Page 17 - Insurance News
Average health insurance claims size rises 11.35% YoY in FY24: ACKO Report
According to the report, men on an average claimed Rs 77,543 while women claimed Rs 69,553 (without maternity)
 "Average health insurance claims size rises 11.35% YoY in FY24: ACKO Report")
Hacker uses Telegram chatbots to leak data of Indian insurer Star Health
The Star Health chatbots feature a welcome message stating they are "by xenZen" and have been operational since at least Aug. 6, said UK-based security researcher Jason Parker
 "Hacker uses Telegram chatbots to leak data of Indian insurer Star Health")
Shriram Group to list general insurance arm first, both IPOs in two years
Shriram Group and South African financial services giant Sanlam jointly own Shriram Life Insurance and Shriram General Insurance
 "Shriram Group to list general insurance arm first, both IPOs in two years")
Irdai asks insurance companies to integrate IT systems with Digilocker
According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract
 "Irdai asks insurance companies to integrate IT systems with Digilocker")
Star Health introduces braille insurance policy for visually impaired
The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments
 "Star Health introduces braille insurance policy for visually impaired")
Mis-selling of life insurance policies at alarming level, says Irdai
According to Satyajit Tripathy, Member-Distribution of Irdai, life insurance grievances are often related to the product, while non-life grievances usually concern claim payments and exclusions
 "Mis-selling of life insurance policies at alarming level, says Irdai")
Govt looks to increase insurance cover under PMJJBY, PMSBY to Rs 5 lakh
Centre may increase cover from the current Rs 2 lakh to Rs 5 lakh under its flagship insurance schemes ahead of the high-stakes assembly elections in three states
 "Govt looks to increase insurance cover under PMJJBY, PMSBY to Rs 5 lakh")
Plan to diversify in India, abroad: GIC Re CMD Ramaswamy Narayanan
We plan to finish at around Rs 42,000-43,000 crore for FY25, up 15-16 per cent from last year at Rs 37,000 crore, driven by the health segment to a great extent, said GIC CMD Narayanan
 "Plan to diversify in India, abroad: GIC Re CMD Ramaswamy Narayanan")
UK insurer Aviva conspired to dodge India compensation & tax rules: DGGI
In an attempt to grow operations, Aviva's India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services
 "UK insurer Aviva conspired to dodge India compensation & tax rules: DGGI")
Insurers have festivities covered as India prepares for celebrations
Step up coverage and costs for organisers and participants as festival season begins
 "Insurers have festivities covered as India prepares for celebrations")
Pvt insurers ceded ground in rural areas in FY24; Tier-II,-III saw growth
LIC share of rural policies more than doubled; ULIPs witnessed increased demand in urban areas
 "Pvt insurers ceded ground in rural areas in FY24; Tier-II,-III saw growth")
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
 "Irdai forms task force to tackle challenges, boost growth of surety bonds")
As India prepares for festivals, insurers have celebrations covered
State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants
 "As India prepares for festivals, insurers have celebrations covered")
New surrender-value norms: Max Life pencils in 100-200-bp hit to profit
VNB margin measures the profitability margin for life insurers
 "New surrender-value norms: Max Life pencils in 100-200-bp hit to profit")
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
 "LIC drives new biz premium growth of life insurance companies in July")
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
 "Health insurance master circular: General insurers seek 2-month extension")
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
 "LIC's VNB margin falls short of medium-term target, say analysts")
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
 "Non-Life Insurers premiums up 9.3% in July: General Insurance Council")
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
 "Hybrid workers drive demand for pay as you drive insurance plans")