General Insurance Market

In April-June period of FY25, the life insurance companies posted nearly 23 per cent growth after the changes in surrender value norms effective from October 1, 2024

SBM Bank India and ICICI Prudential Life Insurance Company have entered into a bancassurance partnership to offer an array of life insurance products to the bank's customers. This tie-up will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement, SBM Bank India said in a statement on Monday. Nikhil Rajadhyaksha, Head Retail Banking, SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion. "By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection," Rajadhyaksha said. SBM Bank

Heads of general insurance companies discuss challenges and future potential for the insurance sector in conversation with banking editor Manojit Saha at the Business Standard BFSI Insight Summit

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai's annual report released on Wednesday. Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23. Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium. However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report. During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh

The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation's progress

Experts see signs of change because of heightened awareness and increase in enquiries

PE firm previously submitted the highest non-binding bid for the business

India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said. Total insurance premiums in India will grow by an average 14 per cent per annum in nominal local currency terms over the next decade, making India the 6th largest in terms of total premium volume by 2032 from 10th largest in 2021, Swiss Re Institute said in its report. With regard to Indian life insurance industry, the report said it will grow at an exceptional rate of 6.6 per cent (in real terms) in 2022 and further grow at 7.1 per cent in 2023. Considering the projected growth rate, the life insurance premiums in India are set to cross USD 100 billion for the first time in 2022, it said. As far as non-life insurance market is concerned, the report said it has returned to a growth of 5.8 per cent (in real terms) in 2021 after a slight contraction in 2020. "The growth will slow down slightly in 2022 to 4.5 per cent, mainly due t

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

'In the Indian market, the four big businesses are motor, health, fire, and agri'

KKR's investment builds on strong tailwinds in the Indian general insurance space and SGI's continued expansion into new segments and investment in its digital capabilities

According to General Insurance Council data, in FY22, as of August 27, they have received more than 1.42 million claims, worth Rs 15,956 crore

Insurers said while the situation had been manageable so far, going ahead, it would be a cause for concern

The company is bullish on SME and health segments to counter slowdown in auto space

Sanath Kumar tells Namrata Acharya that general insurance firms will now have to reprioritise its strategies