Wednesday, June 18, 2025 | 12:04 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Insurers

New business premium of life insurers in May grows around 13%, shows data

Individual business grew 3.35 per cent Y-o-Y to Rs 10,611 crore, while group business expanded by 18.4 per cent Y-o-Y to Rs 19,851.8 crore

New business premium of life insurers in May grows around 13%, shows data
Updated On : 10 Jun 2025 | 12:43 AM IST

SBM Bank India, ICICI Prudential Life forge bancassurance partnership

SBM Bank India and ICICI Prudential Life Insurance Company have entered into a bancassurance partnership to offer an array of life insurance products to the bank's customers. This tie-up will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement, SBM Bank India said in a statement on Monday. Nikhil Rajadhyaksha, Head Retail Banking, SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion. "By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection," Rajadhyaksha said. SBM Bank

SBM Bank India, ICICI Prudential Life forge bancassurance partnership
Updated On : 19 May 2025 | 6:02 PM IST

India approves three Russian insurers for marine cover till February 2026

India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine

India approves three Russian insurers for marine cover till February 2026
Updated On : 13 May 2025 | 6:07 PM IST

Life insurers' NBP grows 5% in FY25; premium collected shy of Rs 4 trn mark

The premiums of the largest private life insurer - SBI Life Insurance - slipped by 7 per cent Y-o-Y to Rs 35,576.67 crore

Life insurers' NBP grows 5% in FY25; premium collected shy of Rs 4 trn mark
Updated On : 23 Apr 2025 | 11:29 PM IST

Irdai move on equity derivatives: Insurers gain tools to manage volatility

Irdai felt the need to permit insurers to hedge through equity derivatives

Irdai move on equity derivatives: Insurers gain tools to manage volatility
Updated On : 02 Mar 2025 | 10:50 PM IST

Budget 2025: Insurers seek tax benefits, concessions for healthcare

Insurers are hopeful of a host of tax benefits, including concessions for the insurance and healthcare sectors, from the Union Budget 2025-26 to be unveiled by Finance Minister Nirmala Sitharaman on February 1. SBI General Insurance MD and CEO Naveen Chandra Jha said that as India advances toward financial inclusivity and universal healthcare, the upcoming Budget is expected to further strengthen the healthinsurance sector. Initiatives like Bima Sugam, designed to achieve the goal of 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to address the protection gap, he noted. "Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure," Jha added. Bajaj Allianz Life MD and CEO Tarun Chugh said India's economic growth presents immense opportunities for the insurance sector to enhance financial resilience. "Aligning tax ...

Budget 2025: Insurers seek tax benefits, concessions for healthcare
Updated On : 24 Jan 2025 | 7:05 PM IST

Insurers push for more hedging tools from regulator to boost strategies

Currently, the regulatory norms do not permit insurers to use instruments like options to manage equity-market risks

Insurers push for more hedging tools from regulator to boost strategies
Updated On : 23 Jan 2025 | 3:15 PM IST

BS BFSI Summit: Insurers hope amendment Bill will drive customer engagement

The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday

BS BFSI Summit: Insurers hope amendment Bill will drive customer engagement
Updated On : 08 Nov 2024 | 11:32 PM IST

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

Result preview: High Ulip share may weigh on life insurers' Q2 margins
Updated On : 07 Oct 2024 | 10:43 PM IST

As India prepares for festivals, insurers have celebrations covered

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

As India prepares for festivals, insurers have celebrations covered
Updated On : 23 Aug 2024 | 12:36 PM IST

Put frameworks to manage failure of deposit-taking institutions: Patra

RBI Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit taking institutions and prevent potential contagion effects. With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions, said Patra while delivering a keynote address at a conference on 'Navigating Emerging Challenges for Deposit Insurers and Fortifying Crisis Preparedness' in Jaipur. To deal with the emerging challenges, he said, "The DICGC is prioritising risk management, including contingency planning and crisis management frameworks." Patra said that it is "imperative for deposit insurers and other financial safety net participants to put in place frameworks for crisis preparedness and management that enhance their ability to manage the failure of deposit-taking institutions while ...

Put frameworks to manage failure of deposit-taking institutions: Patra
Updated On : 13 Aug 2024 | 12:11 PM IST

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

Wayanad floods: Irdai instructs insurers to disburse claims immediately
Updated On : 04 Aug 2024 | 7:22 PM IST
Updated On : 23 Jun 2024 | 11:05 PM IST

Insurers to invest more in private credit market: Moody's Ratings report

In a survey this week of the world's largest insurers, Moody's found that nearly 80% of respondents planned to increase their holdings in at least one class of private credit

Insurers to invest more in private credit market: Moody's Ratings report
Updated On : 07 Jun 2024 | 8:40 AM IST

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5
Updated On : 06 Jun 2024 | 9:33 PM IST

Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Bima Sugam likely to reduce dependence on intermediaries for insurers
Updated On : 25 Mar 2024 | 9:37 PM IST

Irdai to introduce collaterals for reinsurance transactions with CBRs

The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India

Irdai to introduce collaterals for reinsurance transactions with CBRs
Updated On : 21 Feb 2024 | 11:40 PM IST

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Irdai notifies a consolidated regulation on expenses of management
Updated On : 26 Jan 2024 | 11:36 PM IST

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow
Updated On : 07 Jan 2024 | 11:38 PM IST

Payout by life insurers moderates in FY23 compared to previous year

Payout by life insurance companies declined by about Rs 6,000 crore during 2022-23 because of lesser number of death claims as compared to previous financial year which was impacted by COVID-19. The life insurance industry paid a total benefit of Rs 4.96 lakh crore in 2022-23 as compared to Rs 5.02 lakh crore in FY22, according to the latest annual report released by sector regulator IRDAI. During FY22, the year hit by COVID-19 wave, the insurance companies paid Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to Rs 41,457 crore in 2022-23. The benefits paid on account of surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, of which public sector insurers accounted for 56.27 per cent. During the year, out of the total surrender benefits, it said, benefits for ULIP (unit-linked insurance plans) accounted for 62.51 per cent for private insurers and 1.56 per cent for state-owned life insurers. In case of individual life insurance ...

Payout by life insurers moderates in FY23 compared to previous year
Updated On : 07 Jan 2024 | 2:38 PM IST