Page 18 - Insurance Sector

Insurance sector may see further listing, M&A in coming months: Moody's

Having raised Rs 1,930 crore in FY23, the insurance sector may witness further capital transactions, including stock market listings and M&A, to improve the sector's capital adequacy and financial flexibility in the months ahead, a report said. Indian insurers' favourable growth prospects have encouraged the sector to raise capital, outweighing the adverse impact of their weak underwriting profitability, Moody's said in a report. In FY23, the sector's paid capital rose to Rs 75,300 crore from Rs 73,400 crore a year earlier, an increase of 2.6 per cent. "We expect more such transactions, as well as more merger and acquisition (M&A) deals and initial public offerings (IPOs), to improve the Indian insurance sector's capital adequacy and financial flexibility in the months ahead," it said. The report said foreign insurers would continue investing in the Indian insurance market and many foreign companies already present in the country through joint ventures could seek to increase ..

India insurance sector growth pegged at 7.1% in 2024-28: Swiss Re

The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India

Insurance sector's premium income to double by FY34 to $450 bn: Report

The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will more than double over the next decade (2024-34) from the present USD 224 billion, and insurance penetration will increase from 3.8 per cent currently to 4.5 per cent by FY34, Swiss Re Institute said in a report. The report further said over the next five years (2024-28), the total insurance premium income of domestic insurer are likely to grow 7.1 per cent annually in real terms, which is well above the global average growth of 2.4 per cent, 5.1 per cent in emerging markets and 1.7 per cent in advanced markets, the report said. The more than double of the global average growth of the domestic industry is on the back of a resilient domestic economy which will remain the fastest growing large GDP for the next five years, ..

Lower growth estimates likely to keep HDFC Life stock under pressure

HDFC Life reported Q3FY24 annual premium equivalent (APE) at Rs 3,190 crore which was more than 10 percent below consensus and down 4.5 percent Y-o-Y

Budget 2024-25: Insurers hope for tax reliefs, provisions for uncertainties

Insurers have suggested introduction of a separate tax deduction limit for life insurance, waiver of taxation on annuity and pension products

E-booking co EaseMyTrip ventures into insurance sector with new subsidiary

Online travel booking platform EaseMyTrip.com on Wednesday announced venturing into the insurance sector with the launch of its subsidiary EaseMyTrip Insurance Broker Pvt Ltd. The company termed it a "strategic move" to diversify its service portfolio and tap into the insurance market by creating a specialised product to solve customer needs. "The new venture is expected to solidify EaseMyTrip's position in the industry and cater to a Rs 7.9 trillion market with EaseMyTrip's own 20 million userbase," the company said in a regulatory filing. The company's insurance foray comes days after it made headlines for suspending flight bookings to the Maldives in the wake of diplomatic tensions between India and the island nation.

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