Page 9 - Insurance Sector

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

CCI clears Central Bank of India's stake acquisition in Future Generali

FEL holds direct and indirect investments in the general insurer, Future Generali India Insurance Company Limited, which is a joint venture between the company and Genera Group

Result preview: High Ulip share may weigh on life insurers' Q2 margins

Industry players had previously indicated that their margins will take a hit because of the revised norms

Surrender value norms: Life insurers begin rolling out revised bestsellers

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

Care Health Insurance shareholders approve Rashmi Saluja's reappointment

Kedaara Capital votes against Saluja's reappointment

From perestroika to glasnost: Efforts underway to make insurance inclusive

All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry

Parl panel to check insurance sector PSUs, solar corporations's performance

A parliamentary panel, mandated to examine accounts of central public sector undertakings, will scrutinise the performance of insurance sector PSUs and solar power corporations. The Committee on Public Undertakings (CoPU) will also examine the performance of the National Scheduled Castes Finance and Development Corporation (NSFDC). The panel headed by BJP's Baijayant Panda will also evaluate the performance of Sagarmala Development Company Limited (SDCL). With the government's push for renewable energy as the engine of growth, the parliamentary committee will hold a comprehensive performance of Solar Energy Corporation of India Limited (SECI), according to the list of subjects selected by it. The committee selects from time to time for examination such PSUs or subjects as it deems fit. The ministry or the undertaking concerned is asked to furnish necessary material relating to those subjects for information of the members.

Centre brings elders over 70 years under ambit of Ayushman Bharat scheme

With this approval, all senior citizens aged 70 years and above, irrespective of their socio-economic status, would be eligible to avail themselves of the benefits of AB-PMJAY

SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'

IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938

Life insurers' new business premium rises 22% to Rs 32,644 cr in Aug

Life insurers have recorded a 22 per cent rise in underwriting new business with a premium collection of Rs 32,644 crore in August. The new business premium collection for the first five months of FY25 rose 21 per cent to Rs 1,54,194 crore from Rs 1,27,661 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council. New business premiums expanded from Rs 26,788.55 crore in August 2023 to Rs 32,644 crore in August 2024, with year-to-date collections growing even more from Rs 1,27,661 crore to Rs 1,54,194 crore this year, according to the council data. Despite the underlying demand for enhanced insurance protection from individual consumers and corporate clients alike, new policy issuances decreased by 1.44 per cent to 23,94,007 in August 2024 compared to 24,28,895 policies sold in the same period last year. Life insurers made net additions of 1,08,147 individual life insurance agents in August 2024 alone, contributing to an overal

Fitch changes global reinsurers' outlook to 'neutral' from improving

Reinsurers, which insure the insurers, have raised their rates in recent years in response to losses from the Covid-19 pandemic, wars and natural catastrophes