Page 2 - Insurance Companies

Rise in helicopter crashes may spur 15-30% hike in insurance premiums

A string of helicopter accidents in India and global reinsurance losses may raise premiums by up to 30 per cent, with smaller operators already facing steep hikes

Sumit Madan next MD,CEO of Max Life Insurance, to take charge from Oct 2025

Max Financial Services on Tuesday said it has approved the appointment of Sumit Madan as Managing Director & Chief Executive Officer of Axis Max Life. Madan, currently Chief Distribution Officer of Axis Max Life, will replace Prashant Tripathy, Max Financial Services said in a regulatory filing. Tripathy has requested for early retirement and therefore his tenure would end on September 30, 2025. The Board of Directors of Axis Max Life in its meeting held earlier in the day has approved the elevation of Madan as MD & CEO for 5 years effective from October 1, 2025 till September 30, 2030, subject to the approval by the shareholders of insurance company, it said. Axis Max Life Insurance is a subsidiary of Max Financial Services. The appointment of Madan would be subject to the approval from the Insurance Regulatory and Development Authority of India (IRDAI) in accordance with the applicable laws, it said. Axis Max Life Insurance Limited is a joint venture between Max Financial ...

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

SBM Bank India, ICICI Prudential Life forge bancassurance partnership

SBM Bank India and ICICI Prudential Life Insurance Company have entered into a bancassurance partnership to offer an array of life insurance products to the bank's customers. This tie-up will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement, SBM Bank India said in a statement on Monday. Nikhil Rajadhyaksha, Head Retail Banking, SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion. "By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection," Rajadhyaksha said. SBM Bank

LIC's top management set for June reshuffle; govt appoints 2 new MDs

LIC will see key leadership changes in June with two new MDs replacing outgoing executives and current MD & CEO Siddhartha Mohanty's term ending on 7 June

Max Financial Services stock jumps 4%, hits 52-week high post Q4 results

Max Financial Services stock jumped over 4 per cent to hit a 52-week high of ₹1,351 on Wednesday

Indian insurance companies planning $41 bn trade switch to bond forwards

Insurers are in talks with authorities to convert about Rs 3.5 trn ($41 bn) worth of rates derivative contracts into bond forwards. Such contracts offer investors the opportunity to own the securities

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

Valueattics Reinsurance set to become India's first private reinsurer

So long GIC Re, a public-sector entity, was the only player in the field

Here's why Niva Bupa share slipped 5% in trade on February 24; details

The fall in the Niva Bupa share price came after the company said that it has received communication from an anonymous sender who claims to have the customer data of Niva Bupa

Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers

After multiple delays, Phase-I of Amazon-like one-step digital platform may be launched in mid-2025

Insurers manage over 4,500 compliances in a year: TeamLease RegTech

The report suggested that insurers should adopt RegTech solutions to automate compliance processes and reduce manual tracking

Aviva India hit with $7.5 million fine for fake invoice scheme, shows order

The tax demand is significant for Aviva's India business, which recorded a profit after tax of only $10 million in the 2023-24 financial year

Public sector general insurers post combined profit of Rs 1,066 cr in Q3

Public Sector General Insurance Companies (PSGICs) have achieved financial turnaround in the December quarter, posting a combined profit of Rs 1,066 crore on the back of various reforms by the finance ministry. Public sector general insurance companies (PSGICs), that historically reported losses, witnessed a major turnaround with all of them becoming profitable again, the finance ministry said in a statement on Thursday. While Oriental Insurance Company Ltd (OICL) and National Insurance Company Ltd (NICL) started posting quarterly profits from Q4 of 2023-24 and Q2 of 2024-25, respectively, United India Insurance Company Ltd (UIICL) posted profit in Q3 of 2024-25 after a gap of seven years, it said. Notably, New India Assurance Company Ltd (NIACL) has consistently maintained its position as a market leader and has been making profits regularly, it said. New India Assurance Company recorded nearly 51 per cent drop in net profit to Rs 353 crore for the third quarter of the current ...

Hawaii court rules against insurance firms in Maui fire, allows settlement

Hawaii's Supreme Court ruled Monday that insurance companies can't bring their own legal actions against those blamed for Maui's catastrophic 2023 wildfire, allowing a $4 billion settlement that was on that the verge of collapse to proceed. Other steps remain in finalizing the deal between thousands of people who lodged lawsuits and various defendants, including Hawaiian Electric Company. The massive inferno that was the deadliest in the U.S. in more than a century decimated the historic town of Lahaina, killing more than 100 people, destroying thousands of properties and causing an estimated $5.5 billion in damage. Soon afterward, attorneys began lodging hundreds of lawsuits. A settlement was announced last summer, but insurance companies held out, insisting that they should have the right to go after the defendants separately to recoup money paid out to policyholders. Monday's ruling resolves a key roadblock to finalizing the deal and sends the case back to a Maui judge to determ

Budget key trigger for life insurance companies' stocks in near term

Premium growth may be volatile for the rest of FY25 due to surrender value regulations

Luigi Mangione charged with UnitedHealthcare CEO murder; donations pour in

Most of the messages on the crowd-sourced fundraising site GiveSendGo reflect a deep frustration shared by many Americans over the US healthcare system

Nippon Life in talks to buy US' Resolution Life in deal worth $8.2 bn

Nippon Life will purchase the shares it does not already own in Resolution Life from Blackstone and others to make it a wholly owned subsidiary in the second half of 2025

Indian insurance firms seek zero-coupon bonds to manage long-term risks

Insurance companies have made a request to the Reserve Bank of India, which has then discussed the matter with the Finance Ministry of the government

Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr

Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products