Risk Management & Economy

03/08/2025

Four months after Donald Trump shocked the world and roiled markets by unveiling a placard full of tariff rates at the White House Rose Garden, his

31/07/2025

The phone rings. It's the secretary of state calling. Or is it? For Washington insiders, seeing and hearing is no longer believing, thanks to a spate of

31/07/2025

Anyone hiring in the insurance industry right now understands the challenge of finding qualified talent. According to The Hartford, just 4 percent of

31/07/2025

Clear-cutting forests doesn’t just raise flood risk — it can supercharge it. The process of clearing all of the trees in an area can make catastrophic floods 18 times more frequent with effects lasting more than 40 years, according to a new University of British Columbia study published in the J...

31/07/2025

Available data helps you identify and partner with agencies that match your risk appetite and policy requirements.

31/07/2025

Supporters say the CFPB has exceeded its authority when it comes to insurers.

30/07/2025

30/07/2025

Reform made real — California Department of Insurance completes final evaluation of innovative forward-looking model to address California’s coverage crisis

State of California

30/07/2025

Supervisory statement 2/25

30/07/2025

Press Release on Internal Insurance Ombudsman Guidelines

As part of its continued endeavour to strengthen the policyholder protection and enhance trust in the insurance ecosystem, the Insurance Regulatory and Development Authority of India
(IRDAI) has released the Exposure Draft of the Internal Insurance Ombudsman Guidelines, 2025 for public consultation.

The draft guidelines propose the establishment of an independent and impartial review mechanism within insurers to address unresolved or escalated complaints in a fair, transparent,
and time-bound manner. Applicable to all insurers (except reinsurers) with more than three years of operations, the framework mandates the appointment of an Internal Insurance
Ombudsman to address complaints involving claims up to ₹50lakh. Insurers may also appoint more than one Internal Insurance Ombudsman, with well-defined jurisdiction, to ensure
effective coverage and responsiveness.

The guidelines comprehensively lay down the eligibility criteria, tenure, independence, role & responsibilities and remuneration structure of Internal Insurance Ombudsman along with
general principles to be followed by the Internal Insurance Ombudsman. To reinforce strong governance and oversight, it is proposed that the Internal Insurance Ombudsman shall
functionally report to the Board or its Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, with administrative reporting to the MD/CEO.

By institutionalizing this internal but independent mechanism, IRDAI aims to further improve the quality of grievance handling and enhancing overall consumer confidence in the insurance
sector. The exposure draft is available on the IRDAI website (www.irdai.gov.in), and stakeholders are invited to submit their comments and suggestions by 5:00 PM on 17th August,
2025.

/ R K Sharma
/ Chief General Manager

30/07/2025

The paper outlines practical and implementable actions that governments, supervisors, and the insurance industry can take to address the natural catastrophe insurance protection gap.

30/07/2025

EIOPA published the follow-up report to its 2022 Peer Review on Outsourcing under the Solvency II framework. The report evaluates the extent to which National Competent Authorities (NCAs) across the European Economic Area (EEA) have implemented the 77 recommended actions