Page 5 - Insurance Industry

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

Niva Bupa Health IPO gets 1.17 times subscription on day two of offer

The initial share sale got bids for 20,26,82,400 shares against 17,28,57,143 shares on offer, as per NSE data

Insurance industry can partner with telcos, fintechs to expand reach: LIC

State-owned life insurance behemoth LIC's chief executive and managing director Siddhartha Mohanty on Tuesday pitched for using the e-commerce and telecom network to distribute policies deep in the country. "As we are serious about 'insurance for all', we must rethink how we distribute and market insurance products," Mohanty said, speaking at an event organised by CII here. He said the current channels, including agents, brokers, and bancassurance have been effective, but fraught with its own limitations given the challenge of taking insurance to each citizen of the country. Specifically, the current models have "limitations" to taking insurance to the vast and underserved rural market, the LIC executive said, adding that the future is in opening non-traditional channels. "Collaborating with non-traditional players, such as telecom companies, fintech firms and e-commerce platforms, we can significantly increase our outreach," he said. "These organisations have unparalleled access

Irdai engaging with select insurance firms for public listing: Chairman

Irdai chairman urges large conglomerates and business houses to invest in India's insurance sector

Data leaks: Irdai directs two insurers to conduct IT systems audit

Insurance regulator Irdai has directed two insurers to carry out audits of their IT systems following concerns over the recent instances of policyholders' data leaks. The regulator is also in touch with their management to address the vulnerabilities. Without naming the insurers, the Insurance Regulatory and Development Authority of India (Irdai) said it takes data breaches very seriously and asserted that it will continue to engage with the companies to ensure that the policyholders' interests are fully protected. Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained. "There have been reports of data leaks from two Insurers recently," the regulator said. In a release, the Irdai said it is closely monitoring the situation in the case of the concerned insurers and has been in touch with their management. Regular updates are being obtained to ensure that the policyholders' data and interests are fully protected

IRR changes due to interest rates, not regulation: HDFC Life MD & CEO

She talks about the company's Q2 performance and the way forward

US casualty insurers' stocks slump as hurricane season brings losses

Insurers are expected to face catastrophe-related claims for billions of dollars from a devastating hurricane season

Surrender value norms: Life insurers begin rolling out revised bestsellers

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

Life insurance firms to discuss norms on surrender value on Sept 27 meeting

The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the new norms

Average health insurance claims size rises 11.35% YoY in FY24: ACKO Report

According to the report, men on an average claimed Rs 77,543 while women claimed Rs 69,553 (without maternity)

From perestroika to glasnost: Efforts underway to make insurance inclusive

All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry

Consider benefits, costs before agreeing to insurance policy splitting

While splitting is common in life insurance, it sometimes happens in health insurance as well

How insurance industry is adopting technology to assist customers

Artificial intelligence, data analytics help companies to improve claims processing, solve complaints

Life Insurance companies' new business premium rises 22% in August

Non-life insurers report muted growth in premiums in August

25 years of the Indian insurance industry: Here are the hits and misses

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column