Page 37 - Insurance News
Insurers have Rs 152-bn policyholders' unclaimed money, LIC's pile largest
Irdai has already asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims
 "Insurers have Rs 152-bn policyholders' unclaimed money, LIC's pile largest")
Reliance Nippon Life Insurance's June quarter premium up 8% to Rs 7.5 bn
Reliance Nippon Life Insurance Company, a private sector life insurance company promoted by Anil Ambani Group-led Reliance Capital, had assets under management of Rs 193.35 bn as on June 30 this year
 "Reliance Nippon Life Insurance's June quarter premium up 8% to Rs 7.5 bn")
LIC board gives nod to acquisition of up to 51% stake in IDBI Bank: Garg
LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet
 "LIC board gives nod to acquisition of up to 51% stake in IDBI Bank: Garg")
Future Generali India Insurance starts delivering policies via WhatsApp
In its digital transformation initiatives, FGII launched in-house motor claim settlement platform i-Moss in 2016 that ensures on-the-spot settlement of most motor insurance claims filed with it
 "Future Generali India Insurance starts delivering policies via WhatsApp")
LIC lost money in 18 out of 21 public sector bank shares in last 2.5 years
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
 "LIC lost money in 18 out of 21 public sector bank shares in last 2.5 years")
Irdai board meet on Friday, may ease 15% rule to allow LIC-IDBI deal
According to the present regulation, an insurance company cannot own more than 15% in any listed financial firms
 "Irdai board meet on Friday, may ease 15% rule to allow LIC-IDBI deal")
Bank NPA ratio to hit 12%, may reach highest level since 2000: RBI report
Under the current macroeconomic environment, GNPA ratio of scheduled commercial banks may rise to 12.2 per cent of the advances by March 2019
 "Bank NPA ratio to hit 12%, may reach highest level since 2000: RBI report")
Max Life to ICICI Pru Life, private insurance firms climb the loyalty curve
LIC, the survey finds, is losing out to private players because of the level and quality of innovation in products, customer service and technology
 "Max Life to ICICI Pru Life, private insurance firms climb the loyalty curve")
ICICI Prudential Life's board appoints NS Kannan as MD and CEO
Prior to being CFO of ICICI Bank, he served as ED of the life insurer
 "ICICI Prudential Life's board appoints NS Kannan as MD and CEO")
Banks jolted by record fraud to boost insurance sales
Experts say the recent frauds mean that more insurance cover for banks will come with higher costs
 "Banks jolted by record fraud to boost insurance sales")
Shubash Khuntia appointed as Irdai chairman, succeeds TS Vijayan
Khuntia hails from Jagatshingpur in Odisha and is a graduate of the 1981 batch of the Indian Administrative Service
HDFC Life reports 24% growth for FY18, 40% jump in Q4 net at Rs 3.47 bn
Its total income was down at Rs 81.34 billion, during the March quarter of 2017-18
 "HDFC Life reports 24% growth for FY18, 40% jump in Q4 net at Rs 3.47 bn")
Insurers set fresh terms for liability insurance for bank boards' directors
The controversies linked to Chanda Kochhar, Shikha Sharma and others are forcing insurance firms to renegotiate rates for directors' indemnity
 "Insurers set fresh terms for liability insurance for bank boards' directors")
Insurance blockchain will save industry $5-10 billion: Why, what and how
Insurance executives said that they will be ironing out all the compliance, data methodology and reporting, and governance issues together with the regulators over the next few months
 "Insurance blockchain will save industry $5-10 billion: Why, what and how")
ICICI Lombard upgrading forensic methods to detect insurance claims fraud
ICICI Lombard is utilising the services of professionals, the latest technologies and forensics to verify insurance claims
 "ICICI Lombard upgrading forensic methods to detect insurance claims fraud")
With HDFC merger failing, Max Life wants to be a digital organisation
Max Life policies grew 18 per cent in 2018 after a growth of about 1.9 per cent in the preceding year
 "With HDFC merger failing, Max Life wants to be a digital organisation")
Irdai bars insurers from rejecting claims based on genetic disorders
Move follows order by Delhi HC on the issue; insurers will have to de-list 'Genetic Disorders' from list of exclusions
Corruption at regulator? Irdai member aided, abetted graft, says SAT
The tribunal has directed Irdai to entrust the matter to an officer other than Joseph for passing a fresh order
 "Corruption at regulator? Irdai member aided, abetted graft, says SAT")
GIC-RE eyes global footprint with entry into Lloyd's trading in April
SAARC region's largest re-insurer names seasoned Lloyd's market practitioner as Active Underwriter; targets 60:40 domestic to international biz ratio
 "GIC-RE eyes global footprint with entry into Lloyd's trading in April")
BS Insurance Round Table 2018: How insurers fared after going public
While listing on the bourses has improved visibility, low penetration and shift to financial savings will drive growth
 "BS Insurance Round Table 2018: How insurers fared after going public")