Insurance Companies

The Bombay High Court ruled that an insurer cannot reject a claim by delaying the deposit of a valid premium cheque, holding the insurance company liable for deficiency in service

Galaxy Health Insurance has launched Galaxy Twin 360 for young adults, combining inpatient cover with outpatient benefits and wellness services to improve renewals and long-term adoption

The insurer's individual new business annualised premium equivalent (APE) grew 8 per cent YoY to ₹544 crore, while renewal premiums surged 43 per cent

M Nagaraju says listing subsidiaries of state-owned financial entities will unlock value, strengthen corporate governance, and enhance market oversight

The strong domestic flow, meanwhile, offset the selling by foreign portfolio investors (FPIs) during CY25, who pulled out $23.3 billion (Rs 2.03 trillion) from the domestic equity markets.

Commission payouts reduced by 18% as insurers pass GST cut benefits to customers

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

Union Communication Minister Jyotiraditya Scindia on Sunday said insurance companies that received premiums from farmers in his Guna Lok Sabha constituency must clear their claims against loss of crops due to floods. The insurance companies that have collected money (premiums) from farmers in the district must now come forward to help them as their crops have been destroyed due to excessive rainfall. We will ensure that farmers get their rightful dues from these companies, he said. I have asked the collector to convene a meeting with these insurance companies so that farmers can get relief without delay, he told reporters here. He also inspected flood-affected areas in the city and visited several colonies to review the situation caused by heavy rains. Scindia said he had been touring the constituency for the past three days to assess the damage caused by the natural calamity. Water entered villages and cities from both the skies and rivers, creating a grave situation. Now the ...

Shriram Life Insurance reports Rs 257 crore individual new business premium in Q1FY26, up 21% Y-o-Y, driven by branch expansion, higher ticket size, and rural market focus

The insurance company experienced a double-digit rise of 36.6 per cent in its profit after tax (PAT) during the quarter ended June 30, 2025, to ₹138 crore

M Nagaraju calls on insurance brokers to play a key role in raising awareness and boosting insurance penetration, particularly in rural areas and underserved sectors

Insurance sector regulator Irdai may restrict Kiwi General Insurance from offering retail health products to avoid direct overlap, as the promoter of the non-life firm, WestBridge Capital, also holds a majority stake in leading standalone health insurer Star Health and Allied Insurance, sources said. Under existing regulations the same promoter cannot hold stake in two similar nature insurance firms. With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment. It currently holds about 40 per cent stake in Star Health and Allied Insurance Company Ltd, as per information available on the BSE. However, public sector banks have got regulatory forbearance from Insurance Regulatory and Development Authority of India (Irdai) following the consolidation exercise undertaken in 2020. "This is the first time in the industry that the regulator is faced with a scenario whe

Excessive delay in reporting can trigger suspicions of fraud or evidence tampering, experts say. Timely notification to both the police and the insurer is critical for smooth recovery

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

General and standalone health insurers drive 8.85 per cent YoY premium growth in Q1FY26, but IRDAI's revised norms impact comparability with last year's figures

National Insurance ordered to pay interest and costs after consumer panel finds deficiency in service despite partial settlement of ₹73 lakh claim

A string of helicopter accidents in India and global reinsurance losses may raise premiums by up to 30 per cent, with smaller operators already facing steep hikes

Max Financial Services on Tuesday said it has approved the appointment of Sumit Madan as Managing Director & Chief Executive Officer of Axis Max Life. Madan, currently Chief Distribution Officer of Axis Max Life, will replace Prashant Tripathy, Max Financial Services said in a regulatory filing. Tripathy has requested for early retirement and therefore his tenure would end on September 30, 2025. The Board of Directors of Axis Max Life in its meeting held earlier in the day has approved the elevation of Madan as MD & CEO for 5 years effective from October 1, 2025 till September 30, 2030, subject to the approval by the shareholders of insurance company, it said. Axis Max Life Insurance is a subsidiary of Max Financial Services. The appointment of Madan would be subject to the approval from the Insurance Regulatory and Development Authority of India (IRDAI) in accordance with the applicable laws, it said. Axis Max Life Insurance Limited is a joint venture between Max Financial ...

Madan is currently senior director and chief distribution officer (CDO) at the company

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