Page 24 - Insurance

India set to become one of fastest growing insurance mkts: Economic Survey

Survey says with Ukraine war weighing on Europe, insurance industry growth in emerging markets is likely to outpace that in the developed markets this year, with emerging Asia in the lead

No sub-limits in policy? Avg clause can't apply

According to the National Commission, the average clause couldn't apply since the policy didn't have individual coverage limits for building, stock, and packaging material

Insurance sector needs Rs 50,000 cr capital each year to double penetration

Irdai Chairman Debabsish Panda said the Rs 50,000 crore figure was arrived at by making assumptions on the country's GDP, inflation, and how the world GDP will grow during this period

ICICI Prudential Life Insurance net profit drops 29% YoY in Dec quarter

Its value of new business (VNB) increased 20 per cent YoY to Rs 618 crore in Q3FY23 compared to Rs 515 crore in the year-ago period

Auto Expo 2023: Ashok Leyland to expand scope of its connected network

Through the telematics-driven connected network, the company helps vehicles on the ground in predicting problems along with quick support in case of breakdowns to AI-based customer solutions

Composite insurance licence regime may trigger M&A activity: HDFC Life CFO

The Central governments decision to issue composite insurance licences (insurers who can sell both life and general insurance policies) may increase a potential for merger and acquisition (M&A) activity in the sector, said a senior official of HDFC Life Insurance Company.

Insurer liable to reimburse genuine cash payments

All payments were supported by TDS and GST. Hence, the National Commission concluded that the insurer would have to reimburse these legitimate cash expenses

LIC may look at composite licence post amendment in Insurance Laws

The country's largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament, sources said. As per the proposed Bill, an applicant may apply for registration of one or more classes/sub-classes of insurance business of any category or type of insurer. However, reinsurers are prohibited from seeking registration of any other class of insurance business. A composite licence will allow insurers to undertake general and health insurance via a single entity. Sources said LIC would take a call on composite licence and other issues emanating out of passage of the Bill in a comprehensive manner taking into consideration Life Insurance Corporation Act, 1956. The Bill, with proposed amendments to the Insurance Act 1938 and Insurance Regulatory and Development Authority Act, 1999, is expected to be tabled in Parliament in the upcoming Budget session starting next month, sources said. If the proposal for composite insurance .

Rajasthan has 90% health insurance coverage, says CM Ashok Gehlot

Rajasthan has 90 per cent health insurance coverage as compared to the the national average of 41 per cent, Chief Minister Ashok Gehlot said on Sunday, attributing the success to schemes such as the Chiranjeevi Bima Yojana. The state government has also made medical interventions such as kidney and knee replacements free of cost at its hospitals, and this has come as a relief to the people, he said after flagging off 167 new '108-emergency ambulances' from here. Gehlot said against the national average of 41 per cent, Rajasthan has 90 per cent coverage of health insurance, while the coverage is 15.9 per cent in Uttar Pradesh, 22.4 per cent in Maharashtra and 44 per cent in Gujarat. "...Rajasthan is becoming a leading state in the country in health services. The schemes which we have been introduced here are being talked about in the country. I believe that other states and the Centre would also have to implement (such schemes)," the chief minister told reporters. Gehlot said the st

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

BFSI Insight Summit 2022: WATCH DAY 2 LIVE

India’s biggest BFSI event is back. Watch the leaders of BFSI address the most pressing questions of the industry

BFSI Insight Summit 2022

India’s biggest BFSI event is back. Watch the leaders of BFSI address the most pressing questions of the industry.

Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi

BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added

How Absolute's research-driven tech is changing the face of India's Insuretech sector

Traditionally, insurance companies frequently relied on subjective assessments of crop damage, which could lead to disagreements and delays in claim settlements.

Gadkari wants surety bond insurance, not bank guarantee for infra projects

Launches country's first surety bond product, says instrument offers relief to contractors; govt has built in safeguards to protect insurers as well

Delhi HC directs Irdai to introduce products for persons with disabilities

The Delhi High Court has directed the Irdai to ensure the products are introduced on an early date for persons with disabilities so as to enable them to obtain health insurance coverage

New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Explained: Why private insurance companies in India are coveted buys

By chasing profit over rapid expansion, companies have conserved capital, making them attractive for potential buyers

Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers

Regulator Irdai on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers. The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'. The draft proposes to permit all general insurers to offer 3-year insurance policy in respect of private cars and 5-year for two-wheelers, co-terminus with motor third party liability cover. The premium for the entire term of the policy coverage would be collected at the time of sale of insurance. The pricing, as per the draft, would be based on sound actuarial principles, including claims experience, and long-term discount. "The pricing of add-on and optional covers may likewise consider the cost efficiencies of policy administration," said the draft, on which the Irdai has invited stakeholder comments by December 22. It also