Annual report of the insurance sector

News:The annual report of the Insurance Regulatory and Development Authority of India (IRDAI) for 2018-19 has been released. Facts: Key terminologies: Insurance density is measured as the ratio of premium (in US dollars) to the total population. Insurance penetration is measured as the ratio of premium (in US$) to GDP(in US$). Insurance density and insurance… Continue reading Annual report of the insurance sector

Raising of FDI in insurance broking to 100% upsets domestic brokers

Finance Minister has proposed a 100% foreign direct investment(FDI) in the insurance intermediaries in the Union Budget 2019. Insurance intermediaries are the backbone of the industry.They help in distribution of insurance policies and also help customers get attractive rates for the products. Insurance intermediaries include insurance brokers, insurance repositories, surveyors and loss assessors and third-party… Continue reading Raising of FDI in insurance broking to 100% upsets domestic brokers

IRDAI moots public disclosure norm

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft detailing the Public disclosure norms.The draft requires insurers to share details about their financials performance at specified intervals.These norms are proposed to be implemented from 2019-20. IRDAI has said that the objectives of the norms is to (a)ensure safety of policyholders (b)serve… Continue reading IRDAI moots public disclosure norm