Page 22 - Insurance News

Irdai proposes revising coverage across sectors to secure insurance for all

Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country

LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24

In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in Group Yearly Renewable Premium from January 2023

Irdai proposes changes in listing requirements of insurance companies

The insurance regulator has proposed the merger of seven different regulations

IRDAI asks insurers to give coverage for AYUSH in health insurance policies

IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

'Cashless everywhere' may cut claims cost, say insurance companies

The 'Cashless Everywhere' initiative aimed at making cashless treatment available for policyholders even in non-empanelled hospitals registered under the Clinical Establishment Act

Insurance firms must adhere to best practices for customers: Regulator

IRDAI discusses issues related to expanding insurance, technology and collaborations

Cashless treatment facility to be available across hospitals, says GIC

Currently, only 63 per cent of customers avail cashless treatment, whereas the remaining 47 per cent opt for reimbursement claims

LIC launches non-participating product Jeevan Dhara-II: Check details here

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

Cover under Ayushman Bharat health insurance scheme likely to be doubled

An announcement to this effect is likely to be made in the interim Union Budget on February 1, the sources told PTI

India insurance sector growth pegged at 7.1% in 2024-28: Swiss Re

The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India

Budget 2024-25: Insurers hope for tax reliefs, provisions for uncertainties

Insurers have suggested introduction of a separate tax deduction limit for life insurance, waiver of taxation on annuity and pension products

LIC drives new business premium growth in December 2023, shows data

Life insurance sector collects 44% higher premium

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

Payout by life insurers moderates in FY23 compared to previous year

During FY22, the year hit by Covid-19 wave, the insurance companies paid Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to Rs 41,457 crore in 2022-23

Premiums of non-life insurance companies rise 14.74% YoY in Dec 2023

In terms of the market share, the public-sector general insurers stood at 31.76 per cent of the overall insurance industry in December 2023 as against 33.16 per cent in December 2022

After 4 yrs of decline, insurers ramp up presence in smaller cities in FY23

According to the latest data released by the Insurance Regulatory and Development Authority of India (IRDAI), during 2022-23, the presence of life insurers rose by nearly 3.5 per cent year-on-year

Women's life insurance share rises to 34.2% in 2022-23: IRDAI report

As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total

Insurance claims drop 30-35% during Chennai floods compared to 2015

This is noteworthy considering the number of policies issued across India by general insurers rose by 74 per cent in 2021-22 compared to 2014-15

Special camps to settle insurance claims once flood water recedes in TN: FM

Following Michaung cyclone, four districts--Tirunelveli, Toothukudi, Kanyakumari and Tenkasi -- received excessive rainfall leading to flood like situation in these areas