* The gross first year premium of Life insurers increased by 6.94% in 2021-22 until 31st January 2022, this was Rs. 2,27,188 crore (US$ 29.54 billion).
* Insurance Regulatory and Development Authority of India (IRDAI) allowed insurers to invest debt securities of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs); this is expected to provide more investment options for the country's emerging start-up ecosystem.
* Insurance reach is still low in India. Overall insurance penetration (premiums as % of GDP) was 4.2% in FY21, providing a huge underserved market.
* In September 2021, the Union Cabinet approved an investment of Rs. 6,000 crore (US$ 804.71 million) into entities, offering export insurance cover to facilitate additional exports worth Rs. 5.6 lakh crore (US$ 75.11 billion) over the next five years.
* 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.
Market share of major companies in terms of Gross Direct Premium collected (FY15)
- HDFC Standard Life
- SBI Life Insurance
- ICICI Prudential Life Insurance
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