Page 4 - Insurance Industry

We should be third-largest listed pvt insurer in 3 yrs: Prashant Tripathy

Axis Max Life Insurance managing director and chief executive officer talks about the company's strategy for 2025-26

Non-life insurers post 13.5% premium growth to Rs 33,688 cr in April

Gross direct premium underwritten by non-life insurers rose 13.5 per cent YoY in April to Rs 33,688 crore, led by growth in general and standalone health insurance

Go Digit Q4 results: Net profit more than doubles to Rs 116 crore

For the full financial year 2024-25, the company's profit after tax surged by 133.5 per cent to Rs 425 crore, compared to Rs 182 crore in FY24

LIC rejects USTR's claim of having unfair advantage as state-owned firm

Sovereign guarantee has never been used as a marketing tool for policies, says company

100% FDI in insurance a step forward, but safeguards unclear: USTR report

These safeguards include requirements such as a majority of board members being resident Indians and higher solvency requirements for foreign-invested insurers domiciled outside India

IPL sum insured drops significantly due to steep rise in premiums

In 2024, the total insurance cover taken against the IPL was Rs 10,000 crore. Broadcasters, organisers, franchises, and sponsors had taken insurance for Rs 6,000 crore

Terrorism insurance premiums likely to fall up to 15% from April 1

The maximum limit of indemnity for insurance of sabotage and terrorism risk is decided by the pool underwriting committee, where the initial capacity was Rs 200 crore per location

Near-term pricing, growth worries for general insurance companies

In February 2025, the gross direct premium income (GDPI) for general insurers dropped 2.8 per cent year-on-year (Y-o-Y)

Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief

Irdai under Panda moved to principle-based regulation from rule-based regulation

After HDFC Life, insurers brace for Rs 5,500 cr GST demands amid scrutiny

GST Adjudicating Authority upheld a tax demand of Rs 2,400 crore against HDFC Life Insurance, which could set a precedence for others in the insurance industry

Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers

After multiple delays, Phase-I of Amazon-like one-step digital platform may be launched in mid-2025

Life insurance new business premiums fall 8.15% to Rs 30,825 cr in Jan

According to data published by the Life Insurance Council, LIC's premium dropped 13.89 per cent Y-o-Y to Rs 16,292.67 crore

100% FDI in insurance sector to woo more foreign players: Moody's

Increasing foreign investment limit in the insurance sector to 100 per cent from 74 per cent is likely to attract more global players in the growing Indian insurance market, Moody's Ratings said on Tuesday. Additionally, strong premium growth is expected to boost profitability of the sector. Currently, many foreign insurers are present in the country through joint ventures and could seek to increase their ownership stakes in their Indian affiliates following this change in regulation. "We view foreign investment as credit positive because it increases product innovation. The presence of foreign stakeholders also brings benefits in the areas of capital adequacy, financial flexibility and governance standards," Moody's Ratings said in a statement. Presenting Budget 2025-26, Finance Minister Nirmala Sitharaman proposed to raise the foreign investment limit to 100 per cent from 74 per cent in the insurance sector as part of new-generation financial sector reforms. Moreover, Moody's ..

Insurers push for more hedging tools from regulator to boost strategies

Currently, the regulatory norms do not permit insurers to use instruments like options to manage equity-market risks

Insurers to double down on technology, rural expansion for growth in 2025

Industry will also focus on strengthening distribution networks and human capital

Non-life insurers expecting to register double-digit growth in 2025

Despite flat general insurance penetration in the country, the non-life insurers are expecting to register double-digit growth in 2025 with a conducive regulatory environment and launch of innovative products catering to specific customer needs, stakeholders said on Thursday. The industry is also expected to meet this expectation if it receives a favourable outcome on GST relief and a revisit of motor third-party rates, a top private insurer said. "While health insurance will continue to drive growth in the coming years, there will likely be significant expansion in non-motor and non-health segments, such as pet insurance, liability, professional indemnity, and housing insurance," Future Generali India Insurance Company Ltd managing director & CEO Anup Rau said. The industry estimates a 14 per cent annual growth rate and is expected will witness significant developments as the sector "emerges as a true partner in progress, integrating digital fabric, delivering hyper-personalised .

Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai

Health insurers disallowed claims worth Rs 15,100 crore or 12.9 per cent of the total claims filed during fiscal 2023-24, according to data released by regulator Irdai. Of the total Rs 1.17 lakh crore claims under health insurance of general as well as standalone health insurers, only Rs 83,493.17 crore or 71.29 per cent were paid during the year ending March 2024. Further, insurers repudiated claims amounting to Rs 10,937.18 crore (9.34 per cent) while outstanding claims totalled Rs 7,584.57 crore (6.48 per cent), said the annual report 2023-24 of Insurance Regulatory and Development Authority of India (Irdai). There were about 3.26 crore health insurance claims during 2023-24 with insurers, of which 2.69 crore (82.46 per cent) claims were settled. Irdai said the average amount paid per claim was Rs 31,086. In terms of number of claims settled, 72 per cent of the claims were settled through TPAs and the balance 28 per cent of the claims were settled through in-house mechanism. I

PM Narendra Modi launches LIC's 'Bima Sakhi Yojana' to empower women

LIC's Bima Sakhi Yojana to enrol 100,000 women in 12 months

IPRU Edge drives ICICI Prudential's agent productivity by 37% in H1FY25

Nearly 61 per cent of the life insurer's top-tier advisors are now active users of the stack

BS BFSI Summit: Insurers hope amendment Bill will drive customer engagement

The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday