Page 5 - General Insurance

ICICI Bank to increase stake in general insurance arm to beyond 50%

Earlier plan was to cut stake below 30%

FinMin to take call on Rs 3,000 crore infusion into 3 PSU general insurers

Finance Ministry will take a call on Rs 3,000 crore capital infusion this fiscal based on financial performance of three loss-making public sector general insurance companies. According to sources, the finance ministry last year had asked these three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company -- to chase bottomline rather than topline and underwrite only good proposals. The FY'23 financial numbers would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. It is noted that the government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited a

Tax evasion by insurance cos amounts to Rs 2,250, GIEAIA demands action

With about GST evasion amounting to about Rs 2,250 cr by some in general insurance industry, a major union in sector has urged government and regulator to cancel licences of such entities

ICICI Lombard Q4 net up 39.6% to Rs 437 cr as underwriting losses dip

For the whole of FY23, the firm earned a net profit of Rs 1,729 cr, up 36% from Rs 1,271 cr in FY22

Cars on highways to be offered insurance cover using Fastag soon: Report

Centre may also come up with a plan to provide third-party insurance cover for motor vehicles when they are impounded by traffic police or transport department officials

General insurer Go Digit's IPO plan delayed, Sebi returns issue papers

Firm will have to refile for public issue

LIC may look at entering health, non-life insurance businesses: Source

Says insurance giant is well-placed to make most of a composite license; in fact it was a composite insurer till early 1970s, when Oriental Insurance was carved out

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Hinduja sweetens offer for RCap to counter Torrent group's winning bid

CoC decide whether Hinduja offer is legally valid or not as e-auction has ended

BS BFSI Insight Summit 2022: Meet the leaders of general insurance sector

Here is the list of top leaders of general insurance sector on panel for the BS BFSI Insight Summit 2022

Profit-led rally in GIC may fizzle out sans turnaround in underwriting biz

Unless the underwriting business starts looking up, brokerages are reluctant to give a buy call on the stock despite the recent rally

CoC raises base price of Reliance Capital auction to Rs 6,500 crore

Auction to be held on two days, starting December 22

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Global health cover comes as a lifesaver for high-flyers: Experts

But examine countries covered and claim settlement mode

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

PSU general insurer employees irked with move to link pay with performance

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers