Page 15 - Aathira Varier

Central Bank partnership to boost bancassurance: FGILI MD & CEO Alok Rungta

Alok Rungta, managing director and chief executive officer, FGILI, talks about the impact of the bancassurance channel and the company's growth strategies

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance

Saraswat Bank approaches RBI to acquire New India Cooperative Bank

The RBI in February had prohibited New India, based in Mumbai, from issuing fresh loans and suspended deposit withdrawals for six months

Writeoffs major factor for lower NPAs in past 5 years, says RBI report

Slippages in unsecured retail loans remained elevated for PVBs, with fresh slippages in this segment continuing to dominate overall slippages in retail loans

Borrower indebtedness in microfinance declines to 11.7%: RBI report

Despite rising stress in microfinance portfolios, RBI notes decline in borrower indebtedness as tighter underwriting and regulatory caps limit over-lending

Watershed moments: How technology bolstered the financial inclusion

Govt started groundwork 50 yrs ago, but adoption and advancement of tech have sped up growth of financial services

Irdai flags issues at 8 insurers over health master circular norms

Regulator begins phased inspections of health insurers; issues linked to claims settlement and compliance with the new Health Insurance Master Circular

LRS remittances rise 8.6% in April 2025 on travel, investment boost

April 2025 outward remittances under the RBI's LRS rose 8.6 per cent YoY to $2.5 billion, but full-year outflows fell by 6.85 per cent amid global uncertainty and high base

Marine insurers monitoring Israel-Iran war, may have to up coverage rates

In case the war escalates, insurers can cancel war risk coverage, and increase marine insurance rates

Credit card spends up 14.5% to ₹1.89 trn in May 2025; HDFC, SBI lead

Spends rose to Rs 1.89 trillion in May 2025 with 2.7 per cent M-o-M growth, supported by strong card issuances and led by HDFC Bank, SBI Cards and ICICI Bank

Cholamandalam MS General Insurance likely to go public in five years: MD

The insurer aims to grow 1.25x of industry rate in FY26, reduce motor share and touch Rs 10,000 crore premium this year, with an IPO likely within five years

GIC Re will keep a provision of around ₹200 cr for Air India tragedy: CMD

Narayanan says GIC Re's exposure is limited; aviation and regional premiums may face upward pressure

Insurers clock rise in parametric claims amid extreme weather events

Policy pays claims automatically when a predefined event meets a specific threshold

Rise in helicopter crashes may spur 15-30% hike in insurance premiums

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

The great disconnect: More bank branches, and same old ATM count

ATM growth remains flat despite rising branch expansion as digital payment preferences and high ATM maintenance costs reshape banking strategy

Aviation insurance premiums may see up to 10% spike post Air India crash

Following the AI-171 crash, global reinsurers may raise aviation rates, with insurers expecting 5-10 per cent premium hikes in FY27 amid mounting claims

Ahmedabad plane crash: Life insurers speed up claim settlement for victims

LIC, HDFC Life, and Bajaj Allianz have introduced fast-track claim processes and relaxed documentation to support families affected by the Air India crash in Ahmedabad

Crash likely to trigger claims up to $150 mn for insurers, reinsurers

About 10 per cent of the claims are likely to come on the books of Indian insurers and reinsurers, according to industry observers

FSIB recommends R Doraiswamy as LIC MD & CEO; Cabinet to give final nod

FSIB has proposed LIC MD R Doraiswamy for the top role of MD & CEO, with the Appointments Committee of the Cabinet set to take the final call amid a wider leadership reshuffle