Insurance Firms

FinMin renews merger proposal of state-owned general insurance firms

The Finance Ministry is considering an earlier proposal to merge the three state-owned general insurance companies into a single entity, following their improved financial health, to achieve better efficiency and scale. The government infused Rs 17,450 crore between 2019-20 and 2021-22 in three PSU general insurance companies, namely Oriental Insurance, National Insurance and United India Insurance, to bring them out of financial distress. In the Budget for 2018-19, the then finance minister Arun Jaitley announced that the three companies -- Oriental Insurance, National Insurance, and United India Insurance -- would be merged into a single insurance entity. However, the government dropped the idea in July 2020, and the Union Cabinet rather approved a capital infusion of Rs 12,450 crore into the three general insurance companies. As their finances have improved, the finance ministry is doing a preliminary assessment of the merger of these entities with a view to improving their ...

Irdai sets higher targets for rural, social, and motor TP coverage in FY27

Irdai raises insurance coverage targets for rural, social, and motor TP obligations in FY27. Insurers must cover more Gram Panchayats and increase motor vehicle insurance

Over 80% insured persons unsure about efficacy of health cover: Survey

More than 80 per cent of insured persons polled feel unsure about the efficacy of their health insurance cover due to rising hospitalisation and medical costs in India, says a survey by Future Generali India Insurance. The survey, Health Unlimited, found that when faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills. Nine out of ten health insurance policyholders feel that recharge of sum insured is a key benefit, the survey stated. This growing concern highlights the need for comprehensive healthcare solutions, Anup Rau, Managing Director and CEO, Future Generali India Insurance Company Ltd, said. Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover, Rau said. The survey was conducted among 800 insured individuals aged 25-plus. It claimed that India had one of the highest medical inflation rates among other Asian countries in 2021 - .

LIC rejects USTR's claim of having unfair advantage as state-owned firm

Sovereign guarantee has never been used as a marketing tool for policies, says company

Charting a new growth path: Budget highlights falling insurance penetration

Limited choice of insurance products and absence of people-friendly claim settlement mechanism is leading to lower insurance coverage in rural India

Maha Kumbh: From insurance to FMCG firms, businesses tap into spiritual mkt

Banks, insurance firms, FMCG majors set up booths; hotel rates, airfares hit the roof

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

Irdai proposes changes to IAC meeting frequency, notice period, structure

The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members

Shriram General Insurance eyes listing in 3 years, Q2 net profit up 17%

SGI plans to strengthen its advisor network by adding 20,000 financial agents, raising the total from 79,832 to 90,000 by the end of this fiscal

Lockton receives Irdai approval to acquire Arihant Insurance Broking

The acquisition marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services

ICICI Lombard Q2 FY25 results: Net profit increases 20% to Rs 693 crore

The gross direct premium income (GDPI) rose 10.4 per cent Y-o-Y to Rs 6,721 crore from Rs 6,086 crore

Consumers can port their health insurance midway: Here is what they must do

Using the option could result in delays in claim settlements as new company will familiarise itself with your medical history

AU SFB, United India Insurance ink pact for giving out insurance products

AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) on Friday announced a strategic partnership to distribute general insurance solutions to the bank's customers. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, a joint statement said. This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions, it said. The partnership leverages UIIC's vast network of branches in over 1,000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, it said. AU SFB, having recently filed for a universal banking license with the Reserve Bank of India (RBI), is now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer b

Govt asks insurers to swiftly settle claims in flood-hit Andhra, Telangana

The Finance Ministry on Thursday said PSU insurance companies have been directed to ensure swift claim settlements by organising special camps and easing claim processes for those affected by heavy rains and floods in Andhra Pradesh and Telangana. The insurance companies have been also instructed to widely advertise the names and contact numbers of nodal officers to whom the policyholders can contact. In a statement, the ministry said in view of the heavy rains and floods in Andhra Pradesh and Telangana, the Department of Financial Services issued directions, on Thursday, to the public sector insurance companies to extend and provide full support to the people affected by floods. "The insurance companies have been instructed to ensure swift claim settlements by organising special camps and easing claim processes and thereby provide relief to those affected," the ministry said in a post on X. The central government and finance ministry are committed to supporting those affected by t

Irdai asks insurance companies to integrate IT systems with Digilocker

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

Fitch changes global reinsurers' outlook to 'neutral' from improving

Reinsurers, which insure the insurers, have raised their rates in recent years in response to losses from the Covid-19 pandemic, wars and natural catastrophes

Govt directs insurance firm to pay Rs 225 cr to Maha farmers in a week

The Central government on Saturday directed an insurance company to pay pending claims of up to Rs 225 crore to about 2 lakh farmers in Maharashtra's Parbhani district within a week. The order follows Union Agriculture Minister Shivraj Singh Chouhan's interaction with farmers in Nanded on August 21, where issues of pending soyabean crop insurance claims were raised. On August 22, the Department of Agriculture and Farmers Welfare held a meeting of the National Technical Advisory Committee (TAC). The committee rejected the insurance company's objections to crop-cutting experiments and ordered the settlement of pending claims, an official statement said. The name of the insurance company was not disclosed in the statement. The Central TAC on Saturday issued a formal order to the insurance company to pay the dues within seven days. This decision will benefit approximately 2 lakh farmers in Parbhani district, with payouts ranging between Rs 200 to 225 crore. Chouhan had instructed ...

Non-life insurance companies report 15.5% increase in May premium

Among the companies, the industry leader, New India Assurance Company, saw a marginal drop of 0.67 per cent Y-o-Y in premium to Rs 2,404.34 crore

Regulator Irdai mandates life insurers to provide loans against policies

The regulator has also allowed policyholders an option of partial withdrawal under pension products

Russia reinsurer backs firms to get India marine insurance permit

India has approved the three new insurers after Russian National Reinsurance Company (RNRC) provided a financial guarantee, the two sources with direct knowledge of matter said