Page 33 - Insurance News

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

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

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

Insurance claims independent of human errors, say industry players

For a rear passenger wearing a seat belt or not, makes no case for denial of the claim, said an official from another general insurance firm

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

'India to be 6th largest insurance market by 2032; premiums to grow at 14%'

India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said

HDFC Bank to invest Rs 120 crore in Go Digit Life for 9.94% stake

In a stock exchange filing, HDFC Bank said it will invest between Rs 49.9 crore to Rs 69.9 crore in two tranches to acquire up to 9.94% equity stake in the Fairfax-backed company

Irdai eases firm registration process from 8 to 2 months: Chairman

"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said

Life Insurance Corp launches special campaign to revive lapsed policies

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed

Profit of public sector banks rises 9% to Rs 15,306 cr in June qtr

Of the total 12, three lenders -- SBI, PNB and Bank of India -- reported fall in their profits ranging from 7%-70%

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned

Irdai tightens anti-money laundering rules for insurance companies

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Vehicle's FC, permit not renewed; insurer still has to pay compensation: HC

Karnataka HC has held that an insurer cannot escape the liability of paying compensation even when the fitness certificate and permit of a vehicle is not renewed but the insurance policy is in force.

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Supply-side constraints weigh on retail protection biz for life insurers

Protection segment, overall, has witnessed decent growth, mainly because of strong traction in the credit life business, buoyed by disbursement from banks and NBFCs.

Group covers lead 22% growth in Q1FY23 health insurance premium

Motor insurance premium sees 27.5% rise on a low base

Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products