Page 3 - Insurance Industry

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

Travel insurance: Choose sum insured based on health, age and trip type

Longer trips, adventure activities and remote destinations require higher coverage; policy sub-limits, pre-existing conditions and travel risks must be factored in

General insurers launch ₹120-cr campaign to raise insurance awareness

With penetration slipping to 3.7% in FY24, general insurers roll out "Acha Kiya Insurance Liya" campaign modelled on mutual fund success to drive awareness

Reliance General Insurance net profit rises 12.5% to Rs 315 cr in FY25

Reliance General Insurance, an arm of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), reported 12.5 per cent growth in net profit to Rs 315 crore for the financial year ended in March 2025. Gross Direct Premium (GDP) of the company rose to Rs 12,548 crore, an increase of 7.4 per cent over the last financial year, outpacing general insurance industry growth of 5.2 per cent. Net worth of the company also witnessed 10.2 per cent improvement to Rs 3,429 crore in FY25, Reliance General Insurance said in a statement. IIHL, which acquired Reliance Capital through the insolvency process in March this year, infused Rs 100 crore in May 2025 in the general insurance company reinforcing its financial strength and growth momentum. The company, which faced strong headwinds being under the Insolvency and Bankruptcy Code (IBC) for nearly three years, has been acquired by Hinduja-backed IIHL. To resurrect the position of the company, the new promoter infused capita

Bharti AXA Life Insurance plans to break even by FY27: MD & CEO Parag Raja

Parag Raja outlines the 5-year roadmap of Bharti AXA Life Insurance

We are constantly growing despite industry stagnation: Shriram Life MD, CEO

Our focus is on families in the lower segment, or those families which have a family income in the ₹5-₹15 lakh range only. This segment needs life insurance the most, said Shriram Life MD, CEO