Page 9 - Insurance Industry

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

RIL AGM: Jio Financial to partner foreign firms for insurance sector play

Company will offer general and health insurance products through 'seamless digital interface', says Mukesh Ambani

2.2 mn new workers including 71 transgenders enrolled under ESIC in June

The Employees' State Insurance Corporation (ESIC) added 20.27 lakh new members under the Employees State Insurance Scheme in June, the Ministry of Labour and Employment has said

Student travel insurance cover: Buy before setting off to study abroad

But ensure that your policy aligns with your foreign university's requirements

How Ankit Agrawal is building InsuranceDekho as fastest growing insurtech

InsuranceDekho was started in 2017 with a vision of democratising the Indian insurance sector by simplifying the insurance buying, selling, and claim process

Life insurers posts 4% decline in new biz premium to Rs 23,477 cr in May

The new business premium income of India's life insurance companies declined by 4.1 per cent to Rs 23,477.8 crore in May 2023, data from the Life Insurance Council showed. All 24 life insurers had a collective new business premium income of Rs 24,480.36 crore in the same month a year ago (May 2022). LIC -- the only state-owned and the largest life insurer in the country -- recorded an 11.26 per cent decline in its new business premium at Rs 14,056.29 crore during the month against Rs 15,840.63 crore a year ago, as per data released by the Insurance Regulatory and Development Authority of India. The rest 23 players in the private sector, however, witnessed their combined new business premium rise by 9.05 per cent to Rs 9,421.51 crore from Rs 8,639.72 crore in May 2022. On a cumulative basis, all 24 players registered a 15 per cent fall in new business premium income during April-May period of 2023-24 at Rs 36,043.11 crore compared to Rs 42,419.97 crore in the same period of 2022-23,

Tata Elxsi to use blockchain to monitor driver behaviour; partners Cultos

Tata Elxsi's collaboration with Cultos Global is aimed at creating an innovative Driver Reward Program