Page 17 - Insurance News

Irdai forms task force to tackle challenges, boost growth of surety bonds

A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations

As India prepares for festivals, insurers have celebrations covered

State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants

New surrender-value norms: Max Life pencils in 100-200-bp hit to profit

VNB margin measures the profitability margin for life insurers

LIC drives new biz premium growth of life insurance companies in July

The growth in the premium was driven by LIC, while a high base effect impacted the improvement of private life insurers, analysts said

New biz premium of life insurers grows 14% to Rs 31,823 cr in July

The country's biggest insurer Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

LIC's VNB margin falls short of medium-term target, say analysts

LIC's VNB margins improved by 20 basis points (bps) to 13.90 per cent in Q1 FY25 over the same period last year due to a change in the business mix of the insurer

Non-Life Insurers premiums up 9.3% in July: General Insurance Council

The motor insurance and health insurance segments have been driving the growth in the non-life insurance industry so far in FY25, industry experts suggested

Hybrid workers drive demand for pay as you drive insurance plans

The insurance regulator had allowed general insurers to introduce pay as you drive and pay how you drive for motor insurance cover in 2022

Farmers pay Rs 32,440 cr premium; claims worth over Rs 1.64 trn cleared

Replying to a question on the scheme during the Question Hour, he said the Modi government has made it farmer-friendly by removing inconsistencies in the previous scheme

Wayanad floods: Irdai instructs insurers to disburse claims immediately

Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides

Life Insurers to seek extension on implementing surrender value norms

Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge

New India Assurance increases premiums on health insurance by 10%

Amid the surge in medical inflation, other insurance companies are also believed to have increased their health insurance premiums

Reduction in TDS for life insurance payouts draws mixed reactions

TDS will be reduced from current rate of 5% to 2% from October 1

Irdai directs Care Health to buy back shares allotted to Rashmi Saluja

Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to Saluja

Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing

Irdai may consider implementing risk-based supervision model: Keki Mistry

India's overall insurance penetration reduced to 4% in FY23 from 4.2% in FY22

Insurance industry reports premium growth in Q1 FY25 ahead of Budget

State-owned LIC reports robust rise in life insurance business

LIC regains market in new business premium; private peers cede ground

LIC's market share had peaked at 68.25 per cent in Q3FY23 and gradually declined over subsequent quarters

Insurance firms eye tax reliefs in upcoming Budget to boost penetration

Life insurance companies have called for tax deductions on annuity products as well as lower goods and services tax (GST) on their products