Page 21 - Insurance

Brookfield reinsurance arm offers to buy American Equity in $4.3 bn deal

Deal comes months after AEL rejected nearly $4 bn takeover offer from Prosperity Life and its principal shareholder Elliott Investment Management, saying bid "significantly undervalued" company

Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons. Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group. The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of

LIC launches close-ended plan Dhan Vridhhi; offers protection, savings

National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi. The new plan will be on sale from June 23 through September 30, the insurer said in a statement. LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured. The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option. The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected. The plan offers a minimum basic assured sum of Rs ..

Buy insurance cover for building on reinstatement, not market value, basis

This will ensure the insurer pays an amount adequate to restore the damaged house to its original state

CCI approves acquisition of stake by mortgage lender HDFC in 2 insurers

These approvals will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year

Tata AIA Life reports multi-fold rise in net income at Rs 506 cr in FY23

Its total renewal premium rose 32 per cent to Rs 11,964 crore year-on-year, and the asset under management grew by 21 per cent to Rs 71,006 crore

Sun Life Asia Service Centres rebrands itself as Sun Life Global Solutions

The GCC plans to increase headcount by about 700 this year in India

Irdai fine-tuning Bima Sugam, likely to miss its August launch date

The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product, which will help deepen insurance penetration and simplify the claim procedures. Bima Sugam once launched will serve as an online insurance marketplace, similar to an e-commerce platform, where insurers have the opportunity to offer and sell their products, while consumers can buy or renew their policies, raise claims, and receive all the related services at a single place. Last month, Iradi Chairman Debasish Panda had met chief executives of some leading insurers in Mumbai to give a new thrust to the project and onboard them by August 1. The regulator is also pushing to implement another high tech project Health Claims Exchange. Talking to reporters on the sidelines of the annual summit of the Insurance Brokers Association of India (IBAI) here on Friday, Panda was evasive on the proposed launch date, saying th

India considers rule changes to bolster $731 billion insurance sector

Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors

Train tragedy: Insurers ease claims process, set up helpline for settlement

Many insurance players, including SBI Life, on Monday announced the prioritisation of claims related to victims of the tragic train accident in Balasore (Odisha) to provide immediate financial relief to families. General Insurance Council chairman Tapan Singhel said, "As an industry, to support the rebuilding of our community, we have created a dedicated helpline and digital capabilities so that it is easier for customers or their family members to reach insurers". Insurers have allocated specialised teams to expedite such claims and ensure a seamless claim process for policyholders, Singhel, who is also managing director of Bajaj Allianz General Insurance, said. "We are reaching out to our customers in the affected region proactively to ensure they are safe and in case of a requirement then that their claims are also being prioritised. Insurance companies have also deployed their resources on-sight for immediate resolution and assistance," he said. SBI Life has taken steps to ease

Odisha crash: Liberty General Insurance sets up helpline to process claims

Insurance provider Liberty General Insurance on Monday said it has set up a dedicated 24/7 helpline facility to serve the families of the victims who lost their lives in the Balasore train accident that left at least 275 people dead and 1,100 injured. Liberty General Insurance provides personal accident coverage to IRCTC train passengers. Families of the victims can call +91-9324968286 to avail the service, the company said. Expressing their commitment to providing quick claims settlement, company CEO and Whole Time Director, Roopam Asthana said, "We stand with our customers in their time of need and will fulfil our promise of protection for the unexpected, delivered with care." "At Liberty General Insurance, we have implemented several extraordinary measures to ensure hassle-free claims process for our policy holders. Our helpline number +91932496286 is a quick point of contact for our policyholders," he said in a statement. A dedicated claims support email ...

Insurer liable to compensate accident victim's kin irrespective of DL: HC

An insurance company is liable to pay compensation to accident victim's kin even if the driving licence of the offending vehicle's driver has expired and not renewed as an expired licence would not make him an unskilled driver, the Bombay High Court has said. A single bench of Justice S G Dige in an order passed in April, a copy of which was made available on Thursday, directed ICICI Lombard General Insurance Co Ltd to pay compensation to the family of a woman who lost her life in an accident in November 2011. The court said the insurance company could recover the compensation amount from the owner of the offending vehicle later. The court was hearing a petition filed by the family members of the deceased woman challenging an order passed by the Motor Accidents Claims Tribunal exonerating the insurance company from paying compensation as the driving licence of the driver of the offending vehicle had expired. The tribunal had directed the truck owner to pay the compensation. The ..

Irdai to create state insurance plan mirroring SLBCs: Debasish Panda

Aim is to bring down regulations and promote innovation in the sector

AIC to launch insurance products for livestock, aquaculture, sericulture

Agriculture Insurance Company of India (AIC) will launch products for the livestock, aquaculture and sericulture sectors for which it has already obtained the licence from IRDAI, a top company official said on Wednesday. AIC already has a 50 per cent market share in the crop insurance market under Pradhan Mantri Fasal Bimal Yojana (PMFBY) scheme which is run by the Centre and state governments. "We have got the license for introducing insurance products for the livestock, aquaculture and sericulture sectors from the regulator IRDAI in last May. We will launch the products after developing them", CMD of AIC Girija Subramanian told reporters on the sidelines of an ASSOCHAM event here. Formed in 2000, AIC has a capital base of Rs 200 crore, contributed jointly by GIC Re at 35 per cent, Nabard at 35 per cent and the balance by the four public general insurers, National Insurance, United India Insurance, New India Assurance and Oriental Insurance. To a query, she said there is no immedi

'Changes to be made in surety bond offering for making it more lucrative'

Road, transport and highways minister Nitin Gadkari on Tuesday said that changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. Last year in December, Gadkari launched the country's first-ever surety bond insurance product, with an aim to reduce the dependence on infra developers of bank guarantees. "Don't impose such conditions that nobody is able to take benefit of the scheme...It took 3 years to come out with surety bonds and when it has been finally launched, no contractor is buying it," Gadkari said at an event organised by CareEdge Ratings. The product, from the stable of Bajaj Allianz General Insurance, has been developed in response to a demand identified by the industry and the government. "Changes will be made to surety bond offering to make it more lucrative," he added. The Surety Bond Insurance is a risk transfer tool for the principal and shields th

SBI General unveils 'Surety Bond Bima' for infrastructure projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), on Tuesday announced the launch of the General Surety Bond Bima (Conditional & Unconditional)' insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority). The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project, SBI General said in a statement. The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond, it said. The product caters to the requirements of a diversified group of contractors, many of whom are operating in today's increasingly volatile environment, he said while launching the product. Additionally, the statement said, there are two variants available

From inclusive banking to inclusive insurance

As insurance penetration deepens, India will have a decent pool of long-term funds to support infrastructure building and the government's borrowing programme, easing the burden on the banking system

Insurance industry's direct premium to cross Rs 3 trn by FY25: Icra

The insurance industry is expected to net gross direct premium income (GDPI) of about Rs 3 lakh crore by FY25 as against Rs 2.4 lakh crore at the end of March 2023, a report said. Private insurers' combined ratio is likely to improve and Return of Equity (RoE) is expected at 11.2-12.8 per cent in FY2024 and 12.5-13.9 per cent in FY2025, ICRA said in a report. Most PSU insurers are expected to witness high combined ratio resulting in net losses, though it will be lower compared to last few years, it said. Moreover, it said, the capital requirement of three PSU general insurers (excluding New India) is estimated at a sizeable Rs 172-175 billion to meet solvency of 1.50 times as of March 2024, assuming 100 per cent forbearance from the regulator. The industry's GDPI grew a sharp 17.2 per cent year-on-year (YoY) in 2022-23 to Rs 2.4 lakh crore with the resumption of economic activity after the waning of Covid-19 infections. In absolute terms, the report said, the incremental growth in

Go Airlines gets portion of aircraft hull insurance premium from insurers

With 50 per cent of its fleet grounded due to the problems with Pratt & Whitney engines, the Wadia group's low cost Go Airlines (India) got a portion of its aircraft hull insurance premium from its insurers, said a top official.

Max Life partners IIA to offer insurance access to MSME workforce in UP

Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh. Under the recently announced Irdai's State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release. IIA has an extensive network across industrialized districts, it added. "Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country's most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families," said V Viswanand, Deputy Managing Director, Max Life Insurance. Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India. The activities