Page 2 - Insurance Firms

ICICI Lombard Q4 net up 19% to Rs 519.50 cr driven by premium growth

The gross direct premium income (GDPI) of the insurer was 22% higher at Rs 6,073 crore in Q4 FY24 from Rs 4,977 crore in Q4 FY23

Irdai retains surrender value norms, positive for life insurers: Analysts

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

Irdai allows firms to offer customised insurance to match customer needs

That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday

Future Generali India Insurance launches new product exclusively for women

It is an integration of preventive and comprehensive healthcare plans that includes infertility treatment, stem cell storage, nursing care, senior care and more

Tata AIA Life Insurance appoints Venkatachalam H as new MD and CEO

Venkatachalam will take over from the incumbent, Naveen Tahilyani, who will be moving to another role in the Tata Group and has been elevated as a Non-Executive Director of Tata AIA Life Insurance Co

PB Fintech Q3 results: PAT at Rs 38.05 cr, revenue from ops rises 43%

Revenue from operations rose nearly 43 per cent to Rs 871 crore rupees as proceeds from its insurance broker services more-than-doubled

Lower growth estimates likely to keep HDFC Life stock under pressure

HDFC Life reported Q3FY24 annual premium equivalent (APE) at Rs 3,190 crore which was more than 10 percent below consensus and down 4.5 percent Y-o-Y

Supriya Lifesciences targets Brazil, eyes Rs 200 crore sales in 2-3 years

This ambition follows the company's recent approval from Anvisa (Brazilian health regulatory agency), which has facilitated its entry into the Brazilian market

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

LIC fourth largest insurer in the world based on reserves: S&P Global study

The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company

Insurtech player InsuranceDekho raises $60 mn in Series B funding round

This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to $200 million

NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform

The National Health Authority and insurance regulator IRDAI jointly organised a workshop to facilitate the completion of the integration process of insurance companies on the Ayushman Bharat Digital Mission platform. The workshop also assisted firms with adoption of health claims exchange specifications and e-claim standards and Third Party Administrators (TPAs). The workshop, organised from August 10-12 in the national capital, saw the participation of over 150 professionals representing 29 insurance companies and 16 TPAs, according to a statement by NHA. In June, the Insurance Regulatory and Development Authority of India (Irdai) issued a circular advising all insurance companies to start compiling the Ayushman Bharat Health Account (ABHA) number of all people seeking insurance cover and obtain their consent for sharing medical records with insurers/TPAs through ABHA. Irdai had also issued a circular advising insurers and providers to come on board the National Health Claims ..

Insurance firm expected to act in fair manner, not for own profits: SC

An insurance company is expected to act in a bonafide and fair manner with its client and not just care for and cater to its own profits, the Supreme Court has said. A bench of justices A S Bopanna and Sanjay Kumar, in a verdict on a plea by an insuree company, said it is the fundamental principle of insurance law that utmost good faith must be observed by the contracting parties. The top court said it is the duty of the insured and the insurance company to disclose all material facts within their knowledge. "Having undertaken to indemnify an insured against possible loss in specified situations, an insurance company is expected to make good on its promise in a bonafide and fair manner and not just care for and cater to its own profits," the bench said. The observations came while deciding a plea by Isnar Aqua Farms against an order of the National Consumer Disputes Redressal Commission (NCDRC) which directed the insurance firm United India Insurance Co. Ltd to pay Rs 30.69 lakh to

ICICI Lombard General Insurance profit rises 40% as premiums climb

The Mumbai-based insurer's March-quarter profit after tax rose to Rs 437 crore ($53.29 million), from Rs 313 crore posted a year ago

CMS Info Systems aims 3 times revenue of Rs 5,000-crore by FY30

It is looking to start new business lines like collection and recover services

Over 1.6 mn cyber attacks blocked on Indian insurance firms a day in Jan

Over 1.6 million cyber attacks were blocked on Indian insurance companies every day in January, a report showed on Monday

Start-up InsuranceDekho raises $150 mn in funding for expanding business

Company will use money to improve technology, enter new markets and launch products in health and life categories

GIC Re returns to black with Rs 1,201 cr net income in Dec quarter

General Insurance Corporation of India (GIC Re) on Thursday reported a net profit of Rs 1,201 crore for the third quarter ended December 2022. There was a loss of Rs 28.48 crore in the year-ago period. Sequentially, it posted a net profit of Rs 1,859.93 crore in the second quarter ended September 2022. Gross premium during the October-December quarter declined to Rs 10,099.40 crore from Rs 10,240 crore in the same period of the previous fiscal, GIC Re said in a regulatory filing. Its net premium income inched up to Rs 9,561.2 crore from Rs 9,332.56 crore but earned premium declined to Rs 8,648.76 crore from Rs 8,907 crore. The bottom line was saved by a fall in incurred claims during the quarter, which declined by more than a quarter to Rs 8,380.50 crore from Rs 10,857.83 crore, according to the company. Its underwriting loss came down massively to Rs 1,537.24 crore from Rs 2,371.2 crore, boosting the net income, which was also buoyed by a healthy jump in investment income at Rs

Govt asks Irdai, insurance firms to address issues to reduce pending cases

Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term

Insurance body GIC opposes govt nominee in life and non-life councils

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy