Page 29 - Insurance News

Joshimath subsidence: Irdai asks insurers to expeditiously settle claims

Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well

Taxmen probe rich Indians for having foreign policies without approval

Foreign Exchange Management Act (Fema) is triggered when life insurance is bought from a foreign company without RBI approval

ICICI Prudential Life Insurance confident to cross FY23 VNB target by March

It is the second-largest private player in terms of VNB

ICICI Lombard's net profit rises 11% in Q3 on strong premium income

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

Insurers can classify green bond purchases as infra investments: Irdai

The investments in green bonds can qualify towards statutory liquidity ratio (SLR) - the minimum percentage of deposits commercial banks are required to invest in liquid assets, such as government bon

Reasonable growth, attractive valuations for life insurers' stocks

Analysts positive on most of the stocks, especially SBI Life, HDFC Life and LIC

Irdai to allow insurers to auto renew FRN of cross border reinsurers

Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards

Indian govt portal upgrade may halt new debt issues, says merchant bankers

According to a notification from the Ministry of Corporate Affairs, the website companies use for electronic filings will not be available from January 7 to January 22

LIC may look at entering health, non-life insurance businesses: Source

Says insurance giant is well-placed to make most of a composite license; in fact it was a composite insurer till early 1970s, when Oriental Insurance was carved out

Composite insurance licence regime may trigger M&A activity: HDFC Life CFO

Centre's decision to issue composite insurance licences (insurers who can sell both life and general insurance policies) may increase a potential for merger and acquisition activity in the sector

LIC may look at composite licence post amendment in Insurance Laws

The country's largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament, sources said.

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Several insurance companies exceed limit on expenses in FY22: Irdai report

The expense of management of regulations (2016) for life insurers prescribes the allowable limits of expenses of management taking into account the type and nature of product,

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance

Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi

India has a huge protection gap of 83 per cent. Further, almost 50 per cent of the vehicles running on the road are uninsured

Regulatory changes may bring new dawn for insurers: BFSI Summit panelists

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

Persistency ratio must improve for life insurance customers: CEOs at BFSI

Work done by life insurance industry led to economic revival amid Covid

Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi

BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

BFSI stocks flex muscles in Nifty50 this year, but still short of 2019 peak

The combined m-cap of 11 BFSI companies in Nifty50 is up 12.3% so far this year