Insurance Banking

Irdai panel flags risks in merging insurers with non-insurance firms

Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms

Non-life insurers' premiums rise 9% to ₹79,306 crore in Q1 FY26

General and standalone health insurers drive 8.85 per cent YoY premium growth in Q1FY26, but IRDAI's revised norms impact comparability with last year's figures

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

GIC Re Dubai unit gets ₹90 cr VAT demand from UAE tax body, to seek review

GIC Re on Saturday said its Dubai Branch has received a VAT demand notice of approximately Rs 90.42 crore from the Federal Tax Authority (FTA) of the United Arab Emirates. The VAT demand notice comprises United Arab Emirates Dirham (AED) 12,868,602.71 in net due tax and AED 25,966,807.36 in administrative penalties. The demand notice relates to discrepancies in VAT returns filed for January 2018 to December 2020, GIC Re said in a regulatory filing. GIC Re is currently reviewing the order in detail and intends to file a reconsideration request with the Authority within the statutory timeline, it said. There is no material impact on financials, operations or other activities of the Corporation due to the above-mentioned order, it said.

FinMin working to double the life insurance cover under the PMJJBY

As part of this revamp, a revision in premiums is also under consideration

Consumer protection: Insurer held liable for delay in claim settlement

National Insurance ordered to pay interest and costs after consumer panel finds deficiency in service despite partial settlement of ₹73 lakh claim

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

Allianz, Jio Financial strike deal for insurance business in India

Allianz is aiming for a majority stake in the venture but is also open to securing governance rights with a path to taking control in the future, the report said

Insurance nominations can't override personal succession laws: Karnataka HC

In a crucial ruling, the Karnataka High Court has held that an insurance policy nominee does not have absolute rights over insurance benefits if the policyholder's legal heirs stake a claim. The court clarified that Section 39 of the Insurance Act, 1938, which governs nominations, does not override personal succession laws like the Hindu Succession Act, 1956. The judgment came in the case of Neelavva @ Neelamma vs Chandravva @ Chandrakala @ Hema and Others, where a dispute arose over the rightful claimants to an insurance payout. Justice Anant Ramanath Hegde ruled that a nominee can receive the insurance benefits only if the legal heirs do not claim them. If a legal heir asserts their right, the nominee's claim must yield to personal succession laws. The case involved a man who had named his mother as the sole nominee for two insurance policies before his marriage. After his marriage and the birth of his child, he did not update the nomination. Following his death in 2019, a legal .

Surety bonds vs bank guarantees: A financial shift in project risk-sharing

The surety bonds market in India has the potential to generate billions of dollars in premiums over the coming years

Irdai issues show cause notice to Star Health for violating norms

The company must provide a reply within 21 days from the date of receipt of the notice, along with the supporting documents

Life insurance stocks fall; HDFC Life, SBI Life, Max Financial dip up to 7%

According to the latest data, HDFC Life distributes 65 per cent of its insurance policies through banking channels, followed by SBI Life (60 per cent), Max Life (52 per cent), and ICICI Prudential

Chola MS General Insurance clocks 60% rise in PBT at Rs 350 cr

Chola MS General Insurance Company Ltd has reported a 60 per cent increase in its profits before tax for the six month period ending September 30, 2024 at Rs 350 crore. The city-based company reported profits before tax of Rs 219 crore during the corresponding six months of last year. Chola MS General Insurance Company, is a joint venture between the diversified conglomerate the Murugappa Group and Japan-based Mitsui Sumitomo Insurance Company Ltd. "The rise in profits before tax for the six month period ending September 30, 2024, include Rs 22.7 crore of non-recurring income from interest on an income tax refund," Chola MS General Insurance said in a statement on Tuesday. As on September 30, 2024, the company's net worth stands at Rs 2,753 crore with 84 per cent derived from the accumulated profits. The Gross Written Premium for the quarter ending September 30, 2024 stood at Rs 2,191 crore, while for the six month period ending September 30, 2024 grew to Rs 4,136 crore. "Our ...

Life insurers' new business premium rises 14% to Rs 35K cr in September

Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 35,020 crore in September. New business premiums stood at Rs 30,716 crore in same month a year ago. The new business premium collection in the first half of FY25 rose 19 per cent to Rs 1,89,214 crore from Rs 1,58,377 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council. Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 45.49 per cent on a year-on-year basis in the month, resulting in the addition of new 32,17,880 policies vis--vis 22,11,680 policies in the year-ago period, it said. According to data released by the Life Insurance Council, the life insurance industry saw individual single premiums growing 13 per cent to close at Rs 5,142 crore for September while year-to-date growth stood at 14.99 per cent. Meanwhile, Life Insurance Corporation (LI

GoM on GST on health, life insurance premium to meet on October 19

The ministerial panel to decide on lowering goods and services tax (GST) on health and life insurance premiums will have its first meeting on October 19, officials said. Currently, 18 per cent GST is levied on insurance premiums and there have been demands to either exempt or reduce the tax. The GST Council in its meeting earlier this month decided to set up a 13-member GoM to decide on tax on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The panel includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu, and Telangana. The GoM has been mandated to submit its report to the Council by October-end. A final call by the council on taxation of insurance premiums is likely to be taken in the next meeting in November, based on the GoM report. "The GoM on GST on insurance will meet on October 19 in Delhi," the official said. The terms of re

Asia stocks rise to highest in 2.5 years on China's stimulus measures

China's central bank on Monday lowered its 14-day repo rate by 10 basis points, days after disappointing markets by not cutting longer-term rates

Mis-selling of life insurance policies at alarming level, says Irdai

According to Satyajit Tripathy, Member-Distribution of Irdai, life insurance grievances are often related to the product, while non-life grievances usually concern claim payments and exclusions

LIC launches project 'Jeevan Samarth' to meet customers' evolving needs

The life insurance giant has partnered with A T Kearney to undertake the transformation project by reviewing the existing agency framework of LIC on an end-to-end basis

May enter into health insurance, explore inorganic options: LIC chairman

LIC chairman Siddhartha Mohanty has said that the insurer would enter into the health insurance segment and can explore inorganic options if such an opportunity arises. There are expectations that composite licences may be permitted by amending the Insurance Act. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India (IRDAI), composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. LIC is not an expert in general insurance like fire and engineering but it can do health insurance, he said while sharing financial numbers for FY24. "Internal work is going on...we will explore inorganic growth in health insurance," he said. In February, a parliamentary panel suggested the introduction of a composite licence for an insurer to undertake life, general, or health insurance under one entity to increase the penetration of insurance in the country. The panel headed by BJP leader

Aon completes transaction to acquire Global Insurance Brokers in India

The process is expected to be completed later this year. In the meantime, Global Insurance Brokers will operate independently as an Aon company