General Insurers

The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said. The government last year provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Based on the performance in the FY23, the finance ministry would take a call as to how much capital they would require to meet regulatory requirement, the official said. They are not in good financial health and fund would be infused in these entities to augment their solvency margin, the official added. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. As per the regulator IRDAI's mandate, the minimum solvency ratio insurance companies must maintain is 1.5 to lowe

Impact of global hardening of rates on India difficult to predict, say analysts

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Work done by life insurance industry led to economic revival amid Covid

Value of new business (VNB) of the insurer was up 10.3 per cent YoY to Rs 748 crore in Q2FY23 compared to Rs 678 crore in the year-ago period

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

Non-life insurers registered a 12 per cent yearly growth in their gross direct premium income during August this fiscal at Rs 24,471.95 crore, data from insurance sector regulator Irdai showed. In the same month a year ago, all the 31 non-life insurance companies in the domestic market had garnered a gross premium income of Rs 21,867.93 crore. According to the data provided by the Insurance Regulatory and Development Authority of India (Irdai), a total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period. The five standalone health insurance providers reported a jump of 28 per cent in their gross direct premium income during the month at Rs 2,059.38 crore. The figure stood at Rs 1,609.75 crore in August 2021. The rest two specialised public sector insurers in the non-life space witnessed a 15.2 per cent rise in their combined premium income in Augus

Mid-to-smaller life companies and standalone health insurers could face near term pressure

Unicorn will be first general insurer to be listed on the bourses in five years

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

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

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

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

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

ICICI Lombard leads pack among private players, with 28% growth

International company has the option to acquire the remaining interest of the debt-ridden Indian group in the general insurance business.

Say customer engagement has been one of the pain points for insurers, historically

General insurers have seen Covid-related health claims mount, especially after the second wave of the pandemic

But also buy a comprehensive antivirus software

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