Page 7 - Insurance News
Centre likely to relax the board regulations for foreign insurers
The official stressed that while the reforms are not intended to open the floodgates to foreign control, they signal a more welcoming approach to global participation in leadership roles
 "Centre likely to relax the board regulations for foreign insurers")
Insurers clock rise in parametric claims amid extreme weather events
Policy pays claims automatically when a predefined event meets a specific threshold
 "Insurers clock rise in parametric claims amid extreme weather events")
Air India crash may trigger insurance claims worth around $475 million
Insurance premiums across the aviation industry are expected to rise in India, either now or at the time of policy renewals, according to people familiar with the matter
 "Air India crash may trigger insurance claims worth around $475 million")
Mphasis joins hands with Sixfold to provide AI solution to insurers
This collaboration follows the trend of adoption of AI technology in the insurance sector
 "Mphasis joins hands with Sixfold to provide AI solution to insurers")
Ahmedabad plane crash: Life insurers speed up claim settlement for victims
LIC, HDFC Life, and Bajaj Allianz have introduced fast-track claim processes and relaxed documentation to support families affected by the Air India crash in Ahmedabad
 "Ahmedabad plane crash: Life insurers speed up claim settlement for victims")
Crash likely to trigger claims up to $150 mn for insurers, reinsurers
About 10 per cent of the claims are likely to come on the books of Indian insurers and reinsurers, according to industry observers
 "Crash likely to trigger claims up to $150 mn for insurers, reinsurers")
US insurers to more than double AI investment in 3-5 years: Wipro report
Most US insurers plan to raise AI share in IT budgets from 8 to 20 per cent over 3 to 5 years as they integrate AI into underwriting, compliance and customer services
 "US insurers to more than double AI investment in 3-5 years: Wipro report")
Non-life insurers' premium rises 6.3% in May, led by health players
Non-life insurance premiums rose to ₹22,126.72 crore in May 2025, with robust contributions from standalone health and specialised insurers despite regulatory format changes
 "Non-life insurers' premium rises 6.3% in May, led by health players")
Axis Max Life Insurance appoints Sumit Madan as MD & CEO effective Oct 1
Madan is currently senior director and chief distribution officer (CDO) at the company
 "Axis Max Life Insurance appoints Sumit Madan as MD & CEO effective Oct 1")
Three months after Panda's exit, Irdai chairperson post remains vacant
Absence of a regulator stalls key insurance reforms including Bima Trinity, composite licence, and risk-based capital framework
 "Three months after Panda's exit, Irdai chairperson post remains vacant")
Surety bonds' market faces multiple growth challenges despite govt push
The issuance of such bonds remains muted due to several challenges, such as collaboration between banks and insurance firms, data sharing, and regulatory parity, among others
 "Surety bonds' market faces multiple growth challenges despite govt push")
BimaPay targets Rs 5,000 cr corporate insurance premium financing by FY30
The company will cover all sectors including IT, logistics, healthcare, manufacturing and more, offering products such as group medical, fire and group personal accident insurance
 "BimaPay targets Rs 5,000 cr corporate insurance premium financing by FY30")
General insurers launch ₹120-cr campaign to raise insurance awareness
With penetration slipping to 3.7% in FY24, general insurers roll out "Acha Kiya Insurance Liya" campaign modelled on mutual fund success to drive awareness
LIC eyes higher non-par product mix to boost margins post Q4 surge
Life Insurance Corporation sees strong profit growth in Q4FY25 and plans to increase focus on high-margin non-par products while expanding its agent base and channel mix
 "LIC eyes higher non-par product mix to boost margins post Q4 surge")
Is your health policy Covid-ready? Key features you must look for
Check if your health insurance covers home care, tele-consultations, PPE kits, room rent waiver and has sufficient sum insured to deal with Covid-related hospitalisation costs
 "Is your health policy Covid-ready? Key features you must look for")
Motor TP premium hike crucial for survival: New India Assurance CMD
New India Assurance CMD Girija Subramanian says motor third-party premium hike is urgent to ensure business viability as incurred claims hit 108.2 per cent in FY25
 "Motor TP premium hike crucial for survival: New India Assurance CMD")
Home insurance must: Loss of rent for landlord, liability cover for tenant
Insuring contents is critical if a property being rented is furnished; declare valuable items to insurance company
 "Home insurance must: Loss of rent for landlord, liability cover for tenant")
LIC push lifts life insurers' new business premiums in April, shows data
According to Life Insurance Council data, the life insurance industry's NBP in April stood at ₹21,965.73 crore
 "LIC push lifts life insurers' new business premiums in April, shows data")
Indo-Pak tensions trigger rise in war insurance cover enquiries from firms
Most commercial insurance policies exclude war cover but companies are seeking protection under aviation, marine and political violence categories amid rising tensions
IPL insurance claims not triggered unless tournament is cancelled: Experts
With IPL suspended for a week amid India-Pakistan tensions, experts say insurance claims will not apply unless the tournament is officially cancelled or war cover is triggered
 "IPL insurance claims not triggered unless tournament is cancelled: Experts")
