Page 8 - Insurance Companies

Irdai gives indicative premium growth targets to non-life insurers

The regulator's aim is to increase non-life penetration to 2.5% from the current 1%

Irdai empowers insurers to empanel hospitals for cashless facility

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

ICICI Lombard's Q1 net up 80% to Rs 349 cr on strong premium income

The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

Irdai says no decision on mandatory disclosure of insurance commissions

Irdai said it regulator intends to hold discussions on the matter before a decision

Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

Life firms ask regulator to allow risk-based solvency regime for ULIPs

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

FSIB recommends former Union Bank of India MD for post of NaBFID MD

The Centre, earlier this month, transformed the Banks Board Bureau into FSIB and expanded the headhunter's role to suggest appointments for PSU banks, insurance companies and financial institutions

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

Online players, agents may have to disclose insurance commission

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

Tatas exit race to buy Reliance Capital's general insurance arm

Group only interested in general insurance, but lenders want firms to bid for entire cluster of companies

ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release. All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals, the company said. The insurer said the range of innovative participating products offered by it gives its customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover. The annual bonus of Rs 968.8 crore for FY2022 is the highest ever declared by the company since inception, N S Kannan, Managing Director & CEO, ICICI ...

In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Support Agniveers after tenure completion: FinMin to PSBs, insurance firms

Post the announcement of the scheme protests have erupted across several states with the Opposition slamming the centre for hastily drawing up the plan

Irdai eases solvency margin requirement for insurers underwriting crop biz

It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.

Irdai working group recommends relaxing investment norms for insurers

The panel has suggested having a single limit of expenses over and above the monitoring of solvency and enterprise level expense limit

PNB MetLife launches India's first dental health insurance plan

This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health

EV fire incidents 'not a concern', insurers unlikely to hike premiums

The vehicle owner will be eligible for claims from an insurance company in the event of a two-wheeler EV catching fire, only if he/she has a comprehensive motor insurance policy

Non-life insurers' gross premium income rises 24% to Rs 21,327 cr in April

The non-life insurance companies had a gross premium business worth Rs 17,251.10 crore in April 2021