Page 10 - Insurance Industry

Insurance execs to FM Sitharaman: Relax taxing high-value policies

They want the threshold of premiums beyond which the income from these policies is taxed raised to Rs 10 lakh per year from the current Rs 5 lakh

Insured losses hit $120 billion as extreme weather upends industry norms

Insured losses of more than $100 billion a year are the new normal. That's a major departure from industry norms of less than two decades ago

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Regulatory changes may bring new dawn for insurers: BFSI Summit panelists

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

BFSI's share in India Inc's Q2 profits hits record high of 41.5%

The biggest gains came to banks, which reported a 35.8 per cent YoY growth rate in their combined net profit in Q2 FY23

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

LIC drives new business premiums of life insurers up 15% YoY in October

The surge in LIC's NBP was primarily driven by a 30% increase in its group single premium

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Administrator pegs general insurance arm valuation at Rs 9,450 crore

Insurance industry will continue to see M&A deals, new entrants

Merger and acquisitions will continue to be a part and parcel of the insurance sector, which is a highly capital intensive sector and can accommodate new entrants with specialised skill sets having long-term vision. The past developments in this sector and recent decision of the Mumbai National Company Law Tribunal (NCLT) allowing merger of Exide Life Insurance with HDFC Life is an indication that entities without requisite expertise may quit the sector. In order to equip itself with the complexities of merger and acquisitions, the Insurance Regulatory and Development Authority of India (IRDAI) has started looking for consultants who can undertake valuation of state-owned and private sector insurers, and train its officials about valuation methodology and processes. Market players and analysts are of the view that the sector has significant potential for development and there will be new entrants in the insurance industry and also Merger and acquisition (M&A) deals. "The sector, ..

Dematerialisation: Irdai urges industry to open e-insurance accounts

The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.

Cyber frauds: Banks step up efforts to promote safe banking habits

Apart from HDFC Bank's 'Vigil Aunty', a host of private sector general insurers also offer individual cyber insurance policies

Need to watch out for inflation impact: Bajaj Allianz General Insurance CEO

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

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

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