Page 6 - Insurers

Top headlines: Ola selects banks for IPO; PhonePe now an insurance broker

Business Standard brings you the top stories this evening

LIC stake in NSE-listed companies dips in June quarter, shows data

The percentage of holding across 295 companies, where its holding is more than 1 per cent, slipped to 3.74 per cent in Q1 from 3.83 per cent in the previous quarter ended March on an aggregate basis

Union Cabinet paves the way for privatisation of govt-owned insurers

The finance ministry will move amendments to the insurance Act in the ongoing Parliament session

Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, the Minister of State for Finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020. Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020. He further said that as per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020). The RBI framed the Depositor Education and Awareness Fund (DEAF) Scheme, 2014. As per the Scheme, unclaimed amounts lying with banks are credited to the DEAF by banks and DEAF is subsequently utilised for promotion of depositors' interest. On the other hand, all insurers having unclaimed amounts of ..

SBI Life net profit drop 43% YoY in June due to higher Covid provisions

The insurer's claims rose 1.28x by volume from FY21 to Q1FY22. In Q1, it has settled 8,956 covid claims, amounting to Rs 570 crore

Aviva, Generali Group look to hike stakes in Indian joint ventures

This comes in wake of increase in FDI limit to 74% in insurance sector

Policybazaar.com forays into insurance brokerage, opens 15 retail stores

The brand will eventually expand to 100 locations

Japan insurers struggle to pinpoint climate change cost estimates

TOKYO (Reuters) - As the world tries to price the cost of climate change, Japan's second largest non-life insurer MS&AD foresees the potential rise in claim payments in 2050 to be anywhere between 5% to 50% from current levels.

Jeff Bezos' 2021 Space Odyssey proves a risk too far for insurers

Launching one of the richest individuals on earth into orbit has proved a leap too far for insurers, who are not ready to price the risk of losing Jeff Bezos or his fellow space travelers.

General insurance industry to grow at 7-9% in fiscal 2022, says ICRA

The growth in FY20 was strong for both PSU and private sector players which increased market share in FY21.

Insurers receive 790,136 Covid-related claims in two months, shows data

As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore

Bajaj Allianz Life declares Rs 1,156 crore bonus to policyholders

This includes a special one-time bonus of Rs 315 crore

ICICI Prudential Life announces Rs 867 cr bonus for policy holders

ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policy holders for FY2021.

FM calls for faster claim settlement under PMJJBY in meeting with insurers

Nirmala Sitharaman stressed the importance of streamlining the process and documentation requirements

LIC: Govt may seek proposals from investment banks for mega IPO in June

An offering could happen as soon as March 2022, say sources

Govt notifies solvency rules for foreign-owned insurance companies

Rules mandate 50% profit in general reserve if solvency margin is not maintained after profit repatriation, half the board should consist of independent directors

Insurers must boost digital play on Covid-driven interest in sector: study

Over 60% insurance execs say Covid-19 affected their firm's customer acquisition efforts, 40% cited impact on customer retention

Insurance giant LIC to have five working days starting from May 10

Saturdays have been declared as a holiday for the insurer.

Covid-19: Centre requests states to vaccinate bankers, insurers on priority

The central government has written to all the state governments and union territories (UT) requesting them to have special arrangements to vaccinate bankers and insurers

Non-life insurers' premiums up 5% in FY21 on huge contraction in motor biz

In March, premiums of non-life insurers went up by 23%