IRDAI Annual Report

Question 1

As per IRDAI Annual Report, which countries are the largest insurance market?

Answer 1

1. USA
2. China
3. UK
4. Japan

Question 2

Swiss Re forecasts global premiums for life insurance to grow by ____% in comparison to 10-year trend of 1.3%

Answer 2

0.7%

Question 3

Swiss Re global insurance premium for non-life insurance is expected to grow by ____% in 2023

Answer 3

1.4%

Question 4

Overall global insurance premium volumes are expected to grow by ____% in 2023 and ____% in 2024, which is below the 10 year trend of 2.6%

Answer 4

1.1% in 2023 and 1.7% 2024

Question 5

As per IRDAI Annual Report, growth outlook for indian insurance is based on which 6 points?

Answer 5

• Strong Economic Growth: 7% prediction
• Rising Disposable Income: 8% growth in FY24
• Young Population: Dem Div to persist till 2055 at least
• Inc Fin Awareness: initiatives by many
• Digital Penetration: UPI & digital india initiatives
• Regulatory Developments: insurance for all - IRDAI

Question 6

Globally insurance penetration is ____% higher than India’s 4%

Answer 6

6.8%

Question 7

GRowth rate of private & public sector life premium collection is? Overall Growth of India’s Life insurance premium income?

Answer 7

Private: 16.3%
Public: 10.9%
Overall: 12.9%

Question 8

Acc to IRDAI’s annual Report over ___ lakh complaints were lodged vis the central grievance redressal portal with a significant portion targeting life insurers excluding ___

Answer 8

Rs. 2 lakh
LIC

Question 9

Acc to Swiss Re World Insurance Report, Global insurance penetration & density for life sector is?

Answer 9

2.8%
$354

Question 10

Acc to Swiss Re World Insurance Report, Global insurance penetration & density for non-life sector is?

Answer 10

4%
$499

Overall density is $853

Question 11

Share of insurance & pension fund assets in GDP is?

Answer 11

19% & 5%

Question 12

As per Swiss Re Sigma report, the insurance penetration of Life Insurance in India has reduced from 3.2% to ____% in 2023 while it has remained stable for Non-Life insurance at ____%

Answer 12

3%
1%

Question 13

Insurance density has increased from $69 to $____ in 2023 and has remained stable at $22 for non-life insurance

Answer 13

$70

Question 14

As per Swiss Re Report, Global life insurance penetration & density?

Answer 14

2.8%
$354

Question 15

As per Swiss Re Report, Global non-life insurance penetration & density?

Answer 15

4%
$499

Question 16

Top 5 states with highest policies issued to women?

Answer 16

1. Karnataka
2. Kerala
3. Mizoram
4. Sikkim
5. Meghalaya

Question 17

Botton 5 states with highest policies issued to women?

Answer 17

Gujarat, UP, J&K, Haryana, Ladakh

Question 18

IRDAI has implemented a significant change in the product filing process for non-life insurers, the transition is?

imp for interview

Answer 18

From ‘File & Use’ to ‘Use & File’

To promote prompt launch of gen insurance prodcts - 1st movers advantage

Question 19

IRDAI regulates Indian Insurance comapnies and introduced SPVs through?

Answer 19

IRDAI (Registration of Indian Insurance Companies) Regulations, 2022

Question 19

Eg: of IRDAI implementing Tech-based add-ons to promote faster and more efficient insurance processing?

Answer 19

Pay As You Drive
Pay How You Drive

Question 20

The calculation of solvency margin has been increased from 180 days to ____ days in crop insurance according to which IRDAI regulation?

Answer 20

365 days
IRDAI (Assets, Liabilities & Solvency Margin of General Insurance Business) Regulation, 2022

Question 21

Which IRDAI regulation increased the number of permissible tie-ups for Corporate Agents and Insurance Marketing Firms

Answer 21

IRDAI (Insurance Intermediaries) Ammendment Regulations, 2022

CA = upto 9, IMF = 6

Question 22

State insurance plan has been introduced to deepen insurance penetration by engaging state govts and leading insurers by?

Answer 22

IRDAI

Question 23

What is Surety Insurance?

Answer 23

Bank Guarantee –replaced by–> Surety Insurance —> in Construction Industry –> no more Moral Hazard

To have more working capital available for contractor

Question 24

Other countries also using Surety Insurance?

Answer 24

US, Canada, Brazil, Mexico, Germany, Aus, Phillippines

7 + 1 countries now

Question 25

InsureTech Initiative by IRDAI?

Answer 25

• Bima Sugam - single window for policyholders
• Bima Bhrosa - Grievance redress monitoring
• IRDAI Hackathon - ‘Innovation in Insurance’ Theme
• Insurance Repository

Question 26

The 4 areas covered in IRDAI Hackathon

Answer 26

1. Automated Death Claim Settlement
2. Sol to Curtail mis-selling of insurance
3. To identify uninsured Motor vehicles
4. Distribution of insurance products especially for micro insurance in difficult terrains

Question 26

5 Challenges of FBY

Answer 26

1. Delay in Claim settlement
2. High Financial Liabilities inStates
3. Stakeholder Exit form FBY
4. Lack of Awareness
5. Imperfect Grievance Redressal
6. Inadeuate Dispute resolution btw states & insurance companies

Question 27

What is Cup & Cap Model in FBY

Answer 27

• Govt is liable for claim beyond the insurance companies range
• Govt will get refund for claim below range

Question 28

An initiative of IRDAI to de-materialise insurance policies and the electronic issuance of insurance?

Answer 28

Insurance Repositories

Much like Demat for SEBI

Question 29

Bima Bharosa is set up by the rules under?

Answer 29

Insurance Ombudsman Rule 2017

Set up in 17 locations