Insurers

RBI relief for exporters; insurers face DPDP overhaul, India’s Bloomberg index inclusion prospects

To cushion exporters from the steep 50% US tariff, the RBI has announced relief measures, including easing debt repayment pressure and extending flexibility in export credit.

Irdai asks insurers, distributors to form fraud risk management framework

Irdai has asked insurers and reinsurers to implement anti-fraud frameworks and cybersecurity systems by April 2026, including data sharing and blacklisting via IIB

Launch campaigns on GST reforms' benefits, DFS secy tells insurers

DFS Secretary M Nagaraju urged insurers to launch outreach campaigns to publicise GST exemption on life and health policies and ensure benefits reach policyholders

GST Council may allow input tax credit for employee group insurance

"ITC on group health and life insurance policies may be taken up for discussion. But there is no proposal to exempt these policies from GST. They will continue to attract 18 per cent," official said

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

Irdai panel flags risks in merging insurers with non-insurance firms

Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms

Indian insurers urge IRDAI to revamp bond valuation to boost debt market

Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies

Limit on duration for state debt STRIPS may dent demand, say insurers

STRIPS allow dealers to sell principal and interest payments independently, enhancing liquidity in the state government securities by enabling distinct trading of these components

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

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

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

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

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

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

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 ...

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

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

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

As India prepares for festivals, insurers have celebrations covered

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

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 ...

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