Page 19 - Insurance News

Insurance companies can't reject claims for lack of documents: Irdai

The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss

Life insurance industry's new business premium grew 15.5% in May

LIC drives growth with 18.7% rise

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam

LS poll results: Regulatory focus on growth may continue, say insurers

According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance

Listed private life insurers' FY24 margins fell on rise in Ulip share

According to analysts at Motilal Oswal, VNB margins for all life insurance players declined from the previous year due to adverse product mix and pressure on non-par margins

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

Irdai mandates health insurers to decide on cashless claims within 1 hour

Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request.

Shriram General Insurance Company plans re-entry in crop business

SGIC is all set to re-enter the crop business and also expand its presence in the non-motor segment to 15 per cent

Insurance brokers urge Irdai to allow them to appoint 'Bima Vahaks'

Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products

Phase 6 of Lok Sabha polls: Health insurance a key goal for constituencies

Lalganj (SC) in Uttar Pradesh had the lowest proportion of women with health insurance at 1.8 per cent, based on the analysis of the National Family Health Survey 2019-21 (NFHS-5) by the study

Max Life plans to hire 30,000 agents, open up to 100 offices in FY25

Company 'targeting gain in market share', says MD and CEO Prashant Tripathy

Around 700 surety bonds worth Rs 3,000 cr issued by Insurance cos so far

The statement further said state-owned NHAI has so far received 164 insurance surety bonds, consisting of 20 bonds for performance security and 144 bonds for bid securities

Go Digit General Insurance raises Rs 1,176.59 crore from anchor investors

It allocated over 43 million equity shares at Rs 272 per share on Tuesday, to anchor investors

Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore

Irdai asks insurers to compulsorily meet rural, social sector obligations

All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said

Base effect: Fuelled by LIC, life insurers clock 61% NBP in April

LIC's premium rose by 113 per cent to touch Rs 12,383.64 crore, while private life insurance companies reported 16.58 growth to Rs 7875.22 crore

'Pet insurance market in India to reach Rs 6,500 crore mark by 2025'

Dogs are the most popular pets in India, with an estimated 31 million pet dogs projected by the end of 2023

Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

According to recent general insurance council data, the company had a gross written premium (GWP) of Rs 7,941.1 cr in FY24

ICICI Prudential Life pays Rs 1,867 crore towards death claims in FY24

ICICI Prudential Life Insurance Senior Executive Vice President, Customer Service, Amish Banker said in the last ten years the company has settled death claims totaling Rs 12,112 crore