Page 33 - Insurance News

LIC gains 2% market share in new business premium in April-June quarter

NBP, however, is below the FY21 and FY20 levels

RBI fines Federal Bank Rs 5.7 cr for flouting insurance broking norms

Banking regulator imposes fine of Rs 70 lakh on Bank of India for non-compliance with KYC norms

Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release

Irdai mulls linking insurance frauds with individuals' credit score

Believed to be a good deterrent as low score can deprive access to services

In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Go Digit promoters Watsa, Goyal seek regulatory nod for reinsurance biz

Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)

Insurance market in India to grow rapidly, reach $222 bn by FY26: Report

According to homegrown firm Redseer, new online distribution models like business to consumer (B2C), business to business (B2B) and business to business to consumer (B2B2C) are key drivers of growth

Rise in 3rd party motor premium to partially offset losses for insurers

The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report.

Irdai extends 'Use & File' procedure to health and general insurance plans

Currently, insurance companies have to obtain prior approval from the insurance regulator to launch new products

Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary

The firm did not have a valid registration with the insurance regulator

Irdai sets up committees through GIC to suggest industry overhaul

These panels have been formed to look into areas of regulation, products, distribution, finance, health, finance, taxation, ease of doing business, among others

CCI approves deal for selling stakes in Magma General Insurance Company

Fair trade regulator CCI has cleared the proposed acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP.

AXA set to launch mental health insurance in Indian group policies

The first-ever standalone product in this space will provide Rs 25,000 for virtual consultations with therapists, psychologists and life coaches, and up to Rs 1 lakh for hospitalisation

In the grey market LIC shares slip below their issue price ahead of listing

Individual investors are still expected to make gains

Life insurance business to face some pressure this fiscal: Report

The large private life insurers with a better brand equity and distribution network with innovative approach are better placed for business growth and increasing their market

Life insurers' new business premiums zooms 84% in April, thanks to LIC

In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period

State-run general insurers may get capital infusion of Rs 3,000-5,000 cr

The capital infusion would help improve the financial health of the general insurance firms -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company