What’s New!
🗓️05 Jul, 2024 : The Insurance Regulatory and Development Authority of India (IRDAI) has released a new master circular detailing key updates for motor insurance.
The government plans to involve insurance brokers to expand the Pradhan Mantri Fasal Bima Yojana (PMFBY) to non-loanee farmers starting this kharif season. This initiative aims to increase enrollment and awareness using 1.2 million point-of-sales persons. Launched in 2016, PMFBY is mandatory for farmers with crop loans in participating states. However, states like Bihar, West Bengal, Gujarat, and Punjab have not implemented the scheme. The broker involvement seeks to enhance coverage and protect more farmers.
🗓️25 Jun, 2024 : The Insurance Regulatory and Development Authority of India (IRDAI) has released a new master circular detailing key updates for motor insurance.
Announced on June 11, 2024, the changes include strict timelines for claim settlements, enhancing efficiency and customer satisfaction. The circular mandates the "pay as you drive" option and revises cancellation policies, aiming to benefit thousands of motor insurance customers. These updates are designed to ensure quicker claim settlements and prevent arbitrary claim rejections.
🗓️24 Jun, 2024 : Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance.
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, marking the largest foreign investment in India's insurance sector. This Rs 5,560 crore deal is the first major stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. CEO Tulsi Naidu emphasizes the importance of owning and operating their business in a significant market like India. Zurich Insurance aims to establish a strong presence in the rapidly growing Indian market.
🗓️13 Dec, 2023 : Key Executives Exit Following Change in Ownership.
Aditya Birla Insurance Brokers (ABIBL) witnesses a wave of resignations among its senior executives following the proposed takeover by Samara Capital. Notably, the current CEO and principal officer, Sandeep Dadia, along with the head of corporate business Irfan Shirwani and the head of reinsurance Mukul Bhatia, have resigned since the change in ownership. This mass departure extends to other key members of the existing leadership team, including Ajay Prabhu, Punit Pancholi, and Dhananjay Acharya. The resignations are reported to be in protest against the appointment of Sanjay Radhakrishnan from Samara Capital to lead the organization, marking an unprecedented leadership mutiny in India’s corporate history.
🗓️04 Dec, 2023 : IRDAI Intensifies Scrutiny on Share Transfers in the Insurance Broking Sector.
The Insurance Regulatory and Development Authority of India (IRDAI) has heightened its focus on identifying ultimate beneficiaries involved in share transfers within the insurance broking sector. This increased scrutiny has resulted in extended approval timelines for such transactions. The regulatory body is specifically examining the involvement of general partners (GPs), alternative investment funds (AIFs), and venture capital/private equity funds associated with these transfers. The move aims to ensure transparency and adherence to regulatory standards within the insurance industry.
🗓️16 Jun, 2023 : Policybazaar Expands Revenue Share from New Business Lines, Diversifies its Offerings
Policybazaar, the renowned insurance broker based in Gurugram, is undergoing a significant expansion in revenue through its new business lines, signaling a strategic shift from being solely a consumer-focused online insurance distribution platform. The company’s publicly listed entity, PBFintech, which owns Policybazaar and credit aggregator Paisabazaar, reported an impressive revenue of Rs 365 crore in the fourth quarter of the previous financial year, generated specifically from its new initiatives. With a well-established presence in the insurance distribution sector, Policybazaar is now actively diversifying its offerings to capture additional revenue streams. By venturing into new business lines, the company aims to tap into emerging market opportunities and cater to evolving customer needs.
🗓️12 May, 2023 : Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA).
Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA) to extend life insurance coverage to the workforce of the Micro, Small, and Medium Enterprises (MSME) sector in Uttar Pradesh (UP). This collaboration aligns with Max Life’s objective to enhance accessibility and promote affordable insurance penetration throughout UP, in line with the recently introduced State Insurance Plan by the Insurance Regulatory and Development Authority of India (IRDAI).
🗓️26 Apr, 2023 : Aditya Birla Group had agreed to sell its insurance broking business, Aditya Birla Insurance Brokers Ltd (ABIBL), to private equity firm Samara Capital.
On Monday, the Aditya Birla Group made an announcement stating that it had agreed to sell its insurance broking business, Aditya Birla Insurance Brokers Ltd (ABIBL), to private equity firm Samara Capital for a sum of ₹455 crore. ABIBL specializes in offering integrated insurance broking and advisory services to both individuals and businesses, including small and large companies across various industries. It also provides reinsurance solutions to insurance companies, which enables them to manage their own risks by transferring a portion of them to a third party. The sale of ABIBL is expected to be completed in the next few months, subject to regulatory approvals.
🗓️17 Mar, 2023 : Bharti AXA Life Insurance has entered into a tie-up with Unity Small Finance Bank.
In order to sell its life insurance products through the lender’s network of 111 branches and 206 offices across India, Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and the international insurance company AXA, has entered into a bancassurance tie-up with Unity Small Finance Bank (Unity Bank). Under this agreement, more than 1.5 million bank customers across 17 states will have access to the full line of life insurance plans from Bharti AXA Life, including protection, savings, investment, and retirement options.
🗓️13 Mar, 2023 : Premium exceeds Rs 5 lakh in a year to be subject to slab rate taxation.
Beginning on April 1, revenue from insurance plans (other than Ulips) whose premium (or aggregate premium for numerous policies) exceeds Rs 5 lakh in a year would be subject to slab rate taxation, according to the budget for 2023. Death benefits will continue to be tax-free. Many financial professionals anticipate that whole-life plans, particularly those with premiums over Rs 5 lakh, will be aggressively offered in the wake of this shift.
🗓️16 Feb, 2023 : InsuranceDekho, owned by Girnar Insurance Brokers, has announced financing $150 million in a round that will include both loan and equity.
According to a statement made by the business, TVS Capital Funds and Goldman Sachs Asset Management led the Series A equity transaction. Investcorp, Avatar Ventures, and LeapFrog Investments are some of the other investors in the round. According to documents submitted to the Registrar of Companies in January 2023, $36.5 million of the round was declared.
🗓️14 Feb, 2023 : Miller announced the hiring of Gary Stockley as its Account Executive.
Miller, one of the leading specialists in re-insurance broking has appointed Mr. Gary Stockley as their Account Executive for their Bermuda office. Having worked primarily as a retail insurance broker, Mr. Gary Stockley has over 35 years of expertise in the insurance industry. He has in-depth experience in financial lines, professional indemnity, directors and officers’ liability, cyber, crime, and malpractice insurance specialist around 20 years in Bermuda. Gary previously worked at Freisenbruch as the Vice President of Insurance Broking, where he was in charge of managing professional and financial risks in Bermuda and abroad.
🗓️20 Jan, 2023 : Sibro Insurance Broking Software introduced a few amazing new features.
The Sibro insurance broking software has just introduced a few amazing new features that simplify insurance brokerage internal operations. It has been claimed that these recently introduced capabilities have evolved into a very useful tool for their current clients, enabling them to manage their insurance brokerage business in a more effective and productive manner.
Disclaimer: Information Source Clarification
It is important to clarify that our content team gathers the news presented above from various online web portals and websites. The accuracy of the information cannot be guaranteed, and we want to emphasize that we do not assume any responsibility for the accuracy or reliability of the content. The news articles are presented for informational purposes only, and readers are encouraged to verify details through multiple sources before relying on the provided information.