News
Stay informed with the latest developments in the Indian insurance and financial markets.
IRDAI Plans to Phase Out Big Upfront Insurance Commissions in Mis-Selling Crackdown
IRDAI is planning to phase out large upfront commissions paid to insurance agents and brokers, linking instead to long-term policy retention to curb mis-selling.
Market Fee for Bima Sugam Likely at 5-7% of Premium
IRDAI's Bima Sugam platform is likely to charge insurers a market fee of 5-7% of premium, significantly lower than traditional 30-40% agent commissions.
IRDAI Plans to Link Insurance Commissions to Product Complexity and Policy Retention
IRDAI is developing a framework that ties agent commissions to product complexity and long-term policy retention, penalising sales of overly complex products with high surrender values.
Insurance Claim Pending for 16 Years: Consumer Commission Orders Rs 9.95 Lakh Payout
A district consumer commission has ordered an insurer to pay Rs 9.95 lakh with interest for a health insurance claim that remained pending for 16 years.
Global Natural Disaster Losses Hit $112 Billion, Reinsurance Costs Set to Rise
Global natural disaster losses reached $112 billion in H1 2026, with reinsurance costs expected to rise, impacting Indian insurers with exposure to catastrophe risk.
AI Has to Be Brought in at a Rapid Scale: IndusInd General Insurance CTO
IndusInd General Insurance's CTO advocates rapid AI adoption across underwriting, claims, and distribution, calling it essential for survival in India's competitive insurance market.
Crop, Fire Cover Rates Sharply Lower Even as Non-Life Premium Grows 9.5% in April-July
Crop insurance premium slumped by more than two-thirds to Rs 1,183 crore during April-July, while fire premium fell 28.5%, even as overall non-life premium grew 9.5% to Rs 1.19 trillion.
Average Life Insurance Premium Rises 43% to Rs 22,195 as Policyholders Buy Higher Cover
The average annual premium per in-force life insurance policy rose 42.6% between FY21 and FY25 to Rs 22,195, as Indians increasingly opt for higher sum assured coverage, IIB data shows.
Galaxy Health Enters International Travel Insurance With Fly Global Cover
Galaxy Health Insurance has entered the international travel insurance segment with a new 'Fly Global' plan covering emergency medical expenses, trip cancellation, and baggage loss.
Life Insurers' July New Business Premium Up 20.7% to Rs 47,005 Crore; Policy Count Nearly Flat
Life insurers' new business premium rose 20.7% YoY to Rs 47,005 crore in July 2026, led by LIC's group business, even as policy count grew just 0.9%.