Page 24 - Insurance Sector

Three private life insurers increase term plan rates by 10-30%

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.

Insurer must pay claim in auto-cover period

Since the insured had died on January 12, 2015, well within the auto-cover period, the National Commission held the claim to be payable

Surge in Covid-19 cases leaves non-life insurers on tenterhooks

In FY21, non-life insurers had settled 849,034 claims amounting to Rs 7,833 crore

HSBC wins regulatory nod to take over insurance business in China

HSBC will buy the remaining 50% stake in HSBC Life China from The National Trust Ltd

Irdai directs Go Digit to withdraw product offering life insurance benefits

The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media

LIC, GIC Re and New India systemically important insurers: Irdai

Life Insurance Corporation of India; General Insurance Corporation of India; and New India Assurance Co. Ltd, are in the list of D-SIIs for the year 2021-22, it said

Incurred claims of standalone health insurers grow at slower pace in FY21

The incurred claims of the overall general insurers too grew at a lower rate of 2.92 per cent compared to 7.26 per cent during financial year 2019-20

Insurance Gazette: Need to retain the learnings and transform further

Industry leaders speak about the challenges the industry has faced over the past year, fintech, and how the pandemic is shaping consumer behaviour

Insurance Gazette: What lies ahead of insurers in post-pandemic world

Having emerged from the pandemic largely unscathed, the sector is set to benefit from an unprecedented pick-up in demand. Where it goes from here, however, depends on its ability to innovate

Insurance Gazette: Some discipline is needed in the healthcare ecosystem

Industry leaders speak about the learnings over the past year and the opportunities for progress that the pandemic has provided

Deposit insurance reforms to instil confidence in people on banking: PM

At Vigyan Bhawan, the Prime Minister said banks play an important role in the progress of any nation

Bank deposit insurance cover upped to Rs 5 lakh, refund in 90 days: Goyal

The amount has to be refunded to the depositor within 90 days

3 reasons why analysts expect SBI Life to outperform peers

SBI Life is the best play to ride the upturn in the insurance sector, analysts say

LIC Mutual Fund looks to take cumulative AUM to Rs 25,000 cr by March

It hopes to double its recently launched equity fund to Rs 2,000 crore by the end of December and close the fiscal year

Term insurance plan premiums may go up by 20% in December-January

Price hike could hold good in medium term, but unlikely to impact demand

GIC Re witnesses over four-fold jump in net profit to Rs 1,010 crore

The company on Wednesday reported an over four-fold jump in its net profit

Ola Financial Services to expand insurance business internationally

Ola Financial Services (OFS) -- a subsidiary of Ola -- is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets. Ola's parent company ANI Technologies said OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand. "OFS successfully managed to control its risk and limit its exposure to the worsening credit environment by taking proactive steps to reduce risk," ANI Technologies said in a regulatory document filed with the Registrar of Companies (RoC). OFS launched a slew of new products and capabilities in both the lending and insurance businesses and further deepened its partnerships with the leading merchants in the ecosystem, it added. Ola did not respond to emailed queries. "OFS will be expanding the insurance business ...

Insurance claim to be rejected if lapsed on premium not paid: SC

An insurance claim can be rejected if the policy has lapsed on account of non-payment of premium, said the Supreme Court which stressed that the terms of an insurance policy have to be strictly interpreted. The apex court observation came while setting aside an order of the National Consumer Disputes Redressal Commission (NCDRC) that ordered additional compensation in a road accident case. A bench of Justices Sanjiv Khanna and Bela M Trivedi said it is a well-settled legal position that in a contract of insurance there is a requirement of Uberrima fides i.e. good faith on the part of the insured. "It is clear that the terms of insurance policy have to be strictly construed, and it is not permissible to rewrite the contract while interpreting the terms of the policy," the bench said. The top court was hearing an appeal filed by the Life Insurance Corporation (LIC) against the judgement of the NCDRC that had set aside the order passed by the State Commission. In the case, the woman'

Digit insurance clocks $400 mn in annual premiums, served 20 mn customers

In the wake of the pandemic, the company's group health business grew by 11 times to Rs 170 crore.

Insurers' Covid-related health claims outgo falls 35% in July-Sept quarter

Settle Rs 5,000 cr of claims in Q2 against Rs 7,700 cr in June quarter; non-Covid outgo rises