Page 6 - Insurance News

JM Financial unit to sell 2.1% stake in JMFHLL to Bajaj Allianz Life

Under an investment agreement signed on August 9, 2025, JMFCSL will offload 13,646,000 equity shares in JMFHLL at ₹48 per share

Major private insurers seek time until 2027 for public listing plans

Irdai has proposed implementing Indian Accounting Standards (Ind AS) 117 - the Indian equivalent of IFRS 17 - from April 1, 2026

LIC's entry into bond FRA market likely to boost long-term G-Secs

With deals across 10 major banks, the insurer's move is expected to spur demand for long-term government securities while narrowing forward spreads for other players

Axis Max Life Insurance likely to grow 3-5% more than industry in FY26

Axis Max Life Insurance targets 3-5% growth above industry levels in FY26, backed by strong Q1 performance. The company aims to become the third-largest private life insurer in India

Non-life insurers clocked 2.7% growth in premiums in July, shows data

General insurers report flat premiums in July while standalone health insurers see modest growth; overall momentum slows amid accounting changes, weak motor segment

LIC to explore composite insurance model once allowed, says MD & CEO

LIC may become a composite insurer offering general and health cover once Parliament clears the new policy, but has not finalised a health insurance acquisition plan

Irdai imposes ₹5 crore penalty on Policybazaar for violating norms

Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days

Policybazaar fined ₹5 crore by Irdai for violations of insurance norms

Insurance Regulatory and Development Authority of India has also issued direction, advisory and caution to the company

Renewal of life insurers' policies, after 1 year, declines in June quarter

Persistency is the proportion of life insurance business renewed from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten

Drop in high-value ticket life policies drags 13th-month persistency ratio

The decline in the share of high-value policies is largely on account of taxation changes in this segment, which HNIs were earlier using to get tax-free returns

Strong Q1 results, guidance lift New India Assurance shares by 18%

New India Assurance shares soar as insurer posts 80 per cent rise in profit, guided for lower combined ratio despite underwriting hit from Air India crash

Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD

Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push

Listed private life insurers see moderation in Ulip business in Q1

After new surrender value regulations, insurers have scaled back on Ulips in portfolios

Irdai sets higher targets for rural, social, and motor TP coverage in FY27

Irdai raises insurance coverage targets for rural, social, and motor TP obligations in FY27. Insurers must cover more Gram Panchayats and increase motor vehicle insurance

DFS Secy Nagaraju seeks insurance brokers' help to boost coverage in India

M Nagaraju calls on insurance brokers to play a key role in raising awareness and boosting insurance penetration, particularly in rural areas and underserved sectors

Irdai's Tripathy cautions against practices by brokers to boost valuation

IRDAI's Satyajit Tripathy highlights the need for sustainable growth in the insurance broking industry, cautioning against practices that may harm the sector in the long run

Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses

The Insurance Regulatory and Development Authority (Irdai) has also issued a warning to the insurer

Govt names ex-Finance Secretary Ajay Seth as new Irdai chairman for 3 years

Seth, a 1987-batch IAS officer of the Karnataka cadre, retired as Economic Affairs Secretary in June this year after a four-year stint

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal

Entry of new players likely to intensify competition in reinsurance segment

New private players, including Valueattics Re, Jio Financial Services & Allianz are set to increase competition in India's reinsurance sector. However, experts believe GIC Re's position remains robust