Page 22 - Insurance News

'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

Cholamandalam General Insurance records Rs 7,598 cr gross written premium

Cholamandalam MS General Insurance Company is a joint venture between the diversified conglomerate Murugappa Group and Japan-based Mitsui Sumitomo Group

Pricing key challenge for health insurance of older citizens: Experts

Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years

Life insurers log 15.6% growth in new biz premium in March, shows data

In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24

Growth path: Premium of non-life insurance companies grew 12.78% in FY24

Private general insurers gain market share

Increased reinsurance capacity keeps April reinsurance renewals flat

Globally, the reinsurance contracts between primary insurers and reinsurers are renewed in January

Fishers Coop allege income loss amid inability to operate insurance scheme

In India much of the fisheries sector is dominated by cooperatives who number around 28,000

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Player insurance premiums up 25% this IPL amid rise in players' brand value

Increased player value, susceptibility to injury drive premiums

Galaxy Health gets Irdai approval to launch health insurance business

According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments

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