Page 13 - Insurance Industry

Former Irdai chairman asks insurers to concentrate on prevention of risk

In the first two quarters after the onset of the Covid-19 pandemic, the insurance industry suffered negative growth. But, it bounced back as soon as the economy opened up post the lockdown

Claim can't be denied on frivolous grounds

As for the purchase of raw materials from its sister concern, the National Commission observed this was properly recorded and there were corresponding sales and exports

No immediate worry about solvency due to surge in Covid claims: Irdai chief

Irdai Chairman Subhash Chandra Khuntia talks to Subrata Panda on a range of subjects including shareholding of banks in insurance firms

Process to derive LIC's embedded value may take more than a quarter

It's a significant preparatory step for the initial public offering of the country's largest insurer

How GIC's ownership problem is keeping insurance biz from growing up

Government shareholding and preferential regulation have skewed the reinsurer's efficiency and, by extension, that of the non-life insurance industry's too

Insurer ICICI Lombard fourth quarter profit rises 23% to Rs 346 crore

The non-life insurer had posted a net profit of Rs 282 crore in the corresponding period of 2019-20.

Govt's draft proposals tie insurance FDI hike to solvency margin

Draft proposes 180% if firms with over 49% foreign stake declare dividend

Low sum insured, sub-limits give rise to partial payouts: Experts

Supplement a policy with a substantial emergency corpus

Irdai extends timeline for sale and renewal of Covid specific products

Earlier, insurance companies were allowed to offer these policies till March 31, 2021

Health insurance claim rejection: Insurers may turn more cautious

Onus may now shift to them to justify rejection after Irdai's circular

Health cover: Irdai rule gives consumers more freedom, say experts

Barring insurers from raising prices by adding benefits may also lead to better pricing: Experts

Insurance firms told not to alter health products to raise premium

Insurance companies can carry out minor modifications in their products, said Insurance Regulatory and Development Authority of India (IRDAI)

As 6 pvt insurers set to increase term plan premiums, LIC won't raise rates

While several big players had raised rates last year, following the outbreak of the Co­vid-19 pandemic, LIC did not do so and it has no plans to do it now, sources in the company said

Traditional insurance plans better for risk-averse investors, say experts

If you can stomach volatility, you can earn more from equity funds than the 5-6% these plans offer

Insurers may soon be able to launch covers without regulator nod

In 2019, there were 439 actuaries and in a year, that number has gone up by just 19

Jungle, Sequoia, others invest $46 mln in insurance distributor Turtlemint

Turtlemint, started in 2015, has a Point of Sale Persons (PoSPs) network of over 1 lakh who serve over 1.5 million customers across 5,000 locations

Non-life insurance gross premiums up 14% to Rs 15,800 cr in Feb

Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively

Comparing insurance products difficult? Opt for a standard policy

Evolved buyers with specific needs should go for comprehensive personal accident cover

Standardisation of products not against innovation, says Irdai Chairman

Irdai chairman further said that these standard products will not be frozen in time

Irdai removes curbs on dividend payout as insurers deliver better results

But, it has advised them to take a conscious call while declaring dividends for FY21, keeping in mind their capital position, solvency margin and liquidity position