Page 17 - Insurance Industry

LIC sees rebound in business after months of slide due to Covid-19 crisis

With the spread of coronavirus and the subsequent lockdown imposed by the government, LIC saw its new business premium (NBP) fall 31 per cent year-on-year (YoY) in March

Irdai sets up panel to suggest insurance products related to use of drones

It also noted that drones are playing a significant role in the current Covid-19 situation, assisting various authorities in several activities

Planning to take a health insurance? Buy now to meet future needs

Insurers will have to approve claims after the policy is eight years old

Out-of-pocket expenses set to fall for policyholders after new Irdai rules

Now insures have to define the associate medical expenses which will be deducted proportionately if a person opts for a higher room category than the category that is eligible

Irdai asks insurers, TPAs to disclose infra details of hospitals in network

Insurers and TPAs have been asked to provide details of medical infrastructure of hospitals

Term insurance: Premium rates lower at younger age, don't change thereafter

As your liabilities increase, you will not have to augment your cover at a later date

Letter to BS: Long journey ahead for reforms in neglected agro sector

We would see the genesis of farm area cooperatives that would not only help evolve improved and scientific farm management techniques but also significantly reduce the cost of enabling inputs

Finance Ministry, LIC start contact tracing to assess Covid-19 aid

At 2.7%, life insurance penetration in India is lower than Western & Asian peers

Covid-19 impact: Motor, health segments see decline in March premiums

The motor and health segments led the decline in premiums for the industry as the month saw premium fall by 9 per cent.

Policy change doesn't impact continuity

The apex court noted that there was continuous insurance coverage since 2007 and there was no evidence to show that the ailment was pre-existing

HDFC Life reports 17% decline in pre-tax profit to Rs 284.47 cr in Q4

Net profit also declined 14% on account of loss in investment income and higher provisions.

Quick approval, grace period: Medical insurance process eased amid Covid-19

Use instalments to increase cover; benefit from quick approvals

Investors' high expectations raise risk for stocks of general insurers

Benefits of lower claims could get offset by subdued premium collection and fixed costs

Covid-19: Life insurers to bite short-term bullet for future growth

Covid-19 is expected to result in improved awareness and importance about life insurance as a risk cover

Non-Life insurers' underwriting losses rise on higher claims, competition

Intense competition, frequency of catastrophes and higher claims are some of the reasons behind the losses.

Insurers see rise in health claims; lockdown reduces motor segment demands

Fewer claims are supposed to improve the insurers' loss ratio in the motor segment, but the industry is divided on this

BS insurance roundtable: Focus must be on underwriting profit, say experts

CEOs of leading non-life insurance companies discuss innovation, impact of technology, and reducing the industry's reliance on investment gains

A snapshot: Insurance sector has undergone a sea change, but issues remain

Business Standard brings you a snapshot of the Indian insurance industry

Insured deposits constitute 28.1% of assessable deposit base at March-end

As of 2018-19, the premium collected from member banks was Rs 12,040 crore, of which commercial banks contributed 93 per cent while cooperative banks accounted for the remaining 7 per cent

PSU general insurance companies seek capital infusion prior to merger

According to rough estimates, the need is at least Rs 2,000-3,000 crore in each of the companies, the total collective requirement is close to Rs 12,000-13,000 crore