Page 11 - Insurance

Insurance penetration in India dips to 3.7% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

GST Council postpones decision on slashing tax on life, health insurance

The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. The GST Council, chaired by Union Finance Minster Nirmala Sitharaman and comprising her state counterparts, is also expected to deliberate on bringing Aviation Turbine Fuel (ATF) in Goods and Services Tax fold. One of the major items on the agenda of the Council is to decide the GST rate on health and life insurance. A Group of Ministers (GoM) set up by the Council under Bihar Deputy Chief Minister Samrat Chaudhary, in its meeting in November had agreed on exempting insurance premiums paid for term life insurance policies from GST. Also premium paid by senior citizens towards health insurance cover has been proposed to be exempted from the tax. Besides, GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to Rs 5 lakh is proposed to be exempted. However,

Insurance premium financing expected to see healthy growth of 25% annually

In premium financing, a borrower secures a loan from a third-party provider to cover the policy's premiums

Irdai may limit insurance companies' overdependence on parent banks

Irdai also plans to encourage diversification across multiple distribution channels to ensure balanced growth across the industry

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Need active participation of pension, mutual funds in corp bond market: SBI

State Bank of India chairman C S Setty on Wednesday called for active participation by mutual funds and pension funds in the corporate bond market. "I am sure that a lot of corporates would like to issue bonds. I believe that if household/corporate savings are finding ways into these three investment categories, it is important that insurance and mutual funds also actively participate in the corporate bond market. I don't see that kind of participation actively coming in," Setty said. He said the pension/ mutual funds are making investments in AAA-rated bonds and this is not going to help deepen the corporate bond market. Setty said the corporate bond market has to come into financing of infrastructure as well as balance sheet funding of corporates. He said the investments are happening not only in equity but also in mutual funds, pension funds and insurance funds. "We have been debating on depth of the corporate bond market for many years. We could not achieve that depth," Setty

Non-life insurers' premiums increase 4.4% in November, shows data

According to data from the General Insurance Council, general insurers collected Rs 21,671.43 crore in premiums in November, reflecting a 4 per cent YoY increase

Is insurance selling by BCs the next step in financial inclusion?

The business correspondents' representative body has asked IRDAI to allow them to sell insurance products, particularly weather-indexed schemes to provide a safety net for rural buyers

PSBs lag behind on govt insurance enrolment targets, shows data

Till October of the plan year 2024-25, PSBs have achieved only 40 per cent of their total enrolment target of 6.4 crore for PMSBY

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

Bank-backed private life insurers' scrips tumble on banca limit reports

HDFC Life and SBI Life deny knowledge of regulator discussions

Insurance Amendment Act to boost growth, promote inclusion: Insurance CEOs

The insurance leaders discussed the future of insurance sector in India

Insurance in India has made significant strides: General insurance CEOs

The panel discuss the 'many challenges' they face in general insurance sector and gave their views on the road ahead for the industry

Regulator nudging us to up our game on cybersecurity: Life insurance CEOs

The leaders of life insurance companies discussed increasing coverage of insurance in India

Bima Sugam is a game-changer, says Irdai chairman Debasish Panda

Bima Sugam facilitates easy access to insurance for consumers and enhances distribution opportunities, said Panda

Revised surrender value norms widen scope for life insurers, help customers

Insurers and experts are optimistic about revival in sales and premium growth, and they believe that it could also give a nudge to the insurtech sector in the country

Govt plans insurance law changes for unified licence, hiking FDI limit

A single licence for insurers and higher FDI limit could boost investments and improve insurance penetration in the country

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

Central Bank of India gets RBI nod for insurance JV with Generali group

Central Bank of India on Friday said it has got approval from the Reserve Bank to enter the insurance business through a joint venture with Generali group under FGIICL and FGILICL. In a filing to stock exchanges, the state-owned bank said the RBI accorded the approval vide a letter dated November 21, 2024. "...we would like to inform that the Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the bank's entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL, subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the sectoral regulator," the filing said. In October, the Competition Commission of India (CCI) had cleared the Central Bank of India's proposed acquisition of stakes in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). FGIICL provides personal insurance, commercial insurance, social, and rural ...

Indian insurtech funding drops 40% in 2023, revenue shows multifold growth

India now has over 150 insurtechs generating revenue exceeding $750 million, with 10 unicorns or soonicorns and more than 45 minicorns