Page 24 - Insurance News

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

Strategy shift at top insurer LIC aids in lowering govt borrowing costs

The shift, previously unreported, has helped states reduce costs by more than 40 basis points (bps) over the past 15 months

Govt considers financial creditor status for insurers issuing surety bond

Surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party

Bhargav Dasgupta steps down as MD & CEO of ICICI Lombard General Insurance

Dasgupta, who was appointed as the MD & CEO of the general insurer in May 2009, served the company for over 14 years

Finance ministry seeks applications for post of whole time member Irdai

The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies

Many Indians' intent to buy insurance doesn't lead to action: Report

Consumers spend 11% of their annual income on life insurance and 8% on health insurance, it says

General insurance companies' premium up 12% to Rs 19,290 crore in August

Life Insurers NBP continue to decline

IRDAI Chairman bats for more players in segment to cater India's population

As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps

Govt unlikely to infuse capital in PSU general insurers in FY24: Official

He said one of the PSU non-life insurance companies is likely to give a dividend to the government in the current fiscal and they will be able to meet their solvency margins

Insurer Star Health announces alliance with Standard Chartered Bank

Collaboration with lender will help in offering 'tailored health insurance' to more customers, says firm