Page 10 - Insurance News

Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief

Irdai under Panda moved to principle-based regulation from rule-based regulation

Govt invites applications for Irdai chief's post as Panda's term ends soon

The last day for submitting applications is April 6

Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA

Insurers seek Irdai's nod for more time to implement Bima-ASBA, citing early deadline; feature allows policyholders to block premiums until underwriting is completed

Multi-year health insurance policy sales dip as agents' commissions drop

Irdai's new accounting norms for premium reporting has resulted in insurers revising commissions on multi-year health policies

InsuranceDekho raises $70 mn from Beams Fintech, MUFG, BNP Paribas Cardif

The Gurugram-headquartered company serves over 10.2 million customers nationwide, with 21 new policies issued every minute on its platform

Irdai retains obligatory cession at 4% for FY26, third year in a row

Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re

Health insurance premium growth in slow lane due to tapering demand

Change in accounting norms, sharp decline in premiums from govt. schemes have also weighed on health insurance premium growth

Irdai move on equity derivatives: Insurers gain tools to manage volatility

Irdai felt the need to permit insurers to hedge through equity derivatives

Irdai allows insurers to hedge volatility through equity derivatives

The regulator also issued guidelines aimed at providing insurers with enhanced opportunities for risk management and portfolio diversification

Insurance industry can use derivatives to hedge equity exposures: Irdai

Insurance Development and Regulatory Authority of India (Irdai) has issued the 'Guidelines on Hedging through Equity Derivatives' following representations from insurers

'Around 1% of claims related to mental health in group medical insurance'

Beyond awareness and stigma, structural problems within the insurance market also contribute to the low utilisation of mental health benefits

Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers

After multiple delays, Phase-I of Amazon-like one-step digital platform may be launched in mid-2025

Bima-ASBA will eliminate unauthorised deductions: Insurance sector players

Insurers have been asked to implement the new payment mechanism Bima-ASBA (Applications Supported by Blocked Amount) through Unified Payments Interface (UPI)

Insurance firms asked to contribute capital to Bima Sugam by month's end

Insurance regulator Irdai has told insurance firms which will be shareholders in Bima Sugam to inject initial capital of Rs 300 crore

Govt should bear higher premium for increased deposit insurance: AIRBEA

Currently, with coverage being for Rs 5 lakh, 97.8 per cent of the total number of deposit amounts are fully protected. However, in terms of value only 43.1 per cent of the deposits are insured

Raise deposit insurance cover to Rs 10L: All India Reserve Bank staff body

AIRBEA has cautioned that raising the deposit insurance cover would increase the premium burden on banks, which may not be fair for well-regulated commercial banks with low failure rates

Ex-SBI chairman Khara to head panel to implement amendment to insurance law

Highly placed sources in the insurance sector clarified that the panel will not propose any further amendments and that its mandate is to work on the proposed amendments

Plum to invest $6 mn over next 2 yrs to enter personal insurance segment

The company aims to simplify and democratise access to health coverage for individuals

Irdai permits insurance premium payment through blocked amount on UPI

Both the Life and General Insurance Councils have to issue a standard declaration within a week of Irdai's circular to be included in the proposal for authorisation.

Mortgage lender Can Fin Homes plans to raise Rs 2,000 crore via NCDs

Suresh Iyer, managing director and chief executive, Can Fin Homes told Business Standard that the firm has already begun discussion with market participants for prospective investments in NCDs