Page 34 - Insurance News
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
 "State-run general insurers may get capital infusion of Rs 3,000-5,000 cr")
IRDAI suggests new modules for low-income group, small businesses
The committee has suggested that the insurers should be allowed to adopt a modular approach using various permutations and combinations for Combi MI (Micro Insurance) products.
 "IRDAI suggests new modules for low-income group, small businesses")
Life Insurance Corporation to join league of top global insurance firms
Expected to list with m-cap of Rs 6 trillion - making it world's fourth biggest
 "Life Insurance Corporation to join league of top global insurance firms")
Insurance takes on a new cover
Online channels have demonstrated exponential growth over the last few years, especially after the pandemic
 "Insurance takes on a new cover")
Health insurance premium rise spurs non-life growth, shows data
While insurers have witnessed a jump in health premiums over the last two years, their claims burden has also gone up.
 "Health insurance premium rise spurs non-life growth, shows data")
Group health policies see rise in premiums in renewal cycle, shows data
There was a marginal increase of 0-5 per cent in group health insurance premiums
 "Group health policies see rise in premiums in renewal cycle, shows data")
LIC's first-year premium grew by 7.92% to Rs 1.99 trillion in FY22
The market share of LIC stood at 63.25% in total first year premium for financial year 2021-22
 "LIC's first-year premium grew by 7.92% to Rs 1.99 trillion in FY22")
New business premiums of life insurance companies jump 37% in March
In FY22, life insurers post 13% growth in new biz premium, compared with 7.5% growth in FY21
 "New business premiums of life insurance companies jump 37% in March")
New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22
Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal
 "New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22")
Health insurers take 20-46 days to settle patients' claims: Report
The claim cost could be 10 to 30 per cent cheaper when the insurance is bought from public sector insurers that have GIPSA rates compared to the service provided by private insurance firms, it said
 "Health insurers take 20-46 days to settle patients' claims: Report")
Health cover premiums shoot up as Covid-19 pandemic threat looms
Premium costs jump 10-15%, driven by large number of claim payouts during pandemic as well as factors such as rising healthcare costs
 "Health cover premiums shoot up as Covid-19 pandemic threat looms")
Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22
ICICI Lombard leads pack among private players, with 28% growth
 "Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22")
Irdai may go for 100% FDI in 'new' insurance biz to expand scope of sector
In Budget FY21, Finance Minister Nirmala Sitharaman had announced raising the cap of FDI to 74 per cent for insurance companies with effect from August 2021
 "Irdai may go for 100% FDI in 'new' insurance biz to expand scope of sector")
PSU insurers lodge Covid insurance claims worth Rs 17,537 cr till Dec 2021
Public sector insurers lodged Covid-19 related health insurance claims worth Rs 17,537 crore till December 2021 and more than 93 per cent of the cases were settled, Parliament was informed on Monday.
Covid-19 survivors likely to go off health insurance cover wait list
When Covid was at its peak, some insurers had introduced a "cooling-off" period -- a duration during which consumers could not apply for a health insurance policy if they had contracted Covid.
 "Covid-19 survivors likely to go off health insurance cover wait list")
Life insurers eye double-digit growth as Covid-19 pandemic pain eases
The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)
 "Life insurers eye double-digit growth as Covid-19 pandemic pain eases")
Debasish Panda takes charge as Irdai chairman for a three-year period
The position of Irdai chairman was vacant for a period of over nine months, ever since Subhash Chandra Khuntia demitted office in May 2021
 "Debasish Panda takes charge as Irdai chairman for a three-year period")
Govt proposes hike in 3rd-party motor insurance premium from next fiscal
Union Road Transport Ministry has proposed an increase in third-party motor insurance premium for various categories, which is likely to jack up insurance cost of car and two-wheelers from April 1.
 "Govt proposes hike in 3rd-party motor insurance premium from next fiscal")
Term insurance ownership has risen to 43% from 36% in two years: IPQ Survey
This indicates consumers are now diversifying their insurance holdings and building a holistic portfolio by investing more in life insurance, including term, market-linked and savings plans
 "Term insurance ownership has risen to 43% from 36% in two years: IPQ Survey")
Health insurance premiums drive non-life industry growth, shows data
Group premiums grew 30% against 17% growth in retail segment