National Insurance Company

Public sector general insurer National Insurance Company Ltd (NIC) is aiming at a return to profit in the current 2024-25 fiscal, after incurring losses for nearly a decade, an official said on Saturday. The company is expecting Rs 100-200 crore profit this year, NIC Executive Director T Babu Paul said. The Kolkata-based insurer noted that a single-digit revision in policy tariffs is expected as medical treatment costs have increased, he said. "We were able to narrow down the loss to Rs 187 crore in FY'24 (2023-24) from a whopping Rs 3,865 crore loss in the previous year. We expect to post a net profit of Rs 100-200 crore, provided no catastrophe hits us in the remaining quarters," Paul said on the sidelines of the 6th edition of the Insurance Leader Meet & Excellence Awards organised by Assocham. He mentioned that the company's ability to reduce loss-making insurance products and implement other cost-saving measures has set the public sector insurer on a path to turnaround. "We .

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

In the first quarter of FY24, the loss of the company stood at Rs 379.28 crore

In terms of the market share, the public sector general insurers stood at 31.60 per cent of the overall insurance industry in October 2023, down from 33.01 per cent in October 2022

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

The National Commission castigated the insurer for suppressing the second report, which favoured the insured. It concluded this report made it evident the claim was genuine

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

The accused made forged, fabricated complaints and other documents to avail benefit of false motor accident claims during the period of 2015-2017 and caused loss of Rs 47.68 lakh to the insurer.

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

The Commission observed that the policy excluded defects in packaging from inception. But the package had been checked by the insurer's representatives and found to be in order

The companies would soon announce the formation of joint Lok Adalats as well as take the help of the insurance Ombudsman

Under the scheme, while AIC will use offices, manpower and rural reach of the three companies, it will offer 12.5 per cent of the premium collected to each of the three companies

It will also conduct a valuation exercise of the assets of the firms

In an email interview, Girish Radhakrishnan says such an entity would have the muscle to control market behaviour and curb the "adventurous" marketing practices of private firms

In an effort to clean its balance sheet before launching an Initial Public Offer of equity (IPO), central government-owned National Insurance Company (NIC) has improved its solvency ratio substantially, from 1.26 in September 2016 to 1.9 in March 2017.With the capital position improving, it has asked the government for approval to launch an IPO in the next financial year. The solvency ratio indicates an insurance company's financial capacity to meet both its short-term and long-term liabilities. It identifies whether the company has enough buffer to settle all claims in extreme situations. The Insurance Regulatory and Development Authority (Irdai) has mandated a standard solvency ratio of 1.5. If the ratio goes below 1, the company cannot do business. A ratio in excess of 1.5 is seen as healthy.To clean its balance sheet before IPO launch, NIC has exited 119 loss-making group health policies. More, subordinate debt issuance of Rs 895 crore and a quota share reinsurance arrangement ...

Irdai has barred National Insurance's actuary for 'overstating profits and distorting solvency'

K Sanath Kumar, chairman and managing director of National Insurance spoke to Namrata Acharya

During FY15, the company's premium income stood at Rs 11,235 crore, up by nearly 10%.