Page 6 - Aathira Varier

Non-par products gain ground in listed life insurers' product mix in H1FY26

Volatile equity markets and lower deposit rates boosted demand for non-par guaranteed-return products in H1FY26, lifting their share across most listed life insurers except HDFC Life

Irdai asks insurers for customer-centricity, stricter grievance compliance

Irdai has raised concerns over rising complaints, urging insurers to improve grievance redressal systems, standardise classification processes

There is still room for us to reduce commission: Bajaj Life Insurance MD

MD & CEO of Bajaj Life Insurance, spoke about how the company has navigated the challenges related to the withdrawal of Input Tax Credit (ITC), how life has been after Allianz's exit

Insurance industry seeks stability amid regulatory and tax turbulence

Regulatory shocks and withdrawal of a tax benefit slowed down growth, nudging firms to focus on affordability, efficiency and chasing more customers

Insurance industry takes ₹10,000 crore hit each year on frauds: Report

A new BCG-Medi Assist report highlights how fraud, waste, and abuse are eroding insurer margins, inflating premiums and weakening sectoral RoE, with mid-ticket claims driving most leakages

Regulatory, customer pattern changes nudge foreign insurers' India interest

A slew of foreign insurers have already either bought stakes in existing insurance companies, or formed a new joint venture to tap the potential of the Indian insurance market

DPDP norms nudge insurance firms to boost tech systems, consent frameworks

Industry leaders say phased deadlines through 2027 give them time, but the compliance effort will require major process redesign

Need to track, trace unclaimed insurance funds: Irdai member Iyer

IRDAI member Swaminathan Iyer stresses the need to track ₹1.9 trillion in unclaimed life insurance funds to build trust and boost penetration, vital for achieving 'insurance for all by 2047'

Insurers mull premium hike as claims mount due to rising air pollution

Health insurers are weighing 10-15% premium hikes and city-based pricing as pollution-linked claims rise sharply across metros, driven by increasing health complications and higher medical costs

GST cut lifts life, retail health insurance growth: Irdai member Sood

Deepak Sood says zero GST on life and health insurance has sparked strong growth, with demand set to accelerate in H2FY26 as the industry pushes for deeper penetration and better distribution

Axis Max Life chases 'breakout No. 3' in life insurance: MD & CEO

MD & CEO Sumit Madan says product mix tweaks and cost control will offset ITC loss as firm targets "breakout number 3" position in industry

M&M, Manulife to form life insurance JV with ₹7,200 crore investment

Each partner commits to invest Rs 1,250 cr in the first five years of new venture

Life insurers' new business premium rises 12% in October on GST relief

Exemption in GST nudged individual premium growth, policy sales

Pent-up demand boosted retail health insurance segment in October

According to data released by the General Insurance Council, standalone health insurers (SAHI) reported 38.3 per cent Y-o-Y growth in premiums for October, reaching ₹3,738.34 crore

Festivals, GST rejig boost average credit card spending by 15%: RBI data

Credit card spending surged in September 2025 on strong festive demand and GST rationalisation, with private lenders such as HDFC Bank and ICICI Bank leading the growth in per-card spends

Policyholders' views needed to make rules: Irdai Chariman Ajay Seth

Irdai Chairman Ajay Seth said the regulatory process must integrate policyholders' expectations and strengthen coordination among regulators to address overlaps and systemic financial risks

Regulators can work together to minimise overlaps: RBI Deputy Governor

RBI Deputy Governor Swaminathan J said regulators should coordinate to reduce overlaps and close gaps without hindering innovation, calling for proportional and outcome-based regulation

Festive season, GST relief boost per-credit card spend by 15% annually

Credit card spending zoomed during the festival season, aided by a rationalisation of GST rates, with private lenders leading the way

LIC Q2 profit surges 32% to ₹10,053 cr, net premium income up 5.5%

LIC's profit rose 32% YoY on stronger core operations and investment income, while CEO R Doraiswamy said GST rationalisation will drive business growth and expense optimisation

Niva Bupa may take hit of 50-60 bps on combined ratio after GST, ITC change

Niva Bupa expects a modest 50-60 basis point hit from GST-related ITC loss but aims to offset it through higher policy sales, revised distributor commissions, and cost efficiencies