IRDAI has asked all insurance companies to check their IT systems for vulnerabilities and take necessary precautions to protect policyholder data. The insurance regulator's advisory comes in the wake of two general insurance companies reporting data leaks. Star Health and Allied Insurance disclosed the data breach to stock exchanges, while market sources said that Tata AIG General Insurance

India's push for universal insurance coverage by 2047 is being propelled by the rapid adoption of micro insurance policies, which are helping drive penetration, especially in underserved and low-income segments. The government's JanSuraksha schemes under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) have aided in this growth and as of April 2023, 66.76 percent of PMJDY no-frills bank account holders had opted for accident insurance, 31 percent for life insurance, and 10 percent for micro-pensions, covering many who were previously outside the insurance safety net, a study shows.