Insurance News

First phase of Bima Sugam project likely to be rolled out mid-2025

Initially proposed for Jan '23 launch, project missed many deadlines

Life insurance Dec new biz premium falls 21.7% to Rs 30,218.71 crore

LIC's premium fell 41.15 per cent Y-o-Y to Rs 13,523.87 crore, while private insurers reported 7 per cent Y-o-Y growth in NBP to Rs 16,694.85 crore

Star Health aims to double bancassurance biz to Rs 2K cr in three years

The company currently has over 70 partners in the bancassurance business, including state-owned banks, private banks, and non-banking finance companies

PhonePe partners with ICICI Lombard to offer Maha Kumbh Mela insurance

The Maha Kumbh Mela, expected to commence on January 13, 2025, and continue till February 26, 2025, in Prayagraj, Uttar Pradesh

Buying Term Insurance? Here are the best plans for you to consider

Term insurance is a must for young professionals who are looking to provide a cushion for their dependants

LIC's Bima Sakhi scheme crosses 50,000 mark within a month of launch

The initiative launched by Prime Minister Narendra Modi on December 9

Q3 results preview: Irdai's revised norms to weigh on life insurers' margin

Higher claims and operating expenses to impact non-life insurers' combined ratio

Non-life insurers report dip in Dec premiums under Irdai's revised norms

Even in Q3, their premium growth slowed down to a meagre 1 per cent year-on-year

Insurers to double down on technology, rural expansion for growth in 2025

Industry will also focus on strengthening distribution networks and human capital

Non-life insurers expecting to register double-digit growth in 2025

The industry is also expected to meet this expectation if it receives a favourable outcome on GST relief

Fire, engineering insurance premiums likely to move up by 60% in 2025

In 2024, the country was rocked by multiple natural catastrophes causing major losses to insurers and reinsurers, particularly in Gujarat and Nagpur thus affecting the 'free pricing' of insurance

Insurance penetration in India dips to 3.7% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

Business correspondents meet Irdai, seek consent to sell insurance products

BCRC's stance is that shocks from climate-related issues are affecting those at the bottom of the pyramid in a big way

High premiums, claims disputes create disquiet in insurance landscape

During the winter session, a question was raised about insurance companies investing heavily in real estate or real estate investment trusts (REITs)

We want to grow better than industry, mindful of biz quality: Naveen Jha

Health and motor insurance will continue to be our two most important segments

Non-life insurers' profit in green in FY24 after 2 straight years of losses

Net profit of life insurance companies rose by 10.79% Y-o-Y in FY24 to Rs 47,407 crore

Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report

According to the Annual Report 2023-24 of Irdai, during 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.90 trillion in India registering a growth of 12.76 per cent

Insurance portfolio review: Up term cover with rising income, liabilities

A good rule of thumb is to purchase term cover amounting to 7-10 annual income, plus outstanding liabilities

Banca cap may impact banks' net profit by 1-2%, says IIFL Securities

It could shave off 15-30% of banks' fee income that they earn by selling insurance

Insurance premium financing expected to see healthy growth of 25% annually

In premium financing, a borrower secures a loan from a third-party provider to cover the policy's premiums