Page 31 - Insurance News
Motor insurance picked up pace, grew neck and neck with health in H1FY23
Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low
 "Motor insurance picked up pace, grew neck and neck with health in H1FY23")
Driven by health, motors, Indian general insurance sector logs 15.3% growth
The Indian non-life industry logged 15.3 per cent growth during the first half of FY23 as compared to 12.6 per cent growth for the same period previous year, CARE Ratings Ltd said.
 "Driven by health, motors, Indian general insurance sector logs 15.3% growth")
HDFC Life completes merger of Exide Life a day after Irdai's approval
he entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months
 "HDFC Life completes merger of Exide Life a day after Irdai's approval")
Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank
Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies.
 "Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank")
Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai
The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday
 "Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai")
Indian insurance industry can be sixth largest globally: Irdai chairman
He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products
 "Indian insurance industry can be sixth largest globally: Irdai chairman")
ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit
Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC
 "ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit")
Irdai mulling longer-tenure general insurance products, forms working group
In certain areas such as home insurance, it is exploring 20-year plans; in some others, tenures of 2, 3 and 5 years are being considered
 "Irdai mulling longer-tenure general insurance products, forms working group")
Thrust on non-par products to yield desired results: LIC chief M R Kumar
We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar
 "Thrust on non-par products to yield desired results: LIC chief M R Kumar")
Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai
A total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period.
 "Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai")
Insurance industry will continue to see M&A deals, new entrants
Merger and acquisitions will continue to be a part and parcel of the insurance sector, which is a highly capital intensive sector and can accommodate new entrants
Demat of insurance policies: LIC mulls creating its own repository
Dematerialisation of insurance policies is being promoted by the regulator to ensure robust electronic mode of policy solicitation, servicing, and storage
Insurers juggle surge in claims in aftermath of Bengaluru floods
Three days of heavy rainfall from Sept. 5 saw homes and offices in Bengaluru's IT corridor flooded, sparking chaos and raising questions over poor urban planning.
 "Insurers juggle surge in claims in aftermath of Bengaluru floods")
Irdai reduces number of returns to be filed for health insurance
Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year
 "Irdai reduces number of returns to be filed for health insurance")
Irdai mulls SFIO-like independent agency to probe cases of insurance fraud
Insurance Fraud Investigation Agency proposed via Insurance Act amendment
FinMin mulls changes in insurance laws to boost penetration: Report
One of the provisions being considered is lowering the minimum capital requirement of Rs 100 crore for setting up an insurance business, sources said
PSU general insurers recommend 12% wage hike, unions dissatisfied
The unions had earlier warned the management of the five companies not to vitiate the industrial relations (IR) environment by a unilateral action
 "PSU general insurers recommend 12% wage hike, unions dissatisfied")
Life insurers' new business premia up 18% in August despite large base
In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion
 "Life insurers' new business premia up 18% in August despite large base")
Dematerialisation: Irdai urges industry to open e-insurance accounts
The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.
Irdai set to meet insurance CEOs on dematerialisation of policies
This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience
 "Irdai set to meet insurance CEOs on dematerialisation of policies")