17 May, 2022 | Weekly

Weekly Insurance Round-up Tuesday, May 17, 2022

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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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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 🛡️

Life insurers' new business premium increased by 84% in April 2022 ⬆️

  • 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

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‘Vision 2047’ commitment is to fulfil the objective of insurance for all: IRDAI 🛡️

  • 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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