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
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
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
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
Irdai felt the need to permit insurers to hedge through equity derivatives
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 ...
Currently, the regulatory norms do not permit insurers to use instruments like options to manage equity-market risks
The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday
Industry players had previously indicated that their margins will take a hit because of the revised norms
State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants
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 ...
Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides
To push Non-par policy sales till Sep 30
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
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"
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)
The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India
The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations
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
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 ...