On the basis of total premium income, the market shares of LIC decreased from 71.81 per cent in 2016-17 to 69.36 per cent in 2017-18 as per the annual report of the Insurance Regulatory and Development Authority of India (IRDAI). The market share of private insurers increased to 30.64 per cent in 2017-18, from 28.19 per cent in 2016-17. At the end of March 2018, there are 68 insurers operating in India, of which 24 are life insurers, 27 are general insurers, 6 are standalone health insurers exclusively doing health insurance business and 11 are re-insurers including foreign re-insurer branches.
More and more people are opting for a wedding insurance which provides safeguards against potential risks which may disrupt the event. The scope of cover includes cancellation or postponement of the wedding due to natural and manmade events such as earthquake, fire, theft, burglary etc. Also damage to any property (including jewellery) and any injury/ death of persons named as such in the policy are also insured. The policy also safeguards losses if the person(s) named under the policy does not appear for the wedding event due to death, personal injury, hospitalization and other reasons mentioned in the policy document.
SBI Life Insurance Company stock showed an uptick amid news that US-based private equity The Carlyle Group and Singapore's sovereign wealth fund GIC will jointly buy a 10% stake in SBI Life Insurance Company from international insurer BNP Paribas Cardif. The total deal size is expected to be around Rs 5,100- 5,200 crore.The proposal for the stake sale deal is awaiting nod from the insurance regulator Insurance Regulatory and Development Authority (IRDA).