Page 5 - Insurers

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

Irdai empowers insurers to empanel hospitals for cashless facility

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

ICICI Lombard's Q1 net up 80% to Rs 349 cr on strong premium income

The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Irdai eases PMJJBY capital requirement to encourage insurer participation

Insurance sector regulator Irdai on Friday relaxed capital requirement norms significantly for insurers to encourage their participation in the government's flagship programme PMJJBY

LIC issue price fixed at Rs 949 a share; policyholders get discount

The LIC IPO -- India's largest to date -- closed with nearly three times subscription.

Global insurers plan to ramp up private equity investments: Survey

The report also showed that 11% of American insurers said they are invested in or are considering investing in cryptocurrencies

India, China lead Asia's insurtech industry rise, says report

Mainland China-based insurtechs raised $673.7 million in 2021 and $1.42 billion in 2020.

Irdai wants insurers at par with banks on legal recourse for surety bonds

The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement

Insurers seek higher 80C investment limit in upcoming Budget

Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1

Insurers seek hike in tax exemption for higher adoption of pure risk plans

Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from his/her taxable income

Insurer must pay claim in auto-cover period

Since the insured had died on January 12, 2015, well within the auto-cover period, the National Commission held the claim to be payable

Insurance brokers' advice to become crucial amid tighter underwriting norms

Low existing rates and revision of reinsurance premiums are key driver

Voluntary exit from term plan could rob nominee of windfall, say experts

If automatic hike in sum assured is lower than increase in your liability, buy additional plan

Most insurance buyers prefer physical copies of policy document: Survey

About 56 per cent of the respondents were in the age-group of 18-40 years, 28 per cent in the 41-60 years, and 14 per cent of the respondents were 60 years and above

Public insurers lost 30% motor segment business since FY18: Care Ratings

Amongst the states, Maharashtra continues to occupy the top spot followed by Tamil Nadu, Karnataka, and Uttar Pradesh in motor business for insurers.

Metlife boosts stake in Indian JV after investment limit relaxed

The deal will boost MetLife's stake in PNB MetLife to more than 47%

Insurers must reimburse Customs under marine policy

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

Insurers receive 1.42-million Covid-related claims in FY22, shows data

According to General Insurance Council data, in FY22, as of August 27, they have received more than 1.42 million claims, worth Rs 15,956 crore