Insurance

AI hallucination puts firms at risk? New insurance covers legal costs

The insurance product developed by Armilla, a start-up backed by Y Combinator, seeks to address growing concerns about AI's potential to produce unreliable or misleading information

FSIB recommends Sanjay Joshi as Oriental Insurance Company Limited's CMD

Sanjay Joshi, currently GM at United India Insurance, recommended by FSIB to lead Oriental Insurance as CMD, following R R Singh's retirement in February

NIIT to acquire remaining shares of IFBI, make it wholly-owned arm

NIIT Ltd board has approved the purchase of an additional 19.50 lakh equity shares of NIIT Institute of Finance Banking and Insurance Training Ltd (IFBI) to fully acquire the subsidiary, according to an exchange filing. NIIT holds 80.72 per cent stake in IFBI, and post the aforesaid acquisition, IFBI will become its wholly owned subsidiary, the filing stated. The shares will be acquired from ICICI Bank Limited (1.9 million shares, 18.79 per cent stake) and individual shareholders (50,000 shares, 0.49 per cent stake). The aggregate consideration for the acquisition of shares from ICICI Bank is expected to be between Rs 4.7 crore and Rs 6.5 crore. The acquisition is expected to be completed by September 30, 2025, according to the filing on Saturday. "As a strategic business decision, NIIT Limited has agreed to acquire 1,900,000 equity shares of IFBI from ICICI Bank Limited and 50,000 equity shares of IFBI from Individual shareholders," the filing read. IFBI, incorporated in 2006 an

ICICI Prudential Life: Moderate valuations, health growth prospects

In FY25, embedded value grew 13 per cent with embedded value operating profit (EVOP) growth at 10 per cent Y-o-Y

Result preview: Insurers stare at weak Q4 on growth and margin pressure

Life segment players may report flat profit; claims, new norms to weigh on general insurers

SC says insurers can't deny claim for impossible conditions: What it means

Court rules that insurance firm cannot reject a claim on the grounds of breach of a condition in the contract that was impossible to fulfill

Galaxy Health Insurance targets Rs 200 cr premium this financial year: CEO

Galaxy Health Insurance Company Ltd has targeted Rs 200 crore premium income during the current financial year as it aims to deepen penetration into the domestic market, a top official said. The company which received the IRDAI approval last year has 60 offices in operation in Southern states and 6,000 agents under its fold, company Managing Director and CEO G Srinivasan said. Galaxy Health Insurance is relatively a new entrant in the private sector insurance market backed by renowned industrialist Venu Srinivasan, the Chairman Emeritus of TVS Motor Company and Sundaram-Clayton and V Jagannathan who founded the Star Health and Allied Insurance Company Ltd. In an interaction with PTI, Srinivasan who has been at the helm of various insurance organisations including United India, said his company has drawn up plans to 'penetrate deep into the market' and has targeted to take the overall number of office locations to 100 from the current 60. "Last year the premium was Rs 17 crore. This

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

82% of PWDs lack insurance, 42% unaware of AB-PMJAY, reveals survey

A nationwide survey by rights groups has revealed that 82 per cent of persons with disabilities lack any form of insurance while 42 per cent are unaware of the government's flagship health scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The findings were presented at the National Disability Network (NDN) Meeting last week, where civil society groups and disability rights organisations from over 20 states convened to discuss pressing issues faced by the community. The survey, conducted under the 'Ayushman for All' campaign by the National Centre for Promotion of Employment for Disabled People (NCPEDP), gathered responses from more than 5,000 persons with disabilities across 34 states and union territories. Despite the scheme's aim of providing health coverage to vulnerable populations, only 28 per cent of disabled respondents reported having applied for it. "These numbers aren't just statistics; they represent real people left without essential healthcare," said

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 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

81% believe life insurance under 10x their annual income sufficient: Survey

1 in 3 Indians have never reviewed their life insurance coverage, even after major life events like marriage, childbirth, or income growth

PhonePe joins hands with top insurers, launches low-cost motor insurance

PhonePe is offering two-wheeler insurance with an "Own Damage Cover" starting at just Re 1 on its app

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

Near-term pricing, growth worries for general insurance companies

In February 2025, the gross direct premium income (GDPI) for general insurers dropped 2.8 per cent year-on-year (Y-o-Y)

Bajaj Finserv to buy Allianz's 26% stake in insurance JVs for Rs 24,180 cr

Post the acquisition, Bajaj Group's stake in the two insurance ventures will go up to 100 per cent from 74 per cent currently

Health insurance: Choose policy with guaranteed bonus, unaffected by claims

While premiums may rise over time, a good bonus-linked policy lowers the per lakh cost of sum insured

LIC slips 3% as reports suggest govt to sell 2-3% stake; NBP falls 22% YoY

The government's stake sale aligns with its plan to meet the regulatory requirement of a 10 per cent public shareholding by 2027

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

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

Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief

Irdai under Panda moved to principle-based regulation from rule-based regulation