Page 4 - Insurance Industry

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

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