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Insurance sector in India is one of the oldest organised businesses. However, despite an early history insurance coverage has remained low though liberalisation and regulation has brought various private entities in the market and has led to introduction of new innovative services across the board.

Insurance sector in India is one of the oldest organised businesses. However, despite an early history insurance coverage has remained low though liberalisation and regulation has brought various private entities in the market and has led to introduction of new innovative services across the board.

Insurance sector is largely categorised in three segments of life, general and health insurance, and all these segments are governed under a common independent regulator, the Insurance Regulatory and Development Authority of India (IRDAI). Life insurance is the biggest segment as it accounts for 74.9% of all premiums and remaining 25.1% of total premium is held by combined non-life insurance segment in India. In FY20, life insurance segment recorded total premium of $81.3 Bn and non-life segment recorded premium of $26.7 Bn and this is a testimony of growth in the Indian insurance market.

Life insurance penetration in India is relatively low at just 3.2%, while non-life insurance penetration is at 1%. Despite low penetration levels India still stands as the tenth largest life insurance market in the world and fifteenth largest non-life insurance market in the world. Low penetration and rising presence of global players reflects the growth opportunity. To make Indian market more attractive government has permitted Foreign Direct Investment (FDI) of up to 74% in the sector. Government is also playing dynamic role by providing healthcare insurance coverage to the marginal sections of the society and crop insurance for farmers thereby inducing innovation in the sector. During the recent pandemic regulators and insurance players came aboard to adopt innovative mechanism for delivery of insurance services, which now has fuelled digitization of insurance services.

FICCI, through its National Committee on Insurance, works with several life and non-life insurance players to formulate measures for improving the adoption of insurance solutions, enhancing standardisation and innovation in insurance offerings and encouraging technology adoption as a tool for transformation of this sector. Support from the Government and the Regulator is very evident in market development and innovation and FICCI Insurance Committee provides regular feedback to the authorities on areas such as product design, product distribution, pricing, underwriting, risk management etc.

Team Leader

Anshuman Khanna

Assistant Secretary General

Timeline

2023
Jun
Event

National Insurance Awareness Day 2023

Apr
Event

FINCON 2023

2020
Aug
Press Release

Government is accelerating Ease of Doing Business, Insurance companies must bring Ease of Claims: Anurag Thakur

Press Release

Insurance companies must focus on innovative, simple & transparent products: IRDAI Chairman

2019
Oct
Study

India Insurance - Going from Teens to Twenties

May
Press Release

Focus on making market grow rather than improving market share: IRDAI Chairman

Event

FINCON 2019: 20th Annual Insurance Conference

2018
Jan
Press Release

India Poised to Become Local Reinsurance Hub: IRDAI Chairman T S Vijayan

Press Release

Experts Dissect Core issues Facing Insurance Sector at FINCON 2018

Event

19th Annual Insurance Conference #FINCON2018

2017
Apr
Event

Interactive Meeting on National Pension System (NPS)

Mar
Study

Employee Pensions in India

Event

Conference on India: Moving Towards a Pensioned Society

Press Release

Experts forsee high growth potential for Insurance Industry

Study

BCG-FICCI Insurance Report : The Changing Face of Indian Insurance

Event

18th Annual Insurance Conference (FINCON 2017)

2016
Dec
Press Release

Smart Cards & Unique Patient Identifier for policyholders to drive digitization of Health Insurance in India

Study

Health Insurance in Digital India

Event

FICCI Health Insurance Conference

Nov
Event

Workshop on National Pension Scheme (NPS)

Event

Workshop on National Pension System (NPS)

Apr
Study

Earth Security Brief - Indian Insurance and Sustainable Development

Mar
Event

FICCI-ESG Insurance Roundtable

Jan
Press Release

Insurance is a service, not a product, says IRDA chief at FICCI's 17th Annual Insurance Conference FINCON2016

Study

The Changing Face of Indian Insurance

Event

FICCI's 17th Annual Insurance Conference: 'The Changing Face of the Insurance Industry'

2015
Dec
Press Release

Govt. working towards bringing informal sector under pension scheme, says Chairman, PFRDA

Study

Employee Pensions in India - Current practices, Challenges and Prospects

Event

FICCI's Annual Conference on Pensions Sector

Sep
Press Release

FICCI-Canara HSBC Oriental Bank of Commerce Life Insurance Company survey reveals Consumers' desire for undertaking Need Assessment before buying life insurance products

Study

Life Insurance: A Consumers' Perspective

Event

Life Insurance: A Consumers' Perspective

Event

Roundtable on National Pension System (NPS)

Mar
Press Release

FICCI comments on the passage of Insurance Amendment Bill in Rajya Sabha

2014
Nov
Study

India General Insurance

Study

Inside Perspective - Putting Life Insurance Back on the Growth Track

Event

16th Annual Insurance Conference

2013
Oct
Study

Report on India General Insurance "Vision 2025"

Study

Report on India Life Insurance: Negotiating The Troublesome Teens

Event

FICCI's 15th Insurance Conference

Sep
Press Release

FICCI Comments on the Passage of PFRDA Bill

2012
Oct
Press Release

'Path-breaking' and 'landmark' decisions, say FICCI President, R.V. Kanoria

Press Release

Reaction from Mr. R V Kanoria, President, FICCI on Insurance Sector related measures announced by Finance Minister

Jan
Event

FICCI - City of London roundtable on `Role of insurance companies and pension funds as institutional investors`

2011
Jul
Event

Health Insurance Conference

Apr
Press Release

Insurance industry is expected to reach US$ 350-400 billion in premium income by 2020

Event

14th Conference on Insurance: Turning 10, Going on 20

Study

India Insurance Turning 10, Going on 20

Feb
Event

Conference on Accelerating Agri-Insurance in India

2010
Nov
Event

FICCI's Seminar on Pensions "New Pension Scheme: - Prospects and Challenges"

Oct
Event

New Pension Scheme: Prospects and Challenges

Aug
Event

Seminar on Role of Insurers and Reinsurers in Achieving the Objectives of National Policy on Disaster Management

Jul
Event

FICCI's Health Insurance Conference

Press Release

FICCI Health Services Committee to Discuss the Impact of Withdrawal of Cashless Facility by Public Sector Insurance Companies

Feb
Event

Workshop on Incentivizing Quality:Experiences of Private and Public Health Insurers / Purchasers in Brazil and the US

Jan
Event

FICCI's 13th Conference on Insurance

2008
Dec
Event

12th Conference on Insurance "Doubling the Insurance Penetration: Imperative for Uncertain Times"

May
Event

Insurance Conclave 2008

Events

Jun, 2023

National Insurance Awareness Day 2023

Jun 28, 2023 -

Apr, 2023

FINCON 2023

Apr 12, 2023 Mumbai

May, 2019

FINCON 2019: 20th Annual Insurance Conference

May 03, 2019 Mumbai, Maharashtra

Jan, 2018

19th Annual Insurance Conference #FINCON2018

Jan 19, 2018 Mumbai, Maharashtra

Apr, 2017

Interactive Meeting on National Pension System (NPS)

Apr 21, 2017 Vishakhapatnam

Mar, 2017

Conference on India: Moving Towards a Pensioned Society

Mar 15, 2017 FICCI, New Delhi

18th Annual Insurance Conference (FINCON 2017)

Mar 09, 2017 Trident, Nariman Point, Mumbai

Dec, 2016

FICCI Health Insurance Conference

Dec 08, 2016 New Delhi

Nov, 2016

Workshop on National Pension Scheme (NPS)

Nov 08, 2016 Kolkata

Workshop on National Pension System (NPS)

Nov 04, 2016 Kochi

Mar, 2016

FICCI-ESG Insurance Roundtable

Mar 16, 2016 Mumbai

Jan, 2016

FICCI's 17th Annual Insurance Conference: 'The Changing Face of the Insurance Industry'

Jan 22, 2016 Mumbai

Dec, 2015

FICCI's Annual Conference on Pensions Sector

Dec 09, 2015 FICCI, New Delhi

Sep, 2015

Life Insurance: A Consumers' Perspective

Sep 30, 2015 FICCI, New Delhi

Roundtable on National Pension System (NPS)

Sep 17, 2015 FICCI, New Delhi

Nov, 2014

16th Annual Insurance Conference

Nov 24, 2014 Mumbai

Oct, 2013

FICCI's 15th Insurance Conference

Oct 24, 2013 Mumbai

Jan, 2012

FICCI - City of London roundtable on `Role of insurance companies and pension funds as institutional investors`

Jan 10, 2012 New Delhi

Jul, 2011

Health Insurance Conference

Jul 19, 2011 New Delhi

Apr, 2011

14th Conference on Insurance: Turning 10, Going on 20

Apr 11, 2011 New Delhi

Feb, 2011

Conference on Accelerating Agri-Insurance in India

Feb 05, 2011 New Delhi

Nov, 2010

FICCI's Seminar on Pensions "New Pension Scheme: - Prospects and Challenges"

Nov 09, 2010 Hotel Taj President, Mumbai

Oct, 2010

New Pension Scheme: Prospects and Challenges

Oct 15, 2010 Mumbai

Aug, 2010

Seminar on Role of Insurers and Reinsurers in Achieving the Objectives of National Policy on Disaster Management

Aug 11, 2010 New Delhi

Jul, 2010

FICCI's Health Insurance Conference

Jul 30, 2010 Federation House, New Delhi

Feb, 2010

Workshop on Incentivizing Quality:Experiences of Private and Public Health Insurers / Purchasers in Brazil and the US

Feb 01, 2010 New Delhi

Jan, 2010

FICCI's 13th Conference on Insurance

Jan 12, 2010 Hotel Taj Lands End, Mumbai

Dec, 2008

12th Conference on Insurance "Doubling the Insurance Penetration: Imperative for Uncertain Times"

Dec 03, 2008 New Delhi

May, 2008

Insurance Conclave 2008

May 29, 2008 Kolkata

Chair

Mr. Anup Bagchi

MD & CEO ICICI Prudential Life Insurance Company Limited

Co-Chair

Mr. Prashant Tripathy

MD & CEO Max Life Insurance Company Limited

Co-Chair

Mr. Mayank Bathwal

Taskforce on Health Insurance and CEO, Aditya Birla Health Insurance Company Limited

Co-Chair

Mr. Prasun Sikdar

Managing Director & CEO ManipalCigna Health Insurance Company Limited

Celebrating National Insurance Awareness Day

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The New Indian Express |

Competition in insurance sector may rise

The Times of India |

15L Covid health covers sold in 1 month: IRDAI

The Economic Times |

NPS adds 1.03 lakh subscribers in Apr-Jun quarter

Financial Express |

Insurers need to leverage digital wave, data

The Hindu Business Line |

Insurer Bharti AXA bags Claims Excellence Award

The Times of India |

Protection gap in India at Rs 480L cr, says IRDAI

The Times of India |

'Poor awareness leads to fewer NPS takers'

The Economic Times |

Fresh thinking needed on the pension mess

The Hindu Business Line |

Roll out innovative products, IRDAI chief tells insurers

Mail Today |

PFRDA's workshop on pension system

The Economic Times |

Irda may cut cost of more insurance products

The Financial Express |

Irda for Jan Bima Yojna to boost awareness & reach

The Hindu |

IRDA chief moots Jan Bima Yojana

livemint |

Irda: Incentivize agents properly

Asian Age |

Roll out simpler products: IRDA

Deccan Herald |

India-US Trade Policy Forum to meet today

The New Indian Express |

FICCI Discusses IPR, Other Issues with US Delegation

Hindustan Times |

Health insurance claims zoom in metros

The Economic Times |

Now, swipe for medical insurance claims

The Financial Express |

Irda against FIIs owning 23% in private insurers

The Financial Express |

Insuring the future

Deccan Chronicle |

IRDA to enforce cashless plan

The Statesman |

IPO norms soon for insurers: Irda

The Financial Express |

IPO & cashless policy norms soon, says Irda

The Financial Express |

Irda mulls capping charges for traditional products

The Economic Times |

IRDA to come out with IPO norms by February end

Financial Chronicle |

Simplify insurance products: FICCI

Hindustan Times |

Senior citizens get 30 health cover products

The Telegraph |

Insurance merger rules soon

The Financial Express |

LIC to invest Rs 40k cr into equities

The Statesman |

LIC aims at 20% premium growth

The Telegraph |

LIC kitty for stocks in place

Circular on Surety Insurance Guidelines to Non-Life Insurers - May 2023

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IRDAI Master circular on Investment

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IRDAI Circular - Expansion of Use and File Procedures for Life Insurance

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IRDA (Insurance e-commerce) Regulations

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Transfer of Agency / Corporate Agency License from one insurer to another

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Clarification on the guidelines on Insurance Repositories and eletronic issuance of Insurance policies

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Lending Securities through Securities Lending and Borrowing (SLB) Framework

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Amendment to Guidelines on Standardization in Health Insurance

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IRDA (Non-linked insurance Products) Regulations, 2013 and IRDA (Linked Insurance Products) Regulations, 2013

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Clarifications on IRDA (Non-linked insurance Products) Regulations, 2013 and IRDA (Linked Insurance Products) Regulations, 2013

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Submission of Insurance data of IRDA to Insurance Information Bureau (IIB) of India

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IRDA Health Insurance Regulations 2013

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Pre-Recruitment Examination of Insurance Agents

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AML/CFT guidelines

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Guidelines for opening of foreign insurance company (including branch office) outside India by an Indian insurance company registered with the IRDA

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Guidance note on preparation of investment returns

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Agreements between TPAs and Insurance Companies

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Insurers acting as Registrars to UIDAI

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IRDA (Investment) (Fifth Amendment) Regulations, 2013 - Reg.

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Micro Insurance Agents

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Regarding Investment limit of 10% for Reverse Repo transactions in Government Securities

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Submission of Product Planner

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Declaration of 31st March, 2013 as Business day for the purpose of NAV calculation.

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Permission of Insurers to invest in Category I Alternative Investment Funds

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Final report on Insurance Sub Broking

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Re-introduction of Approval of Policy Bond under F & U procedure

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Exposure draft on revision in Premium Rates for Motor Third Party Insurance Covers for the Financial Year 2013-14

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Anti-Money Laundering / Counter Financing of Terrorism (AFL/CFT)- Guidelines for General Insurers

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Exposure Draft on Risk Based Solvency Approach

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AML/CFT Guidelines-Procedures for Determination of Beneficial Ownership

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Insurance Fraud Monitoring Framework

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Government is accelerating Ease of Doing Business, Insurance companies must bring Ease of Claims: Anurag Thakur

Detail Page

Insurance companies must focus on innovative, simple & transparent products: IRDAI Chairman

Detail Page

Focus on making market grow rather than improving market share: IRDAI Chairman

Detail Page

Experts Dissect Core issues Facing Insurance Sector at FINCON 2018

Detail Page

India Poised to Become Local Reinsurance Hub: IRDAI Chairman T S Vijayan

Detail Page

Experts forsee high growth potential for Insurance Industry

Download PDF

Smart Cards & Unique Patient Identifier for policyholders to drive digitization of Health Insurance in India

Download PDF

Insurance is a service, not a product, says IRDA chief at FICCI's 17th Annual Insurance Conference FINCON2016

Download PDF

Govt. working towards bringing informal sector under pension scheme, says Chairman, PFRDA

Download PDF

FICCI-Canara HSBC Oriental Bank of Commerce Life Insurance Company survey reveals Consumers' desire for undertaking Need Assessment before buying life insurance products

Download PDF

FICCI comments on the passage of Insurance Amendment Bill in Rajya Sabha

Download PDF

FICCI Comments on the Passage of PFRDA Bill

Download PDF

'Path-breaking' and 'landmark' decisions, say FICCI President, R.V. Kanoria

Download PDF

Reaction from Mr. R V Kanoria, President, FICCI on Insurance Sector related measures announced by Finance Minister

Download PDF

Insurance industry is expected to reach US$ 350-400 billion in premium income by 2020

Download PDF

FICCI Health Services Committee to Discuss the Impact of Withdrawal of Cashless Facility by Public Sector Insurance Companies

Download PDF