Page 36 - Insurance News

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

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.

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

Health insurance premiums drive non-life industry growth, shows data

Group premiums grew 30% against 17% growth in retail segment

New business premium of life insurance firms sees tepid growth

NBP of the overall industry in January reported a marginal 2.65 per cent growth to Rs 21,957.04 crore over the same period a year ago.

Insurers seek legal recourse for surety bond biz, urge changes in key laws

Reach out to reinsurers for expertise on surety bonds business

Covid provision pool lowered, but 'we got you covered': Life insurers

As claims burden drops, life insurers hold enough reserves, cushioning balance sheet against risk

Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23

Firm stands to lose about Rs 1,500 cr of premium, say experts

Insurers seek hike in tax exemption for higher adoption of pure risk plans

Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from his/her taxable income

Indian insurers put in place waiting period for people recovered from Covid

People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy

Max Life Insurance's death claim settlement at 99.35% in 2020-21

Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.

Three private life insurers increase term plan rates by 10-30%

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.

HDFC Life completes acquisition of Exide Life; merger to take place shortly

'The acquisition will accelerate the scale-up of the proprietary channels, strengthen presence in South India and across tier 2 and tier 3 locations,' HDFC Life said

Equitas SFB, Cholamandalam MS for women-centric health insurance policy

Equitas Small Finance Bank (SFB) on Monday said it has tied up with Cholamandalam MS General Insurance to launch a women-centric health insurance policy Chola Sarva Shakti.

Deposit insurance reforms to instil confidence in people on banking: PM

At Vigyan Bhawan, the Prime Minister said banks play an important role in the progress of any nation

Non-life insurers' gross direct premium up 5.5% to Rs 15,743 cr in Nov

The 31 non-life insurance companies had written premiums worth Rs 14,919.43 crore in November 2020

Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov

Profitability a worry with excess reserves on balance sheet for Covid claims

Life insurers' NBP set to expand 14% in FY22 on higher growth in H2: Icra

The rating agency expects the private players' profitability to remain subdued in FY22 due to high claims in Q1

Star Union Dai-ichi Life Insurance raises maiden 10-year bond at 7.75%

The spread between the 10-year sovereign bond yields and the coupon offered by the insurance firm works out to around to about 140 basis points

Insurance claim to be rejected if lapsed on premium not paid: SC

The apex court observation came while setting aside an order of NCDRC that ordered additional compensation in a road accident case