edition
• Climate risk and agricultural insurance are key focus areas in India due to the country’s large and growing agricultural insurance sector and increasing vulnerability to climate change.
• The government is building the data infrastructure to model and develop AI-driven yield solutions for agriculture.
• Companies are leveraging technology to make distribution quicker and less manpower-intensive in rural areas, setting up networks for multiple insurance products.
• India’s insurance sector faces challenges such as a 90% protection gap, low non-life penetration, and low insurance density, despite expected growth of 14-15% CAGR over the next two decades.
• Indian insurtechs are looking towards the world as they build products with specific value propositions.
• The first phase of Bima Sugam, an electronic insurance marketplace in India, is set to launch in April 2025.
• The project is making progress with the entity incorporated as ‘Bima Sugam India Federation’ and key appointments nearing completion.
• Stakeholders, including IRDAI and insurance councils, are confident in the platform’s role in contributing to the country’s ‘Insurance for All by 2047’ goal.
• The Philippine Insurance Commission placed General Assurance Corp., Travellers Insurance and Surety Corp. (Trisco), and Premier Life under conservatorship due to non-compliance with legal rules.
• The regulator issued cease and desist orders to both firms, stopping all business operations.
• AM Best affirms A+ (Superior) ratings for Mitsui Sumitomo Insurance Company (MSI) and Aioi Nissay Dowa Insurance (ADI).
• A- (Excellent) ratings for Aioi Nissay Dowa Insurance (China) Company (ADIC) also affirmed.
• MSI to benefit from planned rate increases on fire and voluntary automobile insurance.
• ADI’s domestic initiatives and realigned overseas strategy to drive future underwriting performance.
• ADIC to strengthen underwriting and control measures.
Pettigrew has a strong government background and brings over 15 years of insurance-relevant experience to the role.
