Page 25 - Insurance News

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

Irdai mandates health insurers to decide on cashless claims within 1 hour

Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request.

Shriram General Insurance Company plans re-entry in crop business

SGIC is all set to re-enter the crop business and also expand its presence in the non-motor segment to 15 per cent

Insurance brokers urge Irdai to allow them to appoint 'Bima Vahaks'

Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products

Phase 6 of Lok Sabha polls: Health insurance a key goal for constituencies

Lalganj (SC) in Uttar Pradesh had the lowest proportion of women with health insurance at 1.8 per cent, based on the analysis of the National Family Health Survey 2019-21 (NFHS-5) by the study

Max Life plans to hire 30,000 agents, open up to 100 offices in FY25

Company 'targeting gain in market share', says MD and CEO Prashant Tripathy

Around 700 surety bonds worth Rs 3,000 cr issued by Insurance cos so far

The statement further said state-owned NHAI has so far received 164 insurance surety bonds, consisting of 20 bonds for performance security and 144 bonds for bid securities

Go Digit General Insurance raises Rs 1,176.59 crore from anchor investors

It allocated over 43 million equity shares at Rs 272 per share on Tuesday, to anchor investors

Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore

Irdai asks insurers to compulsorily meet rural, social sector obligations

All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said

Base effect: Fuelled by LIC, life insurers clock 61% NBP in April

LIC's premium rose by 113 per cent to touch Rs 12,383.64 crore, while private life insurance companies reported 16.58 growth to Rs 7875.22 crore

'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