Page 7 - Insurance Industry

Acko appoints Animesh Das as CEO, elevates Sanjeev Srinivasan to board role

Das was chief underwriting officer in the company

Tripura CM launches Rs 5 lakh health insurance scheme for 415,000 families

Tripura Chief Minister Manik Saha on Thursday launched a universal health insurance scheme under which 4.15 lakh families in the northeastern state will get an insurance coverage of Rs 5 lakh. Under the Chief Minister's Jan Arogya Yojana (CM-JAY) 4.15 lakh families including government employees who are not covered under PM-JAY will get the benefit of health insurance coverage of Rs 5 lakh each. "People become helpless when medical emergency emerges. Many people who are not covered under PM-JAY visit me with a plea for financial assistance to meet exorbitant medical expenditure. It has become a constraint for me to help all these people. This has led me to think of an alternative arrangement for those people who need help for treatment", Saha said while launching the CM-JAY. "It is indeed a historic moment for the state that we are rolling out CM-JAY to help the people with a healing touch to those who need assistance from the government. Under the scheme, each enrolled family will

Underwrite disruptions to boost mkt penetration: Irdai chief to insurers

Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday. The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here. "There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a

Lack of full Bench takes a toll on SAT's functioning and efficiency

Industry players fear that if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation

LIC's VNB margin growth higher than private life insurers in Q3 FY24

VNB is a measure of the economic value of the profits expected to emerge from new business. VNB margin is the profit margin of the companies

New India Assurance Q3FY24 results: Net profit falls 4.38% to Rs 715 crore

The company had posted a loss of nearly Rs 200 crore in the second quarter of FY24

Parliamentary panel for introduction of composite licence for insurers

A parliamentary panel on Tuesday suggested the introduction of composite licence for an insurer to undertake life, general, or health insurance under one entity to increase penetration of insurance in the country. The panel headed by BJP leader Jayant Sinha suggested the government to introduce a provision of composite licensing for insurance companies and make the related amendment in legislation at the earliest. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India, composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. The panel also suggested a reduction in the GST rate on insurance products, especially health and term insurance, which is 18 per cent at present. The high rate of Goods and Services Tax (GST) results in a high premium burden, which acts as a deterrent to getting insurance policies. The committee, with a view to making insurance more affordable, .

Temasek Holdings exits PB Fintech, sells entire 5.4% stake for Rs 2,425 cr

Singaporean sovereign wealth fund Temasek Holdings on Thursday sold its entire 5.42 per cent stake in Policybazaar's parent firm PB Fintech for Rs 2,425 crore through open market transactions. Temasek Holdings' wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE. According to the block deal data, Claymore Investments (Mauritius) Pte offloaded a total of 2,44,30,015 shares, representing a 5.42 per cent stake in PB Fintech. The shares were disposed of at an average price of Rs 992.8 apiece, taking the combined deal value to Rs 2,425.41 crore. Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches. The stock of PB Fintech fell 0.59 per cent to close at Rs 996.90 apiece on the BSE. PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates online insurance aggregator Policybazaar and credit ..

Star Health Insurance Q3 results: Net profit rises 37.5% to Rs 289.55 cr

The net commission of the health insurer dropped 13.11 per cent (Y-o-Y) to Rs 349.85 crore from Rs 402.64 crore

SBI Life Insurance posts weaker new business margin for April-Dec

Value for new business (VNB) - the expected profit from new policies - rose 11% to 40.40 billion rupees ($486 million), the company said, although margins contracted to 28.1% from 29.6% a year earlier

Statsguru: How the insurance industry is becoming a two-speed sector

Insurance penetration is the value of the premiums relative to gross domestic product. Life insurance penetration declined in 2022-23 (FY23)

Casual labourers in BRO projects to be covered under term insurance

Defence Minister Rajnath Singh has approved a proposal to roll out a term insurance scheme for casual paid labourers engaged by the Border Roads Organisation (BRO) for various infrastructure projects. Under the scheme, a sum of Rs 10 lakh will be given to the next of kin in case of death of a labourer during project works, according to the defence ministry. "Defence Minister Rajnath Singh has approved a proposal to launch a group (term) insurance scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation/General Reserve Engineer Force for the ongoing project works," it said in a statement on Saturday. "This scheme will provide the insured value of Rs 10 lakh as an insurance in any kind of death to CPLs family/next of kin," it said. The ministry said the scheme will serve as a social security and welfare measure to the CPLs working in remote and far-flung areas of the nation. "Keeping in view the severe risk posed to the lives of CPLs posted in hazardous work-site

HDFC Life Q3 results: Profit rises 16% on higher investment income

The insurer's profit after tax rose to 365 crore rupees ($44.02 million) for the three months ended Dec. 31 from 315 crore rupees a year earlier

Premiums of non-life insurance companies rise 14.74% YoY in Dec 2023

In terms of the market share, the public-sector general insurers stood at 31.76 per cent of the overall insurance industry in December 2023 as against 33.16 per cent in December 2022

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

India's 95% population uninsured, 73% lack health coverage: Report

As much as 95 per cent of the country's population is uninsured despite the government and the insurance regulator's efforts to expand coverage, National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration. Panda said a compulsory natural calamity insurance in high-risk regions -- as recommended in the report -- is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic. According to the report, 95 per cent of the country's population of 144 crore is uncovered. The high prevalence of lack of insurance coverage assumes importance in the light of the increase in the number of natural calamities and other climate-related disasters to hit the country. Further, it said 84 per cent people from low- and middle-income categor

Irdai's diktat on surrender value weighs on life insurance stocks

According to the H1FY24 earnings, the share of Non-Par in Individual Annualised Premium Equivalent (APE) of LIC stood at 10.76 per cent

IRDAI release draft for increasing surrender value of non-par products

The insurance regulator has proposed a high surrender value on non-participating insurance products

IRDAI aims to move towards RBC model, IFRS by 2025, says chairman

The Chairman also said that Indian insurers are converging towards the IFRS Accounting system by implementing the IND-AS

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover