Page 16 - Insurance Sector

LIC drives new business premium growth in December 2023, shows data

Life insurance sector collects 44% higher premium

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

Narayana Health gets Irdai nod to launch health insurance business

The company runs one of the largest hospital chains under the brand name of Narayana Hospital

After 4 yrs of decline, insurers ramp up presence in smaller cities in FY23

According to the latest data released by the Insurance Regulatory and Development Authority of India (IRDAI), during 2022-23, the presence of life insurers rose by nearly 3.5 per cent year-on-year

Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta

The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period

Employer sponsored health insurance cost to rise 11% in 2024: Report

The report is based on responses from 223 insurers across 58 countries, analysing the key trends that are shaping the future of health care provided by employers

Insurance broking startup Finhaat raises $3 mn for business expansion

Company says technology-driven platform will improve accessibility to insurance

2023: A landmark year with new policies, regulations for life insurers

The IRDAI's flagship BIMA Trinity comprising Bima Vistaar, Bima Vahak and Bima Sugam is considered to be a key game changer for the sector

Mahindra Finance to foray into life, health, and general insurance

The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

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

Premiums of non-life insurance companies rise 7.37% in November 2023

The near 17 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units

High-value insurance policies in the slow lane after tax overhaul

The non-linked products are insurance plans which are not linked to the stock market, and therefore, their returns are not based on the performance of the market

Oriental Insurance hopes to turn profitable by end of FY24: R R Singh

The public sector non-life insurer narrowed its losses to Rs 47.12 crore in the first half of the financial year 2024 from Rs 3,586.93 crore recorded in the same period a year ago

Insurers must curb product mis-selling: Insurance Ombudsman Delhi

Insurance companies have to keep a check on incidents of mis-selling, Insurance Ombudsman Delhi region Sunita Sharma said on Monday. Stressing that customers are the king and insurers are in existence because of customers, she said companies should avoid mis-selling products. Sharma, a former LIC MD, said usually companies engage customers till the free look period and disappear after that as they cannot make a claim of mis-selling after that. Policyholders are allowed a period of at least 15 days (30 days in case of electronic policies and policies sourced through distance mode) from the date of receipt of the policy to review its terms and conditions and to return the same if not acceptable. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to redress complaints of insured persons against life and non- life insurance companies. Observing that the Self Contained Note (SCN) does not come on time from insurers, she said it is advised that these should be sent to

LIC reports Q2 net profit at Rs 7,925 crore; net premium income down 18.7%

Insurer says numbers not comparable due to change in accounting norms

Insurance surety bond issued for NHAI monetization bid of TOT Bundle 14

State-owned National Highways Authority of India (NHAI) on Friday said it has accepted first insurance surety bond for the monetization program of the upcoming bid of Toll Operate Transfer (TOT) Bundle 14 to boost liquidity and capacity of bidders. In a statement NHAI said, this will be the first time this innovative instrument is being utilized as a Bank Guarantee (BG) in the road infrastructure sector for monetization of bids. Insurance surety bonds are instruments where insurance companies act as 'surety' and provide the financial guarantee that the contractor will fulfil its obligation as per the agreed terms. The Ministry of Finance has made e-BG and Insurance Surety Bonds at par with Bank Guarantees for all government procurement. According to the statement, NHAI has been working closely with Highway Operators Association of India (HOAI), SBI General Insurance and AON India Insurance to implement this initiative. "Insurance surety bond has been issued for NHAI monetization b