Page 26 - Insurance Sector

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

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