Page 12 - Insurance Sector

30-day free-look period for insurance policies: How to use this effectively

The free-look period has been increased from 15 days to 30 days for new policies issued after April 1, 2024

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

GIC Re Q4FY24 results: Net profit increases 3% to Rs 2,642.48 crore

For FY24, net profit came in at Rs 6,497.30 crore, up 2.9 per cent over the net profit of Rs 6,312.50 crore recorded in the same period last fiscal

Go Digit debuts on a quiet note; lists at 5% premium to issue price

Post listing, the Go Digit stock touched a high of Rs 294.75, commanding a 8 per cent premium to its issue price of Rs 272 per share on the NSE.

Zero electricity bill, tax tweaks: Govt's 100-day agenda, budget wish list

From a long-term perspective, however, the focus, Mirae Asset said, would be on infrastructure development, farm laws, skill development, and creating employment

Expect significant growth from insurance income in FY25: City Union Bank MD

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore

Indian senior living market has potential to touch $12 bn by 2030: Report

Rise in median age and ageing population to fuel increase in demand for senior housing

Irdai asks insurers to compulsorily meet rural, social sector obligations

With the objective to meet insurance for all by 2047, the sector regulator Irdai on Friday issued a master circular directing life and non-life players to do a certain percentage of business compulsorily towards meeting rural, social sector and motor third-party obligations. All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said. The Life Insurance Council, in consultation with the Ministry of Panchayati Raj, will identify gram panchayat for fulfilling rural sector obligations, it added. Upon identification of gram panchayats, the council should indicate the minimum number to be allocated to each insurer based on mutually agreed parameters, such as market share or any other parameter, it said. After the finalisation of the first gram panchayat for each insurer, the council should share the list with the Insurance Regulatory and Development Authority of

Go Digit General Insurance IPO price band set at Rs 258-Rs 272 per share

Offer opens on May 15, closes on May 17

Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

According to recent general insurance council data, the company had a gross written premium (GWP) of Rs 7,941.1 cr in FY24

BoFA, CLSA, Motilal Oswal: Why are these brokerages bullish on Star Health?

In the quarter-ending March (Q4FY24) results, Star Health's net profit jumped 40 per cent to Rs 142.3 crore, as against Rs 101.8 crore in the same quarter a year ago

Hesitant health insurers get a regulatory prod to expand coverage

Until recently, Indian insurers hesitated to offer new health insurance products, resulting in its low uptake. Recent Irdai relaxation targets this laggard retail business

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

ICICI Pru Life Q4 results: Net profit drops 26% to Rs 173.76 crore

The management said that the change in commission structure led to the increase in expenses

Professional Indemnity Insurance: All you need to know

Professional Indemnity Insurance safeguards professionals and businesses from financial liabilities arising from errors or omissions in their services

Pricing key challenge for health insurance of older citizens: Experts

Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years

Centre plans to extend PMSBY claims deadline for informal workers

Between August 2021 and March 2022, close to 270 million workers had registered on the e-Shram portal

Life insurers log 15.6% growth in new biz premium in March, shows data

In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24

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