Page 23 - Insurance Sector

Tata subsidiary joins insurance consortium to provide cover to Air India

Tata AIG will be part of the $12-billion insurance package for A-I

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

Life insurers eye double-digit growth as Covid-19 pandemic pain eases

The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)

Port your insurance policy to cover home care, consumables: Experts

Around 54 per cent customers in tier 1 cities, 18 per cent in tier 2 cities, and 28 per cent in tier 3 cities ported to a higher health cover

91% people consider purchasing life insurance necessary: Survey

Most people in the country consider purchasing life insurance a necessity but only 70 per cent are willing to invest in the same, according to a survey conducted by the Life Insurance Council (LIC).

We will be looking at surety bonds biz: Bajaj Allianz General Insurance CEO

Overall Covid claims constituted 20 percentage points (ppt) of the claim ratio movement, said Singhel

Govt may review timing of LIC IPO amid Ukraine crisis: FM Sitharaman

'If global considerations warrant that I need to look at it (LIC IPO), I wouldn't mind looking at it again,' says FM

Profits of insurers, manufacturing firms cannot be compared, says LIC chief

LIC Chairman M R Kumar on Monday said profits of insurance companies cannot be compared with that of manufacturing companies as dynamics of the businesses are different.

LIC wants to remain IDBI Bank shareholder for bancassurance gain: Chairman

Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank's customers and others through the branch network

Govt to soon decide on giving additional charge of New India Assurance CMD

Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments

LIC's business plan change after IPO a threat to private firms: Report

According to an analysis of its initial public offer (IPO) filings by Swiss brokerage Credit Suisse, SBI Life, ICICI Prudential, HDFC Life and Max Life will face the maximum impact of the LIC move

LIC's looming mega IPO weighs on other insurers' stocks, say investors

The flotation, potentially raising $8 billion, likely will continue to drag on LIC's competitors for about a year and could spread to other sectors: Analysts

BSE Ebix, LIC join hands for distribution of insurance products

'Under this agreement, BSE Ebix will offer their clients insurance products offered by LIC such as Life and Health, using its omni-channel digital presence'

LIC sits on over Rs 21,500-cr unclaimed funds, shows DRHP

State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator Sebi

More capital support to IDBI Bank may have adverse impact on LIC: DRHP

LIC had infused Rs 4,743 crore into IDBI Bank on October 23, 2019 using policyholders' funds while the bank further raised Rs 1,435.1 crore in Dec. 2020 by way of a qualified institutional placement

Inflated claim can lead to zero compensation

The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim

Max Life Insurance's death claim settlement at 99.35% in 2020-21

Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.

Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3

In Q3 of FY22, insurers earned NBP to the tune of Rs 73,249.97 crore

Life insurers' new biz premium income nearly flat at Rs 24,466 cr in Dec

The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020

Irdai to set up two hubs on motor insurance and property insurance

The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry