Page 2 - Insurance News

Bima Sugam's first products set for Sept-end launch: Irdai Chairman

Irdai Chairman Ajay Seth says Bima Sugam will roll out initial motor, health and term insurance products by September-end as insurers complete technology integration with the platform

ESIC clears direct hospital management, extends unemployment benefit scheme

Corporation approves direct management of upcoming ESI hospitals, extends the Atal Beemit Vyakti Kalyan Yojana till June 2027, and clears new medical education and healthcare initiatives

Generali Central General Insurance targets ₹10K cr premium in five years

The insurer plans to focus on profitable growth by expanding retail health, fire and SME insurance while reducing exposure to intensely competitive group health business

ESIC forms three-member panel to strengthen internal audit after CAG report

The statutory social security body will review its audit framework and recommend reforms after the CAG flagged deficiencies in financial controls, audit timelines and record-keeping

Protection products drive near double-digit VNB growth for life insurers

Life insurers reported healthy growth in value of new business in FY26 as higher sales of protection and non-par products lifted profitability despite higher operating costs

Govt sets performance targets for state-run general insurers for FY27

Government sets ambitious FY27 KPIs for PSU insurers, targeting lower claims ratios, faster settlements and stronger digital adoption

Pvt life insurers rekindle agency networks amid scrutiny over bancassurance

Private life insurers are ramping up agency investments to diversify distribution as concerns over bancassurance mis-selling trigger closer scrutiny

NSE IPO windfall may aid PSU insurers, though solvency challenges remain

Listing gains likely to strengthen balance sheets of general insurers

Insurers may invest up to 5% of surplus funds in private ltd firms: Irdai

The regulator has proposed permitting insurers to invest a portion of surplus shareholders' funds in eligible private companies while tightening promoter-group exposure norms

Irdai proposes perpetual registration framework for TPAs under SBSR Act

The regulator has proposed a transition framework for existing third-party administrators, along with an annual fee mechanism under the SBSR Act regime

Irdai sets up working group to guide AI adoption in insurance sector

The working group will guide insurers on AI adoption, governance and oversight while ensuring policyholder interests and data protection remain safeguarded

India charts course for homegrown maritime insurer blueprint: Study

India faces $45-60 mn foreign outflows in P&I costs, according to a govt study

Irdai proposes framework for regulation-making, public consultations

Draft norms seek to formalise stakeholder engagement, consultation processes and periodic review of insurance regulations

India sees 30% rise in transactional risk insurance claims: Marsh report

Private equity-backed transactions accounted for 92% of claim notifications, with tax-related issues emerging as the most common trigger

Thaw in West Asia: Marine insurance rates ease, market awaits durable peace

Industry executives expect war-risk insurance rates to soften further if the US-Iran agreement leads to sustained reopening of the Strait of Hormuz and lower regional tensions

War effect: Gulf-based NRIs double down on Indian term life plans

Geopolitical tensions in West Asia are driving Gulf-based NRIs towards Indian term insurance plans, attracted by lower premiums and GST exemptions

ICICI Lombard says E-20 fuel use won't affect motor insurance claims

The insurer clarified that the use of E20 fuel does not affect the validity of motor insurance policies and will not be treated as negligence while assessing claims

Life insurance premium growth slows as LIC's momentum eases in May

Industry premium growth moderated to 5.1 per cent in May as group single premiums normalised and LIC's growth slowed, though private insurers continued to gain market share

Insurers seek higher ceding commissions amid competition in crop insurance

Improved loss experience and rising competition among reinsurers are strengthening insurers' negotiating position during ongoing crop insurance renewals

Weak group business drags life insurers' new biz premium to 10-month low

Industry NBP rose 5.15 per cent year-on-year in May, with weak growth in group insurance premiums weighing on both LIC and private-sector life insurers