Page 8 - Insurance Industry

Insurance for all by 2047: Insurers call for MF-style ad blitz & a rethink

These discussions took place at the Life Insurance CEOs panel at the Business Standard BFSI Insight Summit

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

Aditya Birla Health launches product 'Activ One' with 100% returns

Funds earned on Health Returns can be used for payment of renewal premium and other non-medical expenses, out-patient expenses, etc

Health insurance safety, adventure sport boom: Top personal finance stories

Our pick of best stories this week explains why medical claims are rejected and how Indians are seeking thrill

Mis-selling trap; air purifier basics: Top personal finance stories

Our pick this week explains when you must say no to your relationship manager and what the best purifiers do

Onsurity helping businesses insure against rising digital threats

As cyber threats escalate with internet growth, Onsurity introduces comprehensive coverage for SMEs, navigating risks and ensuring business resilience

GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used

Demand for 50-year government bond seen firm from insurance firms

Rupee and bond gain post dovish stance by FOMC

Irdai excludes retail sector of general insurance from arbitration clause

Following the amendment, the clause will only apply to commercial lines of business

Govt likely to set aside Rs 30,000 crore for PM Fasal Bima Yojna expansion

The govt plans to go beyond crop insurance to include assets such as ponds, tractors, livestock, and palm trees

24% growth in health cover premia drives non-life insurance sector

In the first half, the health insurance segment registered 18.92 per cent growth year-on-year

Israel-Hamas war: Higher shipping costs, premiums may lower export margins

Escalation of violence may impact trade volumes, say experts

Insurance companies disregarding guidelines issued by regulator: AHPI

The Association of Healthcare Providers India (AHPI) has accused insurance companies of "unfairly" rejecting claims by patients and blatantly disregarding guidelines laid down by the Insurance Regulatory and Development Authority of India. The AHPI, which is a collective of hospitals and other healthcare providers, contended that private insurance companies have formed an "alarming cartel". These companies are collectively discontinuing cashless facilities provided to hospitals, depriving patients of their right to choose treatment and healthcare providers in an arbitrary manner, the AHPI charged in a statement. The real victims in this situation, the AHPI said, are the insured patients. As claims are denied, individuals find themselves in urgent need of funds to cover mounting medical expenses, especially those seeking emergency care while private hospitals find themselves grappling with escalating costs and mounting losses due to the conduct of these insurance companies, the ...

Govt considers financial creditor status for insurers issuing surety bond

To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). The surety is a company that provides the financial guarantee to the obligee (usually a government entity) that the principal (business owner) will fulfil their obligations. According to sources, the Ministry of Corporate Affairs is looking into concerns raised by the insurers that they should have recourse to recovery on par with the banks as forwarded by the Department of Financial Services under the finance ministry. The department is examining the issue and after careful examination, relevant changes would be made in IBC to provide financial

Standalone health, private multi-line insurance players see more gains

Target prices though indicate decent upside in Star Health, and minor gains in ICICI Lombard

In a first, PSU general insurers' market share below a third of industry

For the first time, state-run general insurers account for less than a third of the industry premium at 32.5 per cent, as larger private non-life insurers have consolidated their position in the first five months of the current fiscal, according to the General Insurance Council data. Public sector insurers saw their premium income fall by 1 per cent to Rs 34,203 crore during the first five months of the current fiscal. As a result, their market share plunged to less than a third at 32.5 per cent from 33.4 per cent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore. In another first, driven by the health segment, standalone health insurers' market share also rose to double digits at 10.4 per cent during this period from 9.2 per cent. Although segment-wise data is yet to be released, standalone health insurers' performance shows higher growth in the segment. The General Insurance Council data showed that the non-life insurance sector grew by 11.7 per cent during t

Indian insurers tweak trading strategy as bond-swap spread widens

FRAs are agreements that insurers enter into with banks to lock in rates on long-dated bonds, helping them offer guaranteed returns to policyholders

Irdai approves modification on withdrawn life insurance products

The alterations are introduced to give additional benefits and flexibility to existing policyholders, ensuring they are not adversely impacted