Page 3 - General Insurance

Major changes made by regulator in general insurance: Check details

Insurers to settle claims within seven days and surveyors to submit reports within 15 days

Noida-based Paytm General Insurance withdraws application with Irdai

The company will focus on its insurance distribution portfolio, moving away from making insurance products

Go Digit General Insurance raises Rs 1,176.59 crore from anchor investors

It allocated over 43 million equity shares at Rs 272 per share on Tuesday, to anchor investors

Cholamandalam General Insurance records Rs 7,598 cr gross written premium

Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 7,598 crore for the financial year ending March 31, 2024, the company said on Sunday. Cholamandalam MS General Insurance Company is a joint venture between the diversified conglomerate Murugappa Group and Japan-based Mitsui Sumitomo Group. In a statement, the company said its profit before tax grew to Rs 444 crore for the year ending March 31, 2024 as compared to Rs 264 crore registered in the same period of last year. During the financial year ending March 31, 2024 the return on equity ratio improved to 14.15 per cent, as compared to 9.64 per cent recorded during the same period of last year. The company said due to the impact of natural calamities like Cyclone 'Biparjoy', 'Michaung' and floods, their profitability got a hit by over Rs 55 crore during the last financial year. "Chola MS has gained momentum over the last 10 calendar quarters and is poised to pursue strong growth. I would like

Govt unlikely to privatise GIC Re at this stage: CMD Ramaswamy Narayanan

Narayanan says the company's business from Gift City will substantially increase in the coming days

Engineering insurance premium doubles in 4 years on infrastructure push

Partly aided by premium rates that up by 10-15% since FY20

ICICI Lombard ties up with Policybazaar to offer insurance products

The partnership will significantly augment insurance distribution, ensuring that comprehensive coverage reaches every corner of the nation through the convenience of a seamless digital platform

Acko appoints Animesh Das as CEO, elevates Sanjeev Srinivasan to board role

Das was chief underwriting officer in the company

What's Tata AIG General Insurance MD & CEO Neelesh Garg's wellness mantra

Garg avoids excessive screen time and turns to outdoor activities

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Cashless treatment facility to be available across hospitals, says GIC

Currently, only 63 per cent of customers avail cashless treatment, whereas the remaining 47 per cent opt for reimbursement claims

Insurance sector's premium income to double by FY34 to $450 bn: Report

The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will more than double over the next decade (2024-34) from the present USD 224 billion, and insurance penetration will increase from 3.8 per cent currently to 4.5 per cent by FY34, Swiss Re Institute said in a report. The report further said over the next five years (2024-28), the total insurance premium income of domestic insurer are likely to grow 7.1 per cent annually in real terms, which is well above the global average growth of 2.4 per cent, 5.1 per cent in emerging markets and 1.7 per cent in advanced markets, the report said. The more than double of the global average growth of the domestic industry is on the back of a resilient domestic economy which will remain the fastest growing large GDP for the next five years, ..

Premiums of non-life insurance companies rise 14.74% YoY in Dec 2023

In terms of the market share, the public-sector general insurers stood at 31.76 per cent of the overall insurance industry in December 2023 as against 33.16 per cent in December 2022

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

Insurance for all by 2047: Insurers call for MF-style ad blitz & a rethink

These discussions took place at the Life Insurance CEOs panel at the Business Standard BFSI Insight Summit

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

Premiums of non-life insurance companies rise 7.37% in November 2023

The near 17 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units