Page 8 - Insurance Sector

Indian insurance firms seek zero-coupon bonds to manage long-term risks

Insurance companies have made a request to the Reserve Bank of India, which has then discussed the matter with the Finance Ministry of the government

FinMin proposes to raise insurance FDI to 100%, composite licence provision

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence. The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10. As per the proposal, the FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent. This is the second public consultation that the DFS has sought on the proposed amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and Insurance Regulatory and Development Authority Act, 1999. The finance ministry in December 2022 invited comments on the proposed amendments to the Insurance Act, 1938, and the Insurance Regulatory Development Act, 1999. According to an office memorandum dated November 26, 2024, it is proposed to amend certain provisions of insurance laws to ensure accessibilit

100% FDI in insurance may attract global firms, boost competition: Experts

Six new players have entered the industry in the last few years, marking the first additions in the life insurance in over a decade and the first in the general and health insurance segments in nearly

Demand for super top-up health insurance plans rises after Covid pandemic

A super top-up health insurance plan pays the policyholder for medical expenses that exceed the coverage limit of their base health insurance policy

Bima Sugam's capital requirement goes up significantly to Rs 500 crore

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years

'Insurance coverage expansion to underserved segments can save govt $10 bn'

The gross written premium of Indian insurance has exceeded $130 billion and grown at a CAGR of 11 percent, in the three-year period FY20-23, outpacing its Asian counterparts

India's financial regulatory pillars set for a leadership shake-up

Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year

Non-life insurers post 27.5% premium growth in October, shows data

Data indicates that general insurers collected Rs 25,396.68 crore in premiums in October, reflecting a 23 per cent Y-o-Y increase

New biz premium of life insurers rises 13% in October, shows data

According to a Nuvama report, growth dipped in October 2024 due to the 'increased surrender value' regulation kicking in, but still held steady

Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda

Panda spoke about the transformation the industry has undergone since he took over and what is next in store.

Shriram Life posts 29% dip in H1 net profit on record volume, premium

Company reports assets under management of Rs 12,310 cr, expects number to be around Rs 13,500 by end of FY25

BS BFSI Summit: Industry leaders discuss insurance changes for 2047 vision

At the Business Standard BFSI Summit, experts discussed key changes needed in the insurance amendment bill, and what measures can be taken to achieve the vision of 'coverage for all' by 2047

BFSI Summit: 'New surrender rules painful but will drive insurance demand'

Insurance industry leaders at the Business Standard BFSI Summit spoke about how revised surrender value rules will improve customer confidence and demand, and shared the challenges that come with it

Irdai to amend regulatory sandbox norms after committee recommendation

Regulator Irdai has proposed to amend the norms related to 'regulatory sandbox' by incorporating principle-based approach and further facilitate adoption of innovative ideas and new concepts across the insurance value chain. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations. Insurance Regulatory and Development Authority of India (Irdai) had constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations. Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments. Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach. The changes to the norms are also aimed to facilitate introduction of innovative ideas/ne

Keep health cover comprehensive and contemporary by adding riders

Some base policies have restrictions, such as co-payment or room rent sub-limit. A rider can overcome these restrictions

Alliance Insurance Brokers plans entry into aquaculture, RE, aviation

Alliance Insurance Brokers Pvt Ltd, which has completed 21 years of operation, is looking to expand into new sectors like aquaculture, renewable energy, aviation and M&A, among others. The company is also getting into the affinity insurance segment and tying up with banks, NBFCs and consumer durables to provide security on either the loans disbursed or the products purchased, Alliance Insurance Brokers said in a statement on Monday. Over the years, Alliance Insurance Brokers has increased its footprint across 14 cities in the country and is working with 14 countries globally. The company is covering around 20-22 prominent sectors, insuring more than 4,000 clients. It has insured over 3,000 international sports events up to date, which cover tournament events such as T20 World Cup and FIFA World Cup. The company enjoys a considerable 45 per cent market share in the raw and unpolished diamond insurance market in India, it said. In the media and entertainment industry, it said, ...

ICICI Prudential Life Q2FY25 results: Net profit rises to Rs 252 crore

The insurer's VNB margin, a measure of profitability, contracted to 23 per cent compared to 28 per cent last year

Irdai engaging with select insurance firms for public listing: Chairman

Irdai chairman urges large conglomerates and business houses to invest in India's insurance sector

Pvt life insurers mull new model for commission for distributor channels

Clawback, deferral, or reduction in payouts on the cards for distributors

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector