Page 7 - Insurance Industry

ICICI Prudential Life pays Rs 1,867 crore towards death claims in FY24

ICICI Prudential Life Insurance on Tuesday said it has settled 99.17 per cent of death claims in just 1.27 days, with the total such payout at Rs 1,867 crore in 2023-24. In a statement, ICICI Prudential Life said the company's claim settlement ratio for the June quarter of FY24 was 97.94 per cent, for the September quarter at 98.14 per cent and for the December quarter at 98.52 per cent. "The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days," it said. For the fiscal year ended in March 2024, the company paid a total of Rs 1,867 crore in death claims, it added. The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents. ICICI Prudential Life Insurance Senior Executive Vice .

SBI Life Insurance Q4 results: PAT rises 4.4% to Rs 811 cr, VNB up 9%

The value of new business (VNB) - the expected profit from new policies - rose 9.5% to 55.50 billion rupees ($666.1 million). The VNB margin contracted to 28.1% from 30.1% a year earlier

SBI General Insurance result: Net profit jumps 30.4% to Rs 240 cr in FY24

SBI General Insurance on Thursday reported a 27.6 per cent rise in net profit at Rs 240 crore for the financial year ended March 2024. The non-life subsidiary of State Bank of India had recorded a net profit of Rs 188 crore in the previous financial year. The company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of Rs 12,731 crore, registering a growth of 17 per cent over the previous year, SBI General Insurance said in a statement. The diverse product portfolio, distribution reach, brand and cost optimization has helped deliver these numbers, it said. "The retail business led by Motor and Health have shown strong growth. SBI General Insurance continues to be No. 1 in the Personal Accident segment in the private market, along with its strong presence in various lines of business including Health, Home, Crop, Commercial and Motor," it claimed. Its solvency ratio stood at 2.25, signifying its strong financial position against the minimum

HDFC Life Q4 results: Net profit up 15% at Rs 411 cr on back book gain

One of the key factors is our back book profits and our costs which have been in control, said HDFC Life Insurance MD

Good Q4, commentary perk up ICICI Lombard General Insurance stock

Investment yields could be around 8.1 per cent in FY25 rising to 8.5 per cent in FY26

Engineering insurance premium doubles in 4 years on infrastructure push

Partly aided by premium rates that up by 10-15% since FY20

Growth path: Premium of non-life insurance companies grew 12.78% in FY24

Private general insurers gain market share

Increased reinsurance capacity keeps April reinsurance renewals flat

Globally, the reinsurance contracts between primary insurers and reinsurers are renewed in January

LIC to keep offices open on March 30, 31 to facilitate tax saving

Life Insurance Corporation will keep its offices open on March 30 and March 31 to facilitate taxpayers to complete tax saving exercise before the closing of the fiscal year. LIC's measure follows the announcement by banks that their branches will remain open on Saturday and Sunday. The RBI had earlier this month directed banks to keep their designated branches open for government transactions up to the normal working hours on March 30 and March 31, 2024. In a statement, the public sector insurer said as per the advisory by the insurance regulator IRDAI, LIC has decided to extend this special measure to the policyholders. "It has been decided that the Offices under the jurisdiction of zones and divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders," LIC said in a statement.

CarDekho Group eyeing 40% consolidated growth in FY25, says Amit Jain

Autotech and financial solution provider CarDekho Group is eyeing over 40 per cent consolidated headline growth in FY25 and is on the prowl for value-accretive acquisitions, chief executive and co-founder and Shark Tank India judge Amit Jain has said. Jain who leads CarDekho and is a familiar face on the business reality series Shark Tank India told PTI in an interview that the automobile marketplace (CarDekho) has been profitable for years now and hoped that profitability at a group level would come by in FY25, after which an IPO would follow. Jain described CarDekho as a "growth story with sustainability" and said the Group expects to notch 50 per cent growth (CAGR) in the current fiscal, with businesses like InsuranceDekho (insurtech platform) and Southeast Asia Business aiding growth. The South East Asian market (Indonesia, the Philippines, and Malaysia) is yielding strong numbers, he said, adding that the company is evaluating the Middle East market (UAE and others) as the next

Natural calamities pushed disaster damages above $100 billion in 2023

In the US, homeowners are already struggling under rising insurance premiums

IRDAI approves Bima Sugam, 7 other regulations in 125th board meet

The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products

Galaxy Health gets Irdai approval to launch health insurance business

According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments

Insurance sector received Rs 54,000 crore FDI in 9 years, says DFS Secy

The government increased the permissible FDI limit from 26 per cent in 2014 to 49 per cent in 2015 and then to 74 per cent in 2021, he told PTI in an interview

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