Page 17 - Insurance Sector

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

A year of reforms for insurance sector under Irdai's Debasish Panda

Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions

How wholelife plans can help transfer tax-free wealth to next generation

The policies provide cover till age 90-100 years; if payout comes as death benefit, it will be tax-free in the hands of nominees

Bharti AXA-Unity Bank in bancassurance tie-up to tap 1.5 mn customers

Through this alliance, Bharti AXA Life's entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to the customers across 17 states

More insurance players required for diverse needs of citizens: Irdai chief

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

60% private insurers register significant rise in fraud: Deloitte survey

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .

Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi

In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak

Round table: Changes to Insurance Act a redefining moment, say experts

Covid has been a defining moment for the industry; the industry has paid out Rs 25,000 crore in claims, it has led to an important change by converting insurance from a push product to a pull product

Covid was the moment of truth for the life insurance industry: Experts

On the part of Irdai, they have relaxed capital requirements in certain lines of business

A new dawn for insurance industry: Irdai looks to make sector attractive

Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture