Page 3 - Insurance Industry

Irdai imposes ₹5 crore penalty on Policybazaar for violating norms

Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days

Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD

Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push

Star Health's Q1 FY26 results: Net profit down 17.7% to ₹262.5 crore

Star Health & Allied Insurance reports a 17.7% YoY decline in Q1 FY26 profit, but a 44% rise in profit as per IFRS. Gross Written Premium (GWP) grows by 13% YoY, with a 25% increase in retail premiums

DFS Secy Nagaraju seeks insurance brokers' help to boost coverage in India

M Nagaraju calls on insurance brokers to play a key role in raising awareness and boosting insurance penetration, particularly in rural areas and underserved sectors

Irdai's Tripathy cautions against practices by brokers to boost valuation

IRDAI's Satyajit Tripathy highlights the need for sustainable growth in the insurance broking industry, cautioning against practices that may harm the sector in the long run

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal

Entry of new players likely to intensify competition in reinsurance segment

New private players, including Valueattics Re, Jio Financial Services & Allianz are set to increase competition in India's reinsurance sector. However, experts believe GIC Re's position remains robust

Home insurance: Ensure policy covers calamities, pays reconstruction cost

Disclose all extensions, additional structures at the time of purchase

Don't expect material change in bancassurance regulations: Vibha Padalkar

Vibha Padalkar discusses Q1 margins, policy trends, product mix and regulations

ICICI Lombard Q1FY26 results: Net profit rises 29% to ₹747 crore

ICICI Lombard reports 29% YoY rise in Q1FY26 net profit to ₹747 crore, driven by premium and investment income growth. GDPI up 0.6% YoY, while health segment sees strong retail growth

R Doraiswamy takes charge as LIC's MD & CEO for a three-year term

R Doraiswamy, a LIC veteran with over 39 years' experience, has been appointed MD & CEO for three years as the insurer sees a major reshuffle in its top management

Finance ministry seeks Claims portal control from health ministry

The department of financial services, under the ministry of finance has sought the Prime Minister's Office (PMO) regarding the same

Central Bank partnership to boost bancassurance: FGILI MD & CEO Alok Rungta

Alok Rungta, managing director and chief executive officer, FGILI, talks about the impact of the bancassurance channel and the company's growth strategies

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance

Irdai flags issues at 8 insurers over health master circular norms

Regulator begins phased inspections of health insurers; issues linked to claims settlement and compliance with the new Health Insurance Master Circular

GIC Re will keep a provision of around ₹200 cr for Air India tragedy: CMD

**Strap:** Narayanan says GIC Re's exposure is limited; aviation and regional premiums may face upward pressure

Air India crash may trigger insurance claims worth around $475 million

Insurance premiums across the aviation industry are expected to rise in India, either now or at the time of policy renewals, according to people familiar with the matter

US insurers to more than double AI investment in 3-5 years: Wipro report

Most US insurers plan to raise AI share in IT budgets from 8 to 20 per cent over 3 to 5 years as they integrate AI into underwriting, compliance and customer services

Protean eGov Tech bags order worth ₹100 cr from Bima Sugam Marketplace

Protean will serve as the Technology Solution Provider for Bima Sugam, handling full development, integration, and maintenance of the digital insurance marketplace

BimaPay targets Rs 5,000 cr corporate insurance premium financing by FY30

The company will cover all sectors including IT, logistics, healthcare, manufacturing and more, offering products such as group medical, fire and group personal accident insurance