Page 10 - Insurance News

General insurers brace for climate, cyber and EV-era risks at BFSI Summit

General insurers today face a landscape of fast-changing risks. At the Business Standard BFSI Summit, industry leaders discuss how innovation and foresight are transforming the way risk is managed

Awareness, risk management key to insurance growth: Leaders at BFSI Summit

At the Business Standard BFSI Insight Summit 2025, insurance leaders said GST waiver alone will not boost coverage; better awareness, innovation and risk management are key to sector growth

A month on, GST 2.0 positive for customers, insurers face teething issues

Sales and inquiries see a spike, even as insurers plan to use multiple levers, including renegotiating commissions with distributors, to reduce the impact of withdrawal of input tax credit (ITC)

Private life insurers see early demand surge after nil GST rollout

Private life insurers report strong post-GST growth as customers respond positively to the nil GST regime; term insurance demand surges 2.5x, say ICICI Prudential, HDFC Life

GST changes, ITC removal may have weighed on insurers' profitability in Q2

Analysts see 50-150 bps VNB margin compression for life insurers and sustained combined ratios for general insurers after GST rate changes and ITC removal

AIIEA opposes govt's move to open top PSU posts to private sector

AIIEA says allowing private executives to head PSU insurers undermines nationalisation and could demoralise staff, while experts see scope for merit-based reforms

Climate-linked insurance scheme: Why govt is exploring it and what's ahead

As India is the most populated country in the world, any policy change will directly impact a large number of people

Irdai asks insurers, distributors to form fraud risk management framework

Irdai has asked insurers and reinsurers to implement anti-fraud frameworks and cybersecurity systems by April 2026, including data sharing and blacklisting via IIB

Life insurers' new business premium rises 14.8% in September 2025

Robust group segment performance led by LIC and private players drives 14.8 per cent year-on-year growth in new business premium for life insurers

AHPI, insurers discuss common empanelment and faster claims for patients

The meeting between AHPI and insurers focused on a unified hospital empanelment system, quicker claim settlements, and improved patient experience nationwide

Rethink insurance delivery to reach rural India: Irdai's Deepak Sood

Deepak Sood says India's digital infrastructure enables universal insurance, but the industry must reinvent distribution models to reach all socio-economic groups

Govt considers introducing nationwide climate-linked insurance scheme

Should the discussions bear fruit, India - among the nations most prone to extreme weather events - could become one of the first major economies to roll out such a programme

Life insurers cut agents' slice to give customers the full GST pie

Commission payouts reduced by 18% as insurers pass GST cut benefits to customers

Aggressive pricing pulls down crop insurance premiums by over 30% in FY26

Crop insurance premiums dropped over 30% in FY26 till August due to aggressive pricing, state re-tendering and unsustainable loss-sharing models under PMFBY

Private insurers cut agent commissions after GST changes on health cover

ICICI Lombard, Care Health and Aditya Birla Health Insurance have lowered commission payouts on retail policies as GST on health premiums goes nil and ITC norms tighten

Cashless facility suspension at hospitals: Keep cash, credit access ready

Submit claims promptly with invoices and receipts to reduce risk of delays, rejection

Life insurers firms plan to approach regulator for relief after ITC removal

This comes after the industry passed the entire benefit of lower GST rates to policyholders to increase affordability

Bima Sugam to launch with 2-3 products and e-KYC module by year-end

The ambitious insurance platform will feature an e-KYC module followed by two or three insurance products available for purchase, starting with health insurance and then life insurance

GST 2.0: Pent-up demand behind spike in insurance sales on day one

The insurance industry has passed on the full reduction in GST to customers without changing product prices for now

Insurers to pass on GST cut, expect slight demand rise in policies

Insurers will implement GST-free rates from Monday and pass on the full benefit to policyholders, though withdrawal of input tax credit may impact margins over time