Page 16 - Insurance Sector

BS BFSI Summit: General Insurance sector eyeing 1.5% penetration by 2030

In the past two decades, the industry grew at a rate of over 16 per cent despite seeing correction in prices

BS BFSI Summit 2023: 'Technology creating watershed moment in insurance'

IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies

SBI Life Insurance Q2 net profit stays flat amid rise in expenses

The net premium income of the insurer jumped by 21.68 per cent to Rs 20,049.66 crore from Rs 16,477.26 crore, as compared to the corresponding period last year

SBI Life Insurance Q2 PAT flat at Rs 380 crore as higher expenses weigh

Net premium income rose 21.7% to Rs 20,050 crore from Rs 16,477 crore, while expenses surged 22.1%, mainly due to higher commissions and rewards during the quarter

True North to sell 20% stake worth $325 million in Niva Bupa Insurance

Niva Bupa, a joint venture between British United Provident Association (Bupa) and India's True North, offers health insurance through more than 20 bank partners

Finance ministry seeks applications for post of whole time member Irdai

The finance ministry has invited applications for the post of Whole Time Member (Distribution) at insurance regulator Irdai. The applicant should preferably have at least 25 years of experience in the relevant area with a minimum of three years experience at a senior level, the Department of Financial Services said in an advertisement. The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies, it said. The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024, and the applicant's age should not exceed 60 years on the said date. The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act. No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added. Currently,

UK, India agree pensions and insurance partnership, says British FM

Britain and India have agreed to launch partnership to boost cross-market investment by insurance and pension sectors, Britain's finance ministry said

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

RenewBuy raises $40 mn from Japanese insurance major Dai-ichi Life Holdings

InsurTech firm RenewBuy on Thursday said it has raised USD 40 million (around Rs 332 crore) in a funding round from Japanese insurance major Dai-ichi Life Holdings Inc. It is part of the company's ongoing Series D fund raise, which is attracting interest from several marquee investors and is expected to close soon, RenewBuy said in a statement. RenewBuy's technology is used by more than 1,00,000 advisors across life, health and motor insurance firms to compare product features and prices before issuing policies on the spot, it said. The company works with more than 40 insurers and has more than 5 million consumers, it added.

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

Insurance firm expected to act in fair manner, not for own profits: SC

An insurance company is expected to act in a bonafide and fair manner with its client and not just care for and cater to its own profits, the Supreme Court has said. A bench of justices A S Bopanna and Sanjay Kumar, in a verdict on a plea by an insuree company, said it is the fundamental principle of insurance law that utmost good faith must be observed by the contracting parties. The top court said it is the duty of the insured and the insurance company to disclose all material facts within their knowledge. "Having undertaken to indemnify an insured against possible loss in specified situations, an insurance company is expected to make good on its promise in a bonafide and fair manner and not just care for and cater to its own profits," the bench said. The observations came while deciding a plea by Isnar Aqua Farms against an order of the National Consumer Disputes Redressal Commission (NCDRC) which directed the insurance firm United India Insurance Co. Ltd to pay Rs 30.69 lakh to

Revolutionising the insurance sector: One SaaS solution at a time

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General insurers' premium grew by18.3% in July to Rs 23,259 crore

Stand-alone health insurers reported a growth of 24 per cent to Rs 2,665 crore in July, and a 25.8 per cent rise to Rs 9,322 crore in the first four months

Exclusion clauses must be communicated

The National Commission held there was no evidence to show that Veena had been served the terms and conditions governing the policy

Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons. Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group. The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of

India considers rule changes to bolster $731 billion insurance sector

Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors

Go Digit Life Insurance gets Irdai nod to carry life insurance business

Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26. "Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said. Go Digit General Insurance is also proposing to come out with an IPO and has already filed papers with markets regulator Sebi.

RBI order insures gains for HDFC Life stock; analysts see up to 83% upside

RBI's permission to increase stake in subsidiaries puts an end to the overhang on the stock, said Motilal Oswal in a note

Irdai names LIC, GIC as 'domestic systemically important' insurers

These were the same institutions that were identified as DSII in 2021-22

Digit Insurance re-files IPO papers after addressing regulator concerns

India's Go Digit Insurance has re-filed draft papers for a $440 million initial public offering (IPO) after addressing the market regulator's concerns related to the company's employee stock plans