Page 25 - Insurance News

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

General insurers' premium grew by18.3% in July to Rs 23,259 crore

Stand-alone health insurers reported a growth of 24 per cent to Rs 2,665 crore in July, and a 25.8 per cent rise to Rs 9,322 crore in the first four months

Avg health insurance claims in India Rs 42,000; 15% cross Rs 1 lakh: Report

The average cost of health insurance claims in India is Rs 42,000, with 15 per cent of these claims exceeding Rs 1 lakh, a report said

Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank

HDFC announced a $40 billion deal last year to merge with the top private lender

Govt proposes rates for third party motor insurance premium for FY24

According to a draft notification, the base premium rates for third party motor insurance cover have been proposed at Rs 2,094 for private cars below 1,000 cc, Rs 3,416 for cars

Irdai fine-tuning Bima Sugam, likely to miss its August launch date

The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product