Page 18 - Insurance Sector

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

New York Life Insurance to invest Rs 290 cr in Max Group's realty project

New York Life Insurance Company will invest Rs 290 crore to acquire 49 per cent stake in an upcoming commercial project in Gurugram being developed by Max Group firm Max Ventures & Industries Ltd (MaxVIL). In September last year, MaxVIL's arm Max Estates Ltd acquired Acreage Builders at an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acre land at Golf Course Extension Road in Gurugram. In a statement, MaxVIL said Max Estates has completed the 100 per cent acquisition of Acreage Builders, which now has become a step-down wholly-owned subsidiary of the company. "New York Life Insurance has been onboarded as an equity investor committing Rs 290 crore in Acreage Builders," MaxVIL said. Max Estates will hold 51 per cent stake and New York Life 49 per cent stake in Acreage Builders, which has a licence to develop this commercial project. "The developable leasable area is around 1.6 million square feet with a revenue potential of Rs 160200 crore per annum," MaxVIL ...

Budget effect: About 15% premium impact on some private life insurers

On net, about 15 per cent of overall premium for these players could be under severe growth risk, leading to about 3-4 per cent hit to growth expectations

Budget 2023 wish list: Insurers seek hike in tax deduction limit

This is among the host of suggestions submitted by the sector