Weekly Insurance Round-up Tuesday, May 17, 2022
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✴️ Life insurers' new business premium increased by 84% in April 2022 ⬆️
✴️ ‘Vision 2047’ commitment is to fulfil the objective of insurance for all: IRDAI 🛡️
- In April 2022, the new business premium of life insurance companies rose by 84%. The new business premium for April 2022 was ₹17939.62 Crores, which increased from 9738.79 Crores in April 2021.
- The private life insurers' new business premium for April 2022 was ₹6222.92 Crores. This was 27.47% higher than the ₹4882.04 Crores recorded in April 2021.
- LIC made a significant contribution to the expansion of the life insurers' new business premium, with a 141 % increase. LIC's new business premium increased to ₹11716.7 Crores from ₹4856.76 Crores.
Source: Economic Times
- IRDAI is working on reforms to achieve the goal of ‘insurance for all’ by 2047, a vision plan to enhance insurance penetration.
- The regulator is interacting with insurance industry stakeholders to develop a reform agenda for increasing insurance penetration and promoting the industry's long-term growth.
- Some of the reforms IRDAI is working on include -
- Promoting ease of doing business by encouraging new insurance players
- Allowing niche players in insurance
- Relaxing renewal norms for intermediaries
- Product certification by insurers
- Time-bound approvals
- Administrative flexibility
- Fast-track approvals for investment proposals
- Facilitating insurtech and distribution agility
- Making the regulations lighter and reducing the compliance burden on insurers
- Revamping the grievance redressal systems
- According to IRDAI, the role and functioning of life and general insurance councils also need to be revamped in order to make them more vibrant.
Source: LiveMint
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