Page 9 - Insurance Companies

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

Finance ministry invites applications for CVOs in PSU banks, insurers

The finance ministry has invited applications from eligible candidates for the position of Chief Vigilance Officers (CVOs) in various public sector banks and insurance companies. Applications have been called for CVO positions in five lenders, including Canara Bank, Indian Bank and Bank of India. Besides, CVO position would also fall vacant in New India Assurance Co and IFCI during this year. Position of CVO would also be filled at Punjab National Bank, Punjab & Sind Bank, General lnsurance Corporation and National Bank for Agriculture and Rural Development (Nabard). Applications are invited for filling up the posts of Chief Vigilance Officers (CVOs) in various Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs) and Financial Institutions (FIs), according to a notification issued by the Department of Financial Services, under the finance ministry. Selection of the candidates shall be made by the government in consultation with Central Vigilance Commission (CVC) .

Focus is to increase health book faster: ICICI Lombard Gen Insurance CEO

Bhargav Dasgupta spoke about the company's plan in the health, motor and surety bonds business

HSBC and Ping An executives plan to discuss breakup proposal

HSBC earned 52% of last year's total revenue of $49.6 billion from Asia and 65% of its reported profit before tax came from the region

ICICI Lombard net profit falls 9.5% in Q4, blames Covid and accounting rule

The company has proposed a dividend of Rs 5 per equity share for the financial year ended March 31, 2022

Irdai seeks to remove Rs 100 cr entry cap for new players in insurance biz

Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players

Warren Buffett ends drought with Berkshire's $11.6 bn Alleghany purchase

Warren Buffett's Berkshire Hathaway struck an agreement to buy insurance company Alleghany Corp for $11.6 bn, weeks after the 91-year-old billionaire bemoaned a lack of good investment opportunities

Understanding Cashless Bike Insurance and How to avail it

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Taliban suspends insurance companies' operations in Afghanistan

The Taliban on Friday suspended the operations of the insurance companies in Afghanistan till a future notice.In an official letter sent to the insurance companies, the acting government announced the suspension of all the activities of the public and private insurance firms, reported Khaama Press.The letter says the spirit of the insurance industry is under discussion in the Science Academy of Afghanistan to decide whether it is against Islamic practices or not.The suspension spells doom for insurance companies who have invested and carried out financial risks in the country for the last 20-year of the democratic era and open market in Afghanistan.Several private insurance companies in addition to a government-owned insurance entity, have invested and carried out financial risks.The Afghanistan economy went into crisis after the collapse of the Afghanistan government in the hands of the Taliban on August 15 of last year. Hundreds of companies, organizations and projects were shut ...

A premium on execution: Meet Debasish Panda, chairman of Irdai

At the DFS, Panda, 60, created a group of officials to monitor speedier claim settlements for deaths due to Covid-19

Insurance companies step up stock purchases amid market swings

LIC may have also ramped up share purchases to cushion the market against steep falls ahead of its initial public offering, said market watchers

LIC has consistently lost market share in retail segment, says brokerage

After the rebound in November '21, LIC's growth in retail in December '21 slowed, and was materially lower than the private sector

Insurers seek legal recourse for surety bond biz, urge changes in key laws

Reach out to reinsurers for expertise on surety bonds business

At $8.65 bn, LIC 10th most valued insurance brand globally: Report

Life Insurance Corporation, which is bound for the nation's largest share sale by March, is the strongest and the largest brand in the country with a valuation of $8.656 billion

Inflated claim can lead to zero compensation

The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim

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 ...