Page 13 - Insurance News

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

Sales of life insurance policies drop 10% in Q1FY26, shows data

Industry insiders pointed out that slowdown in credit life policies, due to subdued credit demand in the system, has also contributed to the drop in sale of life insurance policies

Life insurers' new business premium rose 4.2% in Q1 FY26, shows data

In April-June period of FY25, the life insurance companies posted nearly 23 per cent growth after the changes in surrender value norms effective from October 1, 2024

Non-life insurers' premiums rise 9% to ₹79,306 crore in Q1 FY26

General and standalone health insurers drive 8.85 per cent YoY premium growth in Q1FY26, but IRDAI's revised norms impact comparability with last year's figures

As debate over obligatory cession rages, GIC Re could hold the solution

Whether obligatory cession should be cut to zero or retained could be resolved by allowing GIC Re to independently set commissions instead of Irdai mandating a fixed rate

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance