India

SBI Life Insurance reported profit after tax up 17% to Rs 1,270 crore for the half year ended September 30, 2026, value of new business up 19% to Rs 3,270 crore, gross written premium up 13% to Rs 48,400 crore and a solvency ratio of 1.97, while its total cost ratio rose to 11.7% from 10.9%.

General Insurance Corporation of India reported standalone second-quarter FY27 profit after tax of Rs 2,45,562 lakh (about Rs 2,456 crore) on gross premiums written of Rs 11,22,821 lakh, with an underwriting loss of about Rs 1,080 crore more than covered by Rs 2,815 crore of investment income, and half-year profit of about Rs 4,378 crore.

New India Assurance reported a standalone loss after tax of Rs 1,26,704 lakh (about Rs 1,267 crore) for the second quarter of FY27, citing large property and flood claims, a Rs 715 crore motor third-party provision after a Supreme Court ruling and falling property rates, partly offset by about Rs 1,800 crore of gains from selling part of its NSE stake.

Star Health and Allied Insurance reported a 70% rise in second-quarter FY27 normalised profit after tax to ₹390 crore, an underwriting profit of ₹99 crore against a ₹40 crore loss a year earlier, gross written premium of ₹5,275 crore up 19%, and a combined ratio of 98.0%, according to a report citing its stock exchange filing.

IRDAI barred Edelweiss Life, Pramerica Life, ACKO General and Niva Bupa Health from opening new places of business for six months over FY25 expense-of-management breaches, with 23 insurers exceeding limits, while its consultation on distribution costs drew more than 650 submissions and had its deadline extended to October 31, 2026.

ICICI Lombard reported second-quarter FY27 net profit of ₹946 crore on the 1/n accounting basis, up about 15.5%, as investment gains offset a combined ratio of 107% and a 3% rise in gross direct premium that trailed the industry's 7%, with retail health up 64% and fire premiums down 21%.

IRDAI's public consultation paper proposes cutting life insurers' expense-of-management limit to 15% of gross direct premium within two years and 12.5% within five, replacing the distributor landscape with three categories, and adding claw-backs for mis-selling, with comments due on October 25, 2026 and reports that the regulator may extend the window.

At its 137th meeting on July 28, 2026, chaired by Ajay Seth, IRDAI approved seven regulations aligning the rulebook with the Sabka Bima Sabki Raksha Act, 2025, including the Policyholders' Education and Protection Fund Regulations and stricter intermediary rules aimed at curbing mis-selling.

For the six months to September 30, 2026, India's HDFC Life reported profit after tax of ₹1,119 crore, value of new business of ₹2,037 crore (up 12.1%) at a 24.7% margin, and assets under management of about ₹4.1 lakh crore; second-quarter profit was ₹508 crore, 16.9% lower than the first quarter.

The Cabinet Committee on Economic Affairs cleared the sale on October 14 after a process that began in 2022; the shares fell about 7% the next day as the price came in below the market, and RBI and competition approvals are still needed.

India's HDFC Life reported first-half value of new business of Rs 2,037 crore at a 24.7% margin, approved a GIFT City office and up to Rs 500 crore of subordinated debt, and flagged near-term friction from IRDAI's proposed expense limits.

SEBI chairman Tuhin Kanta Pandey said on October 15 that the market regulator has written to the insurance regulator, as it also works on adding bank deposit information to the statement investors receive from depositories.

India's ICICI Life reported a Rs 374 crore second-quarter profit and Rs 712 crore of new business value, with protection and annuity growth in the first half, while some brokerages flagged a margin below their forecasts.

India's largest life insurer told exchanges on October 12 it will put an annuity plan and two health protection plans on sale on October 19; here is what has been reported and what buyers should verify.

India's insurance regulator has proposed product-level commission ceilings and lower expense-of-management limits, a draft that could reshape how banks, brokers and agents sell policies; feedback closes October 25.

India's central bank raised its policy rate by 25 basis points in a unanimous vote, its first hike since February 2023, citing inflation risks from oil near $100, a deficient monsoon and a weaker rupee.

Prudential HCL Health Insurance received its IRDAI registration on July 1 and announced on August 20 that it has begun operations with an AI-enabled, direct-to-consumer model alongside agents.

IRDAI's circular of April 9, 2026 requires general insurers to cede 4% of the sum insured on each policy to GIC Re for policies attaching from April 1, 2026 to March 31, 2027, with set minimum commissions and a 50:50 profit-sharing formula, while a 2022 draft had proposed ending GIC Re's order of preference.

ICICI Prudential Life shareholders approved renaming the insurer ICICI Life Insurance Limited with 99.9994% support after IRDAI and the corporate affairs ministry cleared the name in August, as Prudential moves from promoter to investor and must cut its 21.89% stake below 10%.

ICICI Prudential Life launched ICICI Pru Signature Secure on June 11, 2026, a single-premium, five-year unit linked plan whose maturity payout is the higher of fund value or a guaranteed maturity benefit of up to 140% of the premium paid, with no premium allocation or policy administration charges.

Business Today reported on July 9, 2026, citing unnamed sources, that India's insurance regulator is considering paying distributors commissions over a policy's term instead of mostly upfront, with product-wise caps and tighter disclosure, and that its chairman Ajay Seth said a consultation paper on distribution reforms was expected by the end of July; no percentages or schedule were given.

The Department of Financial Services has launched a common portal for unclaimed financial assets at unclaimedassetsportal.in, developed with PSB Alliance, that links users to search facilities run by banks, insurers, mutual funds and other institutions, while the article reporting it says it does not explain how claims are filed and notes that only Rs 5,729 crore of Rs 1.44 lakh crore transferred to RBI's DEAF fund has been refunded.

The Reserve Bank of India's draft Guidance on Regulatory Principles for Model Risk Management, 2026, described in a June 24, 2026 consultancy analysis, would require a board-approved framework covering AI and machine-learning models, independent validation even of vendor models, explainability controls, disclosures and human switches for customer-facing AI, and human-oversight and kill-switch mechanisms.

IRDAI's circular of May 25, 2026, amending the 2024 Master Circular on Corporate Governance for Insurers, makes six performance parameters, covering financial soundness, product performance, claims responsiveness, grievance redressal, Indian Accounting Standards and removal of dark patterns, account for 50% of key managerial personnel variable pay from FY 2026-27 and requires public disclosure of the underlying data.

Health insurance rose from 38.64% of insurance complaints in FY20 to 61.49% in FY25 while representing 10.68% of premiums, Lok Sabha replies show health complaints of 47,658, 64,365 and 73,729 (to February) in FY24 to FY26, and a July 2026 reply confirmed IRDAI collects overall repudiation rates (8% of 3.26 crore claims) but not the reasons for denials.

On June 19, 2026 IRDAI announced a seven-member working group, chaired by IIIT Hyderabad's Sandeep K. Shukla, to map AI use in insurance and propose a framework for ethical, transparent and explainable AI, with recommendations due in three months; they will not automatically become binding rules.

Lloyd's announced on June 18, 2026 that ICICI Lombard General Insurance will issue local policies in India on behalf of Lloyd's managing agents for selected lines, adding to Lloyd's existing routes into the market through cross-border reinsurance, Lloyd's India and its GIFT City platform.

Reported on May 2, 2026, the government allowed up to 100% foreign investment in insurance companies through the automatic route, requiring at least one resident Indian citizen as chair, managing director or CEO, while foreign investment in LIC stays at 20%.

India's insurance regulator published a draft on June 17, 2026 setting a formal procedure for making regulations and issuing subsidiary instructions, with at least 21 days of public comment and a review of every regulation every three years; comments were due by July 8.

IRDAI's exposure draft (comments until July 6, 2026) would let non-operative holding companies merge into their insurer subsidiaries, restructure share-transfer approval thresholds, allow foreign SPVs from FATF-compliant jurisdictions and reserve insurance-related names for insurers.

Parliament passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill on December 16-17, 2025, raising the foreign investment limit in Indian insurers from 74% to 100% and giving IRDAI wider powers over intermediaries and boards.

IRDAI's May 25, 2026 circular amending its 2024 master circular on corporate governance makes six customer- and soundness-related parameters worth 50% of the assessment for variable pay of key management personnel, effective from FY 2026-27.

Policybazaar data reported on May 9, 2026 shows travel insurance purchases up 22% year on year, with more travellers choosing $250,000 cover, 75% taking medical cover and solo travel above 76% of trips.

Citing the Allianz Global Insurance Report 2026, Business Today reports India's insurance premiums grew 9.4% in 2025 to ₹13.96 lakh crore ($145.9 billion) and are projected to grow 10.7% a year to 2036, with health the fastest segment at 12.5%.

India's amended insurance law, passed in December 2025 and in force from February 5, 2026, lets foreign investors hold up to 100% of an insurer, lowers reinsurance capital requirements and gives the regulator new powers.