Page 25 - Insurance News

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

India considers rule changes to bolster $731 billion insurance sector

Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors

Go Digit Life Insurance receives IRDAI's approval to start business

"This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment," it added

Non-life insurance premium grew 18.1% to Rs 18,031.48 crore in May

New India Assurance Co Ltd, the largest government-owned general insurance player reported a growth of 9.67% to Rs 2421 crore while private sector insurer ICICI Lombard grew by 21% to Rs 1730 cr

IRCTC's 0.35 paise travel insurance for accidents: All you need to know

While booking train tickets on the IRCTC website or app, travellers have the option to avail themselves of travel insurance for a premium of just 35 paise

SBI Life to take over 200,000 policies of Sahara India Life Insurance

SBI Life, which has 990 branches across the country, serves 49,036,079 policyholders

Irdai asks SBI Life to acquire Sahara India's Life Insurance business

The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC