Page 27 - Insurance Sector

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

IRDAI needs young CEO, abolish licence permit raj: Experts

Insurance sector wherein licence permit raj is abolished and the sectoral regulator is headed by a dynamic young person to increase insurance penetration, said a senior industry official

IRDAI, Banks Board Bureau in the dock on promotions in insurance sector

All is not well in the government insurance sector with regard to elevation of officials, it seems.

IPO-bound insurer LIC invites applications for post of CFO

The last date for submitting application is October 12, 2021, it said.

Life insurers are at the cross-roads

As government pension and retirement schemes become less sustainable, ensuring financial security for the older population will become the central focus for life insurers in India

Monopoly to oligopoly: Here's a look at 20-year journey of insurance sector

As many as 50 players have set up shop but penetration remains low and only a handful dominate the business

Indian insurance sector: Shakeout or promoter exits to happen?

Mixed views were expressed by insurance industry officials

HC order on bumper-to-bumper insurance intent laudable, can be challenged

The Madras High Court order on making bumper-to-bumper insurance cover for all new private cars sold from September 1 may not stand legal scrutiny: Experts

Life insurers report 11% YoY decline in new business premiums in July

When compared to the pre-pandemic period (July 2019), NBP of the life insurance industry witnessed a drop of 5 per cent

Gift City, India Insurtech ink pact to promote fintech in insurance sector

Gift City, the country's first international financial services centre, said it has collaborated with the India InsurTech Association to promote financial technology in the insurance sector

Covid-19 impact: ICICI Lombard net profit falls 62% in April-June quarter

In the April-June quarter, the insurer posted an underwriting loss of Rs 508.16 crore against an underwriting profit of Rs 38.16 crore in the year-ago period.

PNB MetLife announces Rs 532 crore bonus for policyholders in FY21

PNB MetLife India Insurance Company has announced a bonus of Rs 532 crore for the eligible policyholders of participating products during 2020-21. This bonus is 7 per cent higher than that in previous year. PNB MetLife said it has been consistently declaring bonus on participating products every year and 4.6 lakh customers, whose policies are in force as of March 31, 2021, will be benefiting from this bonus. Policyholder bonus is the share of profits generated by the company's participating funds which is paid to the customers at various benefit events. PNB MetLife's strong fund management capabilities coupled with robust risk management practices have enabled the company to reward policyholders with higher bonus payouts, the insurer said in a release on Friday. Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said despite these trying times, the company has delivered steady growth on participating products over the years. "The declaration of this Rs 532 crore bonus reinforces our

Aviva, Generali Group look to hike stakes in Indian joint ventures

This comes in wake of increase in FDI limit to 74% in insurance sector

Health policy: Out-of-pocket cost jumps as consumables' share in bill rises

Consumables are usually, but not restricted to, medical aid/equipment that have to be discarded after use

Insurance sector attracts 40% of FPI flows worth $2.35 bn in June

Insurance isn't a big sector in terms of weight, accounting for just 2.5% of FPI corpus. In comparison, nearly a third of FPI investments in the country are in banking and financial sector

Government extends retirement age of LIC chairman to 62 years

The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.

Time to rethink your insurance options

Never choose a health insurance policy based on how low the premium is. That is the least of the considerations.