Page 11 - Insurance News

Insurers manage over 4,500 compliances in a year: TeamLease RegTech

The report suggested that insurers should adopt RegTech solutions to automate compliance processes and reduce manual tracking

Govt asks private insurers to increase free look period to one year

Currently, the free look period offered by insurers is one month

Bima Vahak's portal is ready for soft launch in April 2025, says Irdai

The regulator also said, "A compliant, simple, comprehensive, and customer-friendly model has been signed off by the top brass of the industry."

Bid to mitigate margin impact: Life insurers rejig agent fee structures

The companies had to launch all their products as per the new norms by December 31, 2024

Irdai seeks IPO road map from 10 general and life insurance companies

To list on an Indian stock exchange, an insurance company must meet several performance parameters

Life insurance new business premiums fall 8.15% to Rs 30,825 cr in Jan

According to data published by the Life Insurance Council, LIC's premium dropped 13.89 per cent Y-o-Y to Rs 16,292.67 crore

Goal is for Axis Max Life Insurance to become a listed entity: MD

In first nine months, we have grown at 25 per cent versus private sector growth of 19 per cent and overall industry growth of 14 per cent. So we are gaining market share as we go along, the MD said

Shriram General Insurance Company expects Rs 4,500 crore GWP in FY26

Shriram General Insurance is also targeting an increase in its number of financial advisors from 86,558 currently to around 91,000 by the end of this financial year

Draft bill seeking 100% FDI in insurance to be sent to Cabinet soon: DFS

"Finance Minister has already given her approval and announced in the Budget. Now we will prepare a draft bill with the help of the law ministry," he said in an interaction with media here

Charting a new growth path: Budget highlights falling insurance penetration

Limited choice of insurance products and absence of people-friendly claim settlement mechanism is leading to lower insurance coverage in rural India

Budget 2025: Ulip tax confusion sends insurance stocks into tailspin

Changes positive for industry, clarify experts; growing appeal of new tax regime may act as headwind for sector

Insurance sector gets over 62% of $5.7 bn services sector FDI inflows in H1

The insurance sector was opened to foreign investors with an FDI limit of up to 26 per cent in 2000

Irdai caps senior citizens' health premium increase at 10% per annum

Steep rise in health insurance premium of senior citizens has been engaging the attention of Irdai and is a regulatory concern, Irdai said

Finance ministry pushes PSBs to boost affordable insurance coverage

PSBs achieved only 51% of enrolment targets for the Pradhan Mantri Jeevan Jyoti Bima Yojana by Dec 2024

SBI Life Insurance Q3 results: Net profit rises 71% to Rs 551 crore

The insurer's VNB margin, a measure of profitability for life insurance companies, remained at 26.9 per cent in Q3 FY25

Insurance industry seeks tax incentives, Insurance Act amendment in Budget

Considering the low penetration in the country, experts believe additional funding could provide vital support for the segment

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