Page 22 - Insurance Sector

Govt plans to revamp crop cover scheme PMFBY to woo more insurers

Amid reports of some insurance companies making profits in the government's flagship crop cover scheme PMFBY, the Centre is planning to revamp the programme to rationalise premium rate and encourage participation of more insurers. The likely key changes to the scheme will be implemented from 2023-24 crop year (July-June) after the cabinet approval, according to sources. The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops. The difference between premium and the rate of insurance charges payable by farmers is shared equally by the Centre and states. The scheme was last revamped in 2020 to enable voluntary ...

Use technology to make insurance affordable, says Irdai chairman Panda

Panda also nudged the industry to come out with solutions that are pocket-friendly

Irdai's commission cap move: General insurers get operational flexibility

Mid-to-smaller life companies and standalone health insurers could face near term pressure

Irdai eases firm registration process from 8 to 2 months: Chairman

"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said

Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar

High claims for Covid-19 a challenge for the industry, says the senior executive

Can the new Irdai chief bring in much-awaited reforms in insurance sector?

For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass

Retail protection demand should come back in H2 of FY23: HDFC Life MD & CEO

Vibha Padalkar talks about the company's performance in Q1 and its growth plans going forward

ADIA to invest Rs 665 cr in Aditya Birla Health Insurance for 9.99% stake

The transaction values the company at Rs 6,650 crore

Over next few quarters, Axis Bank will increase stake: Max Life CEO

'The value of new business (VNB) grew 23 per cent - this means we improved our margins and our total assets under management grew 14 per cent'

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Compensation to blame: Amendments to strengthen law on industrial accidents

Proposed amendments to the Public Liability Insurance Act may end the high level of non-compliance among companies

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Planning to buy an insurance policy? Here is what you need to know

There are three main components of an insurance policy: premium, sum assured and deductibles

Protection segment to be 22-25% of our product mix: ICICI Pru CEO

This is because this segment is expected to have high demand, given the under-penetration and the pandemic-induced awareness among consumers

ADIA eyeing minority stake in Aditya Birla's health insurance arm: Report

The discussions for ADIA taking a minority stake in Aditya Birla Health Insurance Co Ltd are ongoing and expected to gain pace in the coming weeks

City Union Bank, Shriram Gen Insurance tie up for distribution of products

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers

Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

NICL picks Cognizant for accelerating, managing its digital transformation

NICL is one of India's leading public sector general insurance companies

Don't stipulate solvency ratio for public sector general insurers: FinMin

Department of Financial Services under the Ministry of Finance requested other Ministries not to include solvency ratio as a criterion for participation of public sector general insurers in tenders