Page 24 - Irdai

Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov

Profitability a worry with excess reserves on balance sheet for Covid claims

New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai

The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday. All the 24 life insurance companies had written new business or the first year premium totalling Rs 19,159.30 crore in November 2020. The insurance behemoth LIC -- the only state-owned life insurer in the country -- witnessed over 32 per cent rise in the first-year business premium in November at Rs 15,967.51 crore, as against Rs 12,092.66 crore in the year-ago same period, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai). Rest of the 23 players belonging to the private sector registered a spike of 58.63 per cent in their collective first-year premium income at Rs 11,209.75 crore during the month, as against Rs 7,066.64 crore a year ago same month. On a cumulative basis, the new business premium income of all the insurers during the April-November period of FY'22 was up by 8.46 per

'Have health-care watchdog or let us regulate it,' says Irdai member

The insurance regulator is keeping an eye on hikes in premiums, said Alamelu T L, member (non-life), Irdai

Soon, regular yoga will get you a discount on your insurance premium

Irdai set to allow wellness programme along with life plans; policyholders participation voluntary

IRDAI needs young CEO, abolish licence permit raj: Experts

Insurance sector wherein licence permit raj is abolished and the sectoral regulator is headed by a dynamic young person to increase insurance penetration, said a senior industry official

IRDAI, Banks Board Bureau in the dock on promotions in insurance sector

All is not well in the government insurance sector with regard to elevation of officials, it seems.

No plans to bring standard products for cyber liability insurance: Irdai

Irdai has no plans to bring standard products for cyber liability insurance policy as of now, a senior Irdai member said on Thursday.

Covid insurance makes sense if you have a comprehensive policy: Experts

Especially if sum insured is small, at say Rs 5-7 lakh for the family

Amid rise in cybercrimes, a cyber risk insurance can cut your losses

But also buy a comprehensive antivirus software

Madras HC withdraws its order on bumper-to-bumper insurance cover

The judge hoped and trusted the lawmakers would look into this aspect and examine the need for suitable amendment in the Act relating to wide coverage of vehicles so as to protect the innocent victims

Irdai extends last date for sale of Covid plans till March 31, 2022

Earlier, in March this year, the regulator decided to extend the timeline for the sale and renewal of such policies till September, looking at the prevailing situation

IRDAI permits insurers to sell short-term Covid policies till Mar 2022

Regulator IRDAI on Monday allowed insurers to continue selling and renewing short-term Covid specific health insurance policies till March 2022.

Irdai issues draft rules for promoting and regulating surety insurance biz

A general insurer can start a surety business if it has 1.25x the solvency margin; but if solvency goes below the required level, insurer will stop underwriting new business

Drone use, satellite imagery for agriculture insurance may be a must

Govt, Irdai considering using artificial intelligence to control fraud claims, cut delays in settlement

Attractive though they are, scrutinise costs before you invest in Ulips

After the recent run up in equity markets, it would be prudent to opt for a mix of equity and debt funds

Delay in third-party premium hike hurting balance sheets: Insurers

The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic

FDI for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt

Foreign direct investment in an insurance company promoted by a private bank will be cleared by the RBI and Irdai to ensure that the 74 per cent limit of overseas investment is not breached, govt said

Irdai should monitor life insurers' expense management only: Deepak Parekh

Allowing life insurers to distribute health indemnity and NPS products will improve the insurance reach, Parekh said

Govt moves Irdai to allow listing of 'corporation' ahead of LIC's IPO

This comes ahead of listing of LIC as India's largest IPO

IRDAI allows home treatment as add-on cover in health insurance

Norms for settlement of claims should be mentioned in the policy document and prospectus: IRDAI