Page 24 - Insurance News

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively

Employees' State Insurance adds 1.8 million new members in September

Gender-wise analysis of the data indicates that the net enrolment of women members was 351,000 in September

Insurers must curb product mis-selling: Insurance Ombudsman Delhi

Besides, Sharma said, there is a need to review the role of Third Party Administrators (TPAs) as in many cases insurers are influenced by them

I-T appellate tribunal rules in favour of HDFC Life in Rs 3K cr litigation

In the regulatory filing, the company said that it has received the copy of the order along with relevant details on November 9, 2023

Insurance surety bond issued for NHAI monetization bid of TOT Bundle 14

Insurance surety bonds are instruments where insurance companies act as 'surety' and provide the financial guarantee that the contractor will fulfil its obligation as per the agreed terms

Premiums of general insurance companies rise 13.65% in October 2023

The nearly 50 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units

Bad air quality may breathe fresh life into health insurance business

Most of the metro cities in India are battling acute air pollution with the Air Quality Index (AQI) readings being around "poor", "moderate" and "severe" levels for most of them

IRDAI constitutes taskforce to review existing Bancassurance framework

In order to achieve this objective and considering the interest of the policyholder, Irdai has set up a taskforce to examine the bancassurance framework

BS BFSI Summit: General Insurance sector eyeing 1.5% penetration by 2030

In the past two decades, the industry grew at a rate of over 16 per cent despite seeing correction in prices

BS BFSI Summit 2023: 'Technology creating watershed moment in insurance'

IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies

Technology can help reach more customers in life insurance sector: LIC MD

Companies are focusing on digital boarding which can help focus on improving persistence in this sector, says R Doraiswamy

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders

Insurers to provide details of basic features to customers from Jan 1, 2024

"The revised customer information sheet (CIS) shall be implemented with effect from January 1, 2024," the regulators said in a circular to all insurance companies

Irdai sets up 12-member committee to simplify insurance policy wordings

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts

Non-life insurance industry projected to grow by 14 to 15% CAGR by FY37

General insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea

Irdai mandates TP insurance to employees travelling in employer's vehicle

IRDAI added that no additional premium will be charged until further directions are issued

Employees' State Insurance Corporation added 194,200 new members in August

922,000 employees up to the age group of 25 years constitute new registrations, which is 47.48 per cent of the total employees

LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate

State-owned firm says taxes officer's action will not affect its finances

Premiums of non-life insurance companies rise by 14.86% in H1FY24

Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time

Irdai to deploy Bima Vahak in every Gram Panchayat before end of 2024

The objective of Bima Vahak continues to be a women-centric, dedicated distribution channel that will ensure accessibility and availability of insurance in every nook and corner of the country