Page 10 - Insurance Companies

Irdai issues guidelines for promoting, regulating surety insurance business

Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal

Insurance brokers' advice to become crucial amid tighter underwriting norms

Low existing rates and revision of reinsurance premiums are key driver

Tata AIG to vie for Indian conglomerate's airline insurance business

Air India is insuring its fleet at a premium of Rs 118 crore in fiscal 2021 on a standalone basis.

Term insurance plan premiums may go up by 20% in December-January

Price hike could hold good in medium term, but unlikely to impact demand

Shriram General Insurance expects Rs 750 cr underwriting profit this year

Jaipur-based Shriram General Insurance, which is primarily into motor insurance with over 90 per cent of the business coming in from this vertical, is expecting around Rs 750 crore underwriting profit this fiscal as its expects gross written premium income to touch Rs 2,200-2,300 crore. The Chennai-based Shriram Group firm has closed H1 of the fiscal with around Rs 800 crore in premium income and expects it to nearly treble in the second half on the back of the better-than-expected economic recovery, says Anil Aggarwal, the managing director & chief executive of Shriram General that was the first general insurer to underwrite only motor premia when it began 13 years ago. Shriram General Insurance, which manages Rs 10,500 crore of AUM which it expects to cross Rs 50,000 crore over the next five years, is a joint venture between Shriram Capital, the group holding company, and the South African financial services group Sanlam, and was set up in 2009. Today it's the seventh largest ...

Insurance firms can fuel the startup ecosystem

The insurance regulator's move to allow insurers to invest in fund of funds creates a significant source of domestic capital for Indian entrepreneurs

Madras HC withdraws its order on bumper-to-bumper insurance cover

The judge hoped and trusted the lawmakers would look into this aspect and examine the need for suitable amendment in the Act relating to wide coverage of vehicles so as to protect the innocent victims

Irdai extends last date for sale of Covid plans till March 31, 2022

Earlier, in March this year, the regulator decided to extend the timeline for the sale and renewal of such policies till September, looking at the prevailing situation

Aon increases stake to 100% in Aon India Insurance Brokers

Aon had acquired a 49 percent stake from former Infosys Chairman N R N Murthy's Catamaran Ventures in 2020

India's insurance companies feel the digital pinch amid Covid-19 pandemic

Globally, the insurance industry is moving to a model where insurance policies and premiums are tailored to customer profiles aided by vast technological leaps

Won't exit fully, but will ensure minimum govt presence in insurance: FM

Sitharaman says may even think in terms of amalgamating, or disinvesting in some entities where even bare minimum is not needed

FDI for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt

Foreign direct investment in an insurance company promoted by a private bank will be cleared by the RBI and Irdai to ensure that the 74 per cent limit of overseas investment is not breached, govt said

China steps up crackdown on insurance technology companies

The regulator has ordered companies and local agencies to curb improper marketing and pricing practices, and step up user privacy protection, according to a notice seen by Bloomberg News

PSU insurers employees go on strike to protest proposed privatisation

Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers.

Amendment to aid insurers' privatisation tabled in the Lok Sabha

General Insurance Business (Nationalisation) Amendment Bill, 2021, will allow private participation in public sector insurance companies

Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, the Minister of State for Finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020. Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020. He further said that as per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020). The RBI framed the Depositor Education and Awareness Fund (DEAF) Scheme, 2014. As per the Scheme, unclaimed amounts lying with banks are credited to the DEAF by banks and DEAF is subsequently utilised for promotion of depositors' interest. On the other hand, all insurers having unclaimed amounts of ..

In world hurting from floods and fire, insurance firms won't offer bailout

If it becomes too expensive to cover losses for natural disasters, insurers will pull back toward areas that are more profitable.

Max Bupa Health rebrands to Niva Bupa; aims total biz of Rs 2500 cr in FY22

Standalone health insurance player Max Bupa Health Insurance Friday announced that it has rebranded itself as Niva Bupa and said it is targeting a total business of Rs 2,500 crore in fiscal 2021-22. The rebranding exercise comes after the exit of Max India from the company in 2019 and the entry of private equity firm True North. International healthcare company Bupa Group is the other joint venture partner of the health insurer. "Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa. We will continue to maintain strong growth in the market and aims to become Rs 2,500 crore (total business) company by FY21-22, the insurer's managing director and CEO Krishnan Ramachandran said. In fiscal 2021, the insurer's total business stood at Rs 1,751 crore. The company is opening around 52 offices. It has 13 bank partners, including Axis Bank and HDFC Bank, Bank of Baroda and Federal Bank. Ramachandran

Max Bupa rebrands itself as Niva Bupa, stops using 'Max' brand name

Max India, which owned 51 per cent in the insurer sold its stake to True North in February 2019 for Rs 510 crore

Digitisation cannot be reactive

To truly unlock the digital potential, insurers need sustained investment in innovation and new-age technologies like machine learning, data modelling, and artificial intelligence