districts representing 79% of all districts in the nation, the LIC of India has offices in 688 of the 750 districts in the nation, covering 92% of all districts in the country. 92% of all districts in the nation are covered by LIC and commercial insurers together.

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  • September 2023: Akur8, described as the insurance pricing solution utilizing machine learning, has announced a strategic collaboration with SGI CANADA, a prominent property and casualty insurance division operating in five Canadian provinces, with the shared goal of enhancing the insurance pricing process. The partnership aimed to optimize SGI CANADA’s insurance pricing process by incorporating Akur8’s risk module for P&C lines, reflecting a commitment by both firms to harness cutting-edge technology for insurance pricing in Canada.
  • July 2023: Bees360, the provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the advanced provider of AI-enabled interior property inspections, partnered to transform the insurance claims process. The main aim of the partnership was to bring operational efficiencies and advanced interior data analytics to the insurance industry.
  • January 2023: Dubai National Insurance (DNI), an Insurance company in the UAE, has entered into a strategic partnership with Takalam, a UAE-based online counseling platform for mental well-being. With this partnership, individuals, as part of their DNI package, will be offered private and easy access to mental health professionals, tools, and solutions.
  • December 2022: Turtlefin, the insurtech platform, announced a partnership with The Continental Group, one of the UAE’s insurance intermediaries and financial services solutions providers. The company was expected to provide its software-as-a-service platform modules, enabling The Continental Group’s distribution teams to access relevant information and customize proposals for their clients seamlessly.
  • On October 2022, Berkshire Hathway completed the acquisition of Alleghany. Alleghany Corporation owns operating subsidiaries and manages investments, anchored by a core position in property and casualty reinsurance and insurance with Berkshire engaging in diverse business activities including insurance and reinsurance. The acquisition was completed by acquiring all equities of Alleghany worth USD 11.6 billion.
  • On April 2022, Reinsurance Group of America reached an agreement with Taiyo Life a subsidiary of T&D Holdings, Inc., to reinsure USD 1170 million of statutory reserves through coinsurance with Taiyo life continuing its service under the insurance contract.
  • December 2021: Allianz Global partnered with Porter Airlines, a regional airline. The companies aimed to introduce Emergency Travel Medical Insurance, All-Inclusive Insurance, and Trip Cancellation Insurance through this partnership. Additionally, Porter consumers have entry to Allianz urgent assistance, affirm inquiry, and expert support with the help of pre-trip planning.
  • July 2021: Saga plc has developed key travel and insurance division developments. Its first ever purpose-built cruise ship, Spirit of Discovery, will sail with a maximum of 999 guests and 523 crew worldwide. Another important step is launching an advertising campaign for three-year fixed price insurance, which is focused on growing direct channels and rewarding customer loyalty.

In 2021, HDFC ERGO launches Optima Secure indemnity-based health insurance policy. HDFC ERGO General Insurance announced the launch of Optima Secure, a new health indemnity insurance product that seeks to redefine the value customers can get from their insurance plan. The product has the secure, plus, protect, and restore benefits built-in, which combine to offer customers up to four times their sum insured at no additional charge.

In 2021, Bajaj Allianz General Insurance and Bank of India have entered into a corporate agency agreement. This will enable distribution of Bajaj Allianz General Insurance's products through the bank's vast network of 5,084 branches, 80 retail business centres and 60 SME city centres across the country. Bajaj Allianz General Insurance will be offering a bouquet of personal lines of products such as motor insurance, health insurance, home insurance, travel insurance along with commercial line of products like engineering insurance, marine insurance to bank's customers.

  • In March 2021, China's banking and insurance regulator CBIRC revised its 'Rules on Internet Insurance Business' to address issues in the marketplace amid a sharp surge in companies seeking to join the online insurance sector. In 2020, a total of 7,741 enterprises involved with online insurance registered with Chinese authorities, representing a rise of 93% compared to the previous year.

  • In January 2021, Zhong An Insurance, the first 100% digital Chinese insurer announced implementing a diversification strategy to avoid being overly dependent on their partners. ZhongAn has reduced the number of intermediary sales in favor of D2C sales. To do so, the digital insurer is banking on technology and customer experience. It uses artificial intelligence to automate 70% of its online customer service.
  • The cost of home insurance may fall in 2022 as changing regulation, plus the ongoing pandemic, impacts on the cost of general insurance, causing significant downward pressure on premium rates across both personal and commercial lines. Homeowners across the UK have seen a 1.2% drop in average home insurance premiums thanks to a reduction in break-ins and water damage claims resulting from lockdown.

  • The new rules will require home insurance prices to be the same for both new customers and those renewing. Traditionally, discounts on new business have been funded by increased pricing on renewal. As a result, under the new regulations, those that already shop around may see price increases, whilst those that have remained with an insurer for a number of years may see price drops.
  • July 2023: Citi has launched its Trade and Working Capital eLoans solution for its U.S. CCB clients. The solution is designed to help clients meet their current and projected working capital needs through loan advances via Citi’s easy-to-use and secure eLoans platform. The eLoans platform aims to support clients by allowing qualified clients to access liquidity for running their commercial business, reducing manual touch points, allowing clients to manage outstanding loans via repayment features, and enhancing self-service reporting via automated notifications, among other features.
  • May 2023: JPMorgan Chase acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). Acquisition of most of First Republic Bank’s assets, including approximately USD 173 billion of loans and about USD 30 billion of securities.
  • September 2023: Akur8, described as the insurance pricing solution utilizing machine learning, has announced a strategic collaboration with SGI CANADA, a prominent property and casualty insurance division operating in five Canadian provinces, with the shared goal of enhancing the insurance pricing process. The partnership aimed to optimize SGI CANADA’s insurance pricing process by incorporating Akur8’s risk module for P&C lines, reflecting a commitment by both firms to harness cutting-edge technology for insurance pricing in Canada.
  • July 2023: Bees360, the provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the advanced provider of AI-enabled interior property inspections, partnered to transform the insurance claims process. The main aim of the partnership was to bring operational efficiencies and advanced interior data analytics to the insurance industry.
  • January 2023: Dubai National Insurance (DNI), an Insurance company in the UAE, has entered into a strategic partnership with Takalam, a UAE-based online counseling platform for mental well-being. With this partnership, individuals, as part of their DNI package, will be offered private and easy access to mental health professionals, tools, and solutions.
  • December 2022: Turtlefin, the insurtech platform, announced a partnership with The Continental Group, one of the UAE’s insurance intermediaries and financial services solutions providers. The company was expected to provide its software-as-a-service platform modules, enabling The Continental Group’s distribution teams to access relevant information and customize proposals for their clients seamlessly.

Life and Non Life Insurance in India Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)