Page 12 - Insurance News

Irdai imposes ₹5 crore penalty on Policybazaar for violating norms

Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days

Policybazaar fined ₹5 crore by Irdai for violations of insurance norms

Insurance Regulatory and Development Authority of India has also issued direction, advisory and caution to the company

Renewal of life insurers' policies, after 1 year, declines in June quarter

Persistency is the proportion of life insurance business renewed from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten

Drop in high-value ticket life policies drags 13th-month persistency ratio

The decline in the share of high-value policies is largely on account of taxation changes in this segment, which HNIs were earlier using to get tax-free returns

Strong Q1 results, guidance lift New India Assurance shares by 18%

New India Assurance shares soar as insurer posts 80 per cent rise in profit, guided for lower combined ratio despite underwriting hit from Air India crash

Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD

Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push

Listed private life insurers see moderation in Ulip business in Q1

After new surrender value regulations, insurers have scaled back on Ulips in portfolios

Irdai sets higher targets for rural, social, and motor TP coverage in FY27

Irdai raises insurance coverage targets for rural, social, and motor TP obligations in FY27. Insurers must cover more Gram Panchayats and increase motor vehicle insurance

DFS Secy Nagaraju seeks insurance brokers' help to boost coverage in India

M Nagaraju calls on insurance brokers to play a key role in raising awareness and boosting insurance penetration, particularly in rural areas and underserved sectors

Irdai's Tripathy cautions against practices by brokers to boost valuation

IRDAI's Satyajit Tripathy highlights the need for sustainable growth in the insurance broking industry, cautioning against practices that may harm the sector in the long run

Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses

The Insurance Regulatory and Development Authority (Irdai) has also issued a warning to the insurer

Govt names ex-Finance Secretary Ajay Seth as new Irdai chairman for 3 years

Seth, a 1987-batch IAS officer of the Karnataka cadre, retired as Economic Affairs Secretary in June this year after a four-year stint

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal

Entry of new players likely to intensify competition in reinsurance segment

New private players, including Valueattics Re, Jio Financial Services & Allianz are set to increase competition in India's reinsurance sector. However, experts believe GIC Re's position remains robust

Tesla's entry into India to bring innovation in EV insurance space

Tesla's entry into India will drive innovation in the EV insurance market, prompting insurers to rethink product offerings and embrace technology-driven solutions

Irdai may curb Kiwi Insurance's retail health plans over promoter links

With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment

India's non-life insurance premiums rise 5.2% in June 2025: CareEdge

India's non-life insurance industry registered a 5.2 per cent increase year-on-year in premiums to Rs 23,422.5 crore in June 2025, according to a report released by CareEdge Ratings on Wednesday.

Results preview: Insurance companies set for a profit bump in Q1 FY26

May get boost from enhanced margins, better op efficiencies

R Doraiswamy takes charge as LIC's MD & CEO for a three-year term

R Doraiswamy, a LIC veteran with over 39 years' experience, has been appointed MD & CEO for three years as the insurer sees a major reshuffle in its top management

Air India crash: Victims entitled to compensation, regardless of fault

Experts say Air India crash victims will receive compensation regardless of fault, with the insurance payout unaffected by pilot error or systemic failures