Page 13 - Insurance

As India prepares for festivals, insurers have celebrations covered

State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants

ESIC adds 2.167 mn new members in June, 7% higher than previous yr

Employees' State Insurance Corporation (ESIC) has added 21.67 lakh new workers under its ESI scheme in June 2024, which is about 7 per cent higher as compared to the year-ago period, showed the latest payroll data. The ESIC had added 20.27 lakh new members in June 2023, a labour ministry statement said. Of the total 21.67 lakh employees added during the month, 10.58 lakh workers accounting for around 49 per cent of the total registrations belong to the age group of up to 25 years, it said. Also, the net enrolment of female members was 4.32 lakh in June 2024. Besides, a total of 55 transgender employees got registered under the ESI scheme in June 2024. As many as 13,483 new establishments were brought under the social security ambit of the ESI scheme in June 2024, thus ensuring social security to more workers. The payroll data is provisional since the data generation is a continuous exercise.

Insurer Aegon books $400 mn hit in H1 of 2024 from higher US mortality

Analysts at Barclays and J.P.Morgan called the results mixed, after operating profit also fell 8% to 750 million euros

Central Bank of India's bid for Future's insurance JV stakes gets CoC nod

The state-owned lender has to get Irdai's approval in 90 days to buy FEL's stake in insurance JVs

Shriram Life Insurances Q1 results: PAT at Rs 27 cr, AUM of Rs 11,841 cr

Shriram Life Insurance Company Ltd has reported a profit after tax of Rs 27 crore for the April-June 2024 quarter, the company said. Shriram Life Insurance Company jointly promoted by the diversified conglomerate the Shriram Group and South Africa-based Sanlam Group has breached the Rs 10,000 crore mark in the total Assets Under Management (AUM) to register Rs 11,841 crore during the quarter under review. The company had registered Assets Under Management of Rs 9,688 crore during the corresponding quarter of last year. In a statement on Tuesday, the company said the income from retail new business premium grew by 57 per cent year-on-year to Rs 212 crore while retail annual premium equivalent (APE) for the quarter grew to Rs 198 crore as compared to Rs 124 crore recorded during the corresponding quarter of last year. Shriram Life Insurance Company sold 1.27 lakh individual policies in the April-June 2024 quarter, up by 131 per cent over the corresponding quarter of last year by sell

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

Financial strain of disability in India high, insurance aims to bridge gap

A staggering number of Indians face financial hardship due to disability, with lakhs suffering temporary or permanent limitations each year and recognising this critical gap in financial security, insurance companies are stepping forward with innovative solutions, officials said on Sunday. A 2018 report by the Ministry of Road Transport and Highways (MoRTH) revealed that India, despite having only 1 per cent of the world's vehicles, accounts for 6 per cent of all road crashes. According to experts, close to 5 to 7 lakh people in the country suffer from temporary or permanent disability each year due to the high rates of accidents and crippling diseases and lose their ability to work and earn a livelihood. "The onset of disability often brings substantial healthcare expenses, making comprehensive insurance coverage crucial to prevent social and financial decline," Future Generali India Insurance, Chief Distribution Officer, Ramit Goyal said. A study titled 'Measuring the financial .

Wayanad floods: Irdai instructs insurers to disburse claims immediately

Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides

FinMin asks state-owned general insurers to focus on profitable businesses

The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability. The government has recently infused Rs 7,250 crore in installments in three public sector general insurance companies -- National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company. "We have been monitoring performance of state-owned general insurance companies and as a result they have started looking up. So, we will watch their performance this year," Financial Services Secretary Vivek Joshi told PTI. Hopefully, he said, these companies may not require any further capital infusion, which is why the Budget has not made any provision. These three general insurance companies have improved their financial performance significantly, he said. For instance, he said, Oriental Insurance has earned Rs 18 crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while

Abolish tax on life, health insurance premiums: Gadkari writes to FM

Gadkari said in his letter that he is writing to the finance minister following a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union

State-owned non-life insurers report Rs 7,558 cr net profit in FY24

The government had infused capital worth Rs 17,450 crore in three years from FY20 to FY22 to restore solvency levels to control level

Budget 2024: Higher payouts for life insurance from October 1; know more

Starting April 1, 2025, the TDS rate for commissions will drop from 5% to 2%

SBI Life Q1FY25 results: Net profit increases 34% to Rs 519.5 crore

The company's new business premiums grew by 13 per cent YoY to Rs 7,030 crore in Q1FY25 against Rs 6,210 crore in the year-ago period

Budget 2024 proposes lower TDS for insurance commission, bonus payment

'Rationalisation of TDS from 5% to 2% for payment of insurance commission to individual agents will ensure additional income in the hands of such individuals for payments made by the insurers'

HDFC Life's Q1 FY25 results: Net profit rises 15% to Rs 479 crore

The value of new business (VNB) of HDFC Life increased 18 per cent year-on-year to Rs 748 crore in Q1FY25 against Rs 610 crore in the corresponding period a year ago

Insurance: A social security product

A lifeline in times of crises

Flood insurance: Essential tool amid increasing extreme weather events

Without flood insurance, you could face a major financial disaster if your home gets hit by a flood

Not happy with your health insurer? Switch to new option using portability

The decision to accept or reject the porting request lies with the new insurer based on their underwriting process

Decoded: How call centre steals data of 10,000 people, sells fake insurance

The Noida call centre is just one of thousands perpetuating telefraud on millions of people daily in India, the United States, Britain, and elsewhere

Insurance fraud decoded: How a woman faked death twice to claim Rs 1.1 cr

Life insurance fraud occurs when an insured person or an insurance company alters or provides false information with the goal of financial gain