*As per the Insurance Regulatory and Development Authority of India (IRDAI), India will be the sixth-largest insurance market within a decade, leapfrogging Germany, Canada, Italy and South Korea.
*The regulatory developments would furthermore contribute to the growth.
*The recent pandemic has emphasized the importance of healthcare on the economy, and health insurance would play a critical role in the effort to strengthen the healthcare ecosystem.
*Insurance market in India is expected reach US$ 222 billion by 2026.
*Robotic Process Automation (RPA) and AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms.
*Bots will become mainstream in both the front and back-office to automate policy servicing and claims management for faster and more personalized customer service.
*The government’s flagship initiative for crop insurance, Pradhan Mantri Fasal Bima Yojana (PMFBY), has led to significant growth in the premium income for crop insurance.
*Ayushman Bharat (Pradhan Mantri Jan Arogya Yojana) (AB PMJAY) aims at providing a health cover of 5 lakh per family per year for secondary and tertiary care hospitalization.
*Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana was provided during the FY23.
* As announced in November 2023, Zurich Insurance Group is set to acquire a majority stake in Kotak General Insurance, marking the first major foreign investment in India's insurance sector in eight years.
* The IPO of LIC of India was the largest IPO ever in India and the sixth biggest IPO globally in 2022.
Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nuremberg, ...
Ayurveda, an ancient health system originating from India, has a longstanding history. It revolves around using plants and herbs to maintain health an...
India's digital ecosystem has undergone an enormous change in recent years. The progressive integration of government services into digital platfo...
Kala Cotton is indigenous to India and one of the few “Old World” varieties that is still being cultivated on a large scale in India. Farm...
In recent years, the pursuit of net-zero emissions has garnered substantial...
Role of Third-Party Logistics Providers in Indian D2C From the buzzing str...
The electronic sector in India has emerged as a key driver of the country...