General Insurance Companies

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Her appointment is for a period of three months with effect from the date of assumption of charge or till a regular appointee takes over, or until further orders, whichever is earlier, company said.

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

Reach out to reinsurers for expertise on surety bonds business

The government on Tuesday said there is no proposal as of now to merge public sector general insurance companies. There are four general insurance companies -- New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL). In a written reply to the Rajya Sabha, Minister of State for Finance Bhagwat K Karad said there is no proposal under consideration of the government at present for merger of public sector general insurance companies. In a bid to foster blockchain technology for providing various financial services, banks have put in place Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC), Karad said in another written reply. The Reserve Bank of India (RBI) has informed that it has been pro-active in providing guidance for development of blockchain-based application through its new regulatory sandbox environment, he said. "State Bank of India (SBI) and Cana

This is significant as the cargo insurance market had declined by close to 8 per cent in FY21

Last year, the Union Cabinet headed by Prime Minister Narendra Modi cleared proposal to provide capital support to National Insurance, Oriental Insurance and United India Insurance

While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

They make up 43% of the m-cap of banks today and many, including LIC, will soon be listed; by contrast, not a single yet-unlisted bank is so massive as to create ripples when it goes public

From govt calling off merger of three public general insurers to technology players in fray for railway signalling tender, here are top headlines of the day.

Pricing will depend on insurers but will be cheaper than normal health covers

Notably, the boards of the three firms had approved the merger in January and had appointed management consultant firm EY to chalk the road map for the exercise last year

There are 30 confirmed cases of coronavirus infection in the country as of Thursday, of which 16 are Italian tourists

Also, he advised the life insurers to focus more on improving their persistency ratio

All, barring New India, have been losing market share for a while. However, United India has gained marginally this January