Page 6 - Irdai

First phase of Bima Sugam project likely to be rolled out mid-2025

Initially proposed for Jan '23 launch, project missed many deadlines

Field agents at a crossroads: The BC channel is ripe for being reimagined

The business correspondent channel is sought to be reworked with more offerings being hawked on it

Uncertainty looms over launch of Irdai's ambitious Bima Sugam project

Industry players, who are also investors in the project, say it is unlikely the project will meet the announced launch date of April 2025, with few updates on its progress

Non-life insurers report dip in Dec premiums under Irdai's revised norms

Even in Q3, their premium growth slowed down to a meagre 1 per cent year-on-year

Health insurance claim denial: Check reasons against policy terms first

Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses

FIU-IND, Irdai sign MoU for enhanced anti-money laundering efforts

Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (Irdai) on Monday signed a Memorandum of Understanding (MoU) for sharing of intelligence and information to check money laundering. The MoU was signed as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules, the Finance Ministry said in a statement. As per the agreement, FIU-IND and Irdai will cooperate in the areas of mutual interest, including sharing of relevant intelligence and information, available in their respective databases. Laying down procedure and manner in which the regulated entities/reporting entities report to FIU-IND under the PML Rules and conducting outreach and training for regulated entities as per the MoU. The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (distribution), Irdai. Assessment of Anti-Money Laundering/Combating Financing of .

Suspect a loved one had bought a policy? Search life insurers' websites

Unclaimed amounts often result from outdated customer details, making it difficult for insurers to trace policyholders or their nominees

Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai

In terms of number of claims settled, 72 per cent were settled through third-party administrator and the balance 28 per cent were settled through in-house mechanism

Fire, engineering insurance premiums likely to move up by 60% in 2025

In 2024, the country was rocked by multiple natural catastrophes causing major losses to insurers and reinsurers, particularly in Gujarat and Nagpur thus affecting the 'free pricing' of insurance

Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai

Health insurers disallowed claims worth Rs 15,100 crore or 12.9 per cent of the total claims filed during fiscal 2023-24, according to data released by regulator Irdai. Of the total Rs 1.17 lakh crore claims under health insurance of general as well as standalone health insurers, only Rs 83,493.17 crore or 71.29 per cent were paid during the year ending March 2024. Further, insurers repudiated claims amounting to Rs 10,937.18 crore (9.34 per cent) while outstanding claims totalled Rs 7,584.57 crore (6.48 per cent), said the annual report 2023-24 of Insurance Regulatory and Development Authority of India (Irdai). There were about 3.26 crore health insurance claims during 2023-24 with insurers, of which 2.69 crore (82.46 per cent) claims were settled. Irdai said the average amount paid per claim was Rs 31,086. In terms of number of claims settled, 72 per cent of the claims were settled through TPAs and the balance 28 per cent of the claims were settled through in-house mechanism. I

Surety bonds vs bank guarantees: A financial shift in project risk-sharing

The surety bonds market in India has the potential to generate billions of dollars in premiums over the coming years

Insurance penetration in India dips to 3.7% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

Business correspondents meet Irdai, seek consent to sell insurance products

BCRC's stance is that shocks from climate-related issues are affecting those at the bottom of the pyramid in a big way

Non-life insurers' profit in green in FY24 after 2 straight years of losses

Net profit of life insurance companies rose by 10.79% Y-o-Y in FY24 to Rs 47,407 crore

Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24

Irdai also adopted several measures to reduce existing unclaimed amounts, asking insurers to prompt policyholders to update their contact details at the time of renewal

Banca cap may impact banks' net profit by 1-2%, says IIFL Securities

It could shave off 15-30% of banks' fee income that they earn by selling insurance

Irdai's move to limit banca biz may stifle insurance sector growth: Emkay

Last week, reports suggested that Irdai is likely to bring in regulations to limit the overdependence of life insurance companies on their parent banks for business sources through bank channels

Irdai may limit insurance companies' overdependence on parent banks

Irdai also plans to encourage diversification across multiple distribution channels to ensure balanced growth across the industry

Irdai to introduce norms for more qualified insurance sales personnel

Tripathy said that despite the rapid growth in the insurance industry in recent years, there is a gap in education and upskilling of the industry's employees

Insurers urge IRDAI crackdown against OEM-linked motor insurance brokers

Insurance companies are demanding an open architecture where customers can choose policies from multiple insurers without being limited by OEM brokers