Page 9 - Insurance News

100% FDI in insurance a step forward, but safeguards unclear: USTR report

These safeguards include requirements such as a majority of board members being resident Indians and higher solvency requirements for foreign-invested insurers domiciled outside India

Reinsurance renewal rates likely to see a drop of up to 10% in FY26

Last year, the reinsurance rates saw a marginal increase of around 5 per cent after adjusting for risk

Insurance sector sees record Rs 38,000 crore worth of deals in 2 weeks

The past fortnight saw a slew of big-ticket deals in the insurance sector, with the biggest of them being a Rs 24,180 crore acquisition by Bajaj Allianz

Insurance sector sees record deals worth over Rs 38,000 crore in two weeks

The biggest among them is the Bajaj Group's acquisition of Allianz's stake in their two insurance joint ventures for Rs 24,180 crore

Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance

Insurance Regulagtory and Development Authority of India (Irdai) said that in today's digital age, any cyber incident and crisis poses significant threats to organisations

Star Health Insurance's shares hit 52-week low amid reports of Irdai probe

Company calls it a routine exercise to ensure compliance

Tepid vehicle sales, competition weigh on motor vehicle insurance premiums

The overall motor insurance premium stood at Rs 89,405.56 crore in the April-February period of FY25

IPL sum insured drops significantly due to steep rise in premiums

In 2024, the total insurance cover taken against the IPL was Rs 10,000 crore. Broadcasters, organisers, franchises, and sponsors had taken insurance for Rs 6,000 crore

Terrorism insurance premiums likely to fall up to 15% from April 1

The maximum limit of indemnity for insurance of sabotage and terrorism risk is decided by the pool underwriting committee, where the initial capacity was Rs 200 crore per location

Regulators must adapt as technology changes the insurance landscape

Companies are using insurance technology, or insurtech, to prevent fraud, process claims promptly, and offer personalised services to customers

Edelweiss Life Insurance likely to break even by FY27: MD & CEO Sumit Rai

The private sector insurer has been incurring losses and remains reliant on capital infusion from its Indian parent, which in FY25 infused Rs 200 crore into the company

Prudential partners HCL's Vama Sundari for standalone health insurer

This marks Prudential's second foray into insurance business and comes close on the heels of the Indian government allowing 100 per cent foreign direct investment (FDI) in the sector

Centrico Insurance Repository to offer insurance repository services to LIC

The insurance repository system, introduced by the regulator, provides policyholders with a facility to keep insurance policies in electronic form and make changes

Former SBI & LIC chiefs among new members of Irdai's advisory panel

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval

Allianz to explore new avenues in India after exit from Bajaj JVs

Bajaj Group will acquire the 26 per cent stake in BALIC for Rs 10,400 crore and in BAGIC for Rs 13,780 crore from Allianz

Life Insurers report 5.7% growth in premiums in April - Feb period

Life-insurance companies in February reported an 11.6 per cent year-on-year (Y-o-Y) drop in new business premium (NBP) owing to relatively weak performance by state-owned Life Insurance Corporation

Slowdown in health and motor segment drag non-life premiums in Feb

According to General Insurance Council data, general insurers, who operate in multiple business lines, witnessed about 5 per cent YoY drop in premiums to Rs 17,399.3 crore in February

Ahmedabad hospitals to suspend cashless facility for 3 health insurers

AHNA exploring tie-ups with financial institutions to offer cashless payment alternatives for affected patients

Insurers likely to prefer bond forwards over forward-rate agreements

Irdai allows insurers to hedge interest rate risks with bond forwards

Life insurers' new business premium growth drops 11.6% in February

LIC's weak performance drags overall premium growth of the segment