Page 21 - Insurance News

General insurance premium up 13% till February in FY24, shows data

However, due to higher base, the growth in health insurance policies have moderated in the period under review to 20 per cent from nearly 24 per cent in the corresponding year ago period

Zopper eyes expansion into EMs, targets 50-60% growth in India in 3 years

Zopper plans to expand its distribution ecosystem and strengthen partnerships with banks, non-banking financial companies (NBFCs), travel portals, brands, and retail chains

Medical inflation driving up ticket sizes for retail health insurers

Rising healthcare costs lead to adjustments in insurance premiums, driving up average ticket sizes, say industry players

Non-life insurers post 13% rise in premium in Feb but with dip in revenue

Market share of private insurers increases to 53.79 per cent YoY

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

Working women pip men in life insurance policy ownership, says survey

They also lead in insurance ownership, homemaker women lag

Future Generali India Insurance launches new product exclusively for women

It is an integration of preventive and comprehensive healthcare plans that includes infertility treatment, stem cell storage, nursing care, senior care and more

Bajaj Allianz General launches GenAI-powered bot 'Insurance Samjho'

It aims to address the dissatisfaction of policyholders during claim settlement arising due to lack of understanding, intricate details and fine print of the insurance policy

Unclaimed insurance funds higher in agent-sold policies: Analysts

LIC accounted for more than 90% of total unclaimed funds in the last five years

Irdai retains obligatory cession of business to GIC Re at 4% for FY25

Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer

Irdai to introduce collaterals for reinsurance transactions with CBRs

The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India

HDFC Life International launches health plan for overseas Indian students

The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries

Insurance regulator IRDAI website down, users unable to access services

IRDAI website reported an outage on Tuesday due to some technical issues. Services became inaccessible to users, with the site showing the message - "Our services aren't available right now"

PNB MetLife announces launch of PMLI small cap fund in ULIP segment

The product is a unit linked insurance plan that gives policyholders the chance to invest in a diversified equity portfolio with a focus on small-cap companies

PB Fintech subsidiary can now facilitate sale of reinsurance products

A composite insurance broker can also sell reinsurance products besides general and life insurance products

Irdai proposes 30 days 'free look' period for policies from date of receipt

At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days

Life insurers ask Irdai to charge surrender value on accumulated premia

The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied

Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI

12 key changes to overall regulations introduced to ensure transparency

Irdai launches regulations for insurance electronic marketplace Bima Sugam

The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable

Irdai chief asks insurance firms to underwrite disruptions to grow biz

Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector