Page 12 - Insurance News

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

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