Page 6 - Insurance News

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

Tesla's entry into India to bring innovation in EV insurance space

Tesla's entry into India will drive innovation in the EV insurance market, prompting insurers to rethink product offerings and embrace technology-driven solutions

Irdai may curb Kiwi Insurance's retail health plans over promoter links

With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment

India's non-life insurance premiums rise 5.2% in June 2025: CareEdge

India's non-life insurance industry registered a 5.2 per cent increase year-on-year in premiums to Rs 23,422.5 crore in June 2025, according to a report released by CareEdge Ratings on Wednesday.

Results preview: Insurance companies set for a profit bump in Q1 FY26

May get boost from enhanced margins, better op efficiencies

R Doraiswamy takes charge as LIC's MD & CEO for a three-year term

R Doraiswamy, a LIC veteran with over 39 years' experience, has been appointed MD & CEO for three years as the insurer sees a major reshuffle in its top management

Air India crash: Victims entitled to compensation, regardless of fault

Experts say Air India crash victims will receive compensation regardless of fault, with the insurance payout unaffected by pilot error or systemic failures

Sales of life insurance policies drop 10% in Q1FY26, shows data

Industry insiders pointed out that slowdown in credit life policies, due to subdued credit demand in the system, has also contributed to the drop in sale of life insurance policies

Life insurers' new business premium rose 4.2% in Q1 FY26, shows data

In April-June period of FY25, the life insurance companies posted nearly 23 per cent growth after the changes in surrender value norms effective from October 1, 2024

Non-life insurers' premiums rise 9% to ₹79,306 crore in Q1 FY26

General and standalone health insurers drive 8.85 per cent YoY premium growth in Q1FY26, but IRDAI's revised norms impact comparability with last year's figures

As debate over obligatory cession rages, GIC Re could hold the solution

Whether obligatory cession should be cut to zero or retained could be resolved by allowing GIC Re to independently set commissions instead of Irdai mandating a fixed rate

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance

Why is life insurance losing lustre as a savings scheme for India's youth?

As life insurance loses share in households' financial savings, insurers are rushing to create new products, mostly in health insurance, to stay engaged with a younger demographic

FinMin working to double the life insurance cover under the PMJJBY

As part of this revamp, a revision in premiums is also under consideration

Irdai flags issues at 8 insurers over health master circular norms

Regulator begins phased inspections of health insurers; issues linked to claims settlement and compliance with the new Health Insurance Master Circular

New India Assurance gets ₹2,298 cr GST demand notice for 5 financial years

The company has received a show cause notice dated June 26, 2025, from the office of Additional Commissioner

Marine insurers monitoring Israel-Iran war, may have to up coverage rates

In case the war escalates, insurers can cancel war risk coverage, and increase marine insurance rates

Air India crash risks fueling up to 30% jump in airline insurance premia

Insurance claims for the Air India crash are expected in the realm of $475 million, including those for the aircraft's hull and engine as well as additional liability for loss of life