Page 4 - Insurance Premium

Increase in premium amount of life insurance a big concern for customers

'Company does not keep in touch' is cited as the potential reason for customers leaving, according to 22 per cent of the people, suggests the report

LIC total premium rises 17% to Rs 2.32 trn from Rs 1.99 trn in FY23

Life Insurance Corporation (LIC) on Monday said its total premium rose 17 per cent to Rs 2.32 lakh crore during FY2022-23. The same stood at Rs 1.99 lakh crore in the year-ago period. In terms of premium collected, it continues to hold a market share of 62.58 per cent as on March 2023, LIC said in a statement. According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the April 1 withdrawal of tax exemptions for non-linked policies. LIC's premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent, it said. With regard to individual single premium, LIC witnessed a growth of 3.30 per cent and individual non-single premium grew 10 per cent, its group single premium grew 21.76 per cent to Rs 1,67,235 crore from Rs .

LIC's knock-on effect: New business premium of insurers drops 12%

New biz premiums of private insurers jumps 35% in March, aided by pick-up in sales of high-value policies

Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

February is generally one of the busiest periods for life insurance companies

Insurance policies where premium is above Rs 5 lakh no more tax exempt

'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Want a lower motor insurance premium? Watch how (often) you drive

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Your life insurer may soon be able to offer a health insurance policy too

The move is likely to reduce premiums of policies and boost access to affordable health cover

Rise in 3rd party motor premium to partially offset losses for insurers

The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report. The premium rates for third-party motor insurance have been increased from June 1. Premiums for two-wheeler insurance have risen the most -- by 12-21 per cent -- across engine capacities. For private cars, the maximum increase is 6 per cent. "The Ministry of Road Transport and Highways' move to increase the premium on third-party motor insurance after two years is a step in the right direction, but unlikely to fully offset the segment's underwriting losses," the rating agency said in the report. Third-party insurance cover is for other than own damage and is mandatory (as per the Motor Vehicles Act, 1988) to purchase along with own damage cover. Underwriting losses occur when claims are higher than the premium income of an insurance company. The last time premiums were hiked was in June 2019 and ...

3rd-party insurance premium hike for 2-wheelers may not impact demand: ICRA

The upward revision in the third-party insurance premium for two-wheelers, which has come into force from June 1, is unlikely to materially impact the demand, credit ratings agency ICRA said

Rise in third party insurance premium to impact two-wheeler industry: TVS

The automobile industry has been impacted by a series of headwinds, leading to a steady increase in two-wheeler prices, TVS Motor Company Director and CEO K N Radhakrishnan said in a statement

Bad news for vehicle owners as third party premium to be hiked from Jun

From June 1, 2022 onwards, the motor third party liability insurance premium has been jacked up by the central government despite the portfolio being hugely profitable for the insurers

Pay your health insurance premium on time and enjoy lifelong renewability

Accumulated no-claim bonus and advantage of having crossed waiting period will be lost if you fail to pay your health insurance premium on time

Life insurers' new business premiums zooms 84% in April, thanks to LIC

In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period

Hotels ask govt to restore insurance premium rates to 2018-19 level

HAI claimed that the increased premium rates put all hotels at par and do not differentiate between the quality of risk undertaken

Hotel Association of India urges govt to bring down insurance premiums

The hotel association alleged that insurance companies are not allowed to quote different rates to hotel properties based on the risk category of the insured, thereby putting all the hotels at par

Group health policies see rise in premiums in renewal cycle, shows data

There was a marginal increase of 0-5 per cent in group health insurance premiums