Insurance Sector

These were the same institutions that were identified as DSII in 2021-22

India's Go Digit Insurance has re-filed draft papers for a $440 million initial public offering (IPO) after addressing the market regulator's concerns related to the company's employee stock plans

Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions

The policies provide cover till age 90-100 years; if payout comes as death benefit, it will be tax-free in the hands of nominees

Through this alliance, Bharti AXA Life's entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to the customers across 17 states

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .

In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak

Covid has been a defining moment for the industry; the industry has paid out Rs 25,000 crore in claims, it has led to an important change by converting insurance from a push product to a pull product

On the part of Irdai, they have relaxed capital requirements in certain lines of business

Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture

New York Life Insurance Company will invest Rs 290 crore to acquire 49 per cent stake in an upcoming commercial project in Gurugram being developed by Max Group firm Max Ventures & Industries Ltd (MaxVIL). In September last year, MaxVIL's arm Max Estates Ltd acquired Acreage Builders at an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acre land at Golf Course Extension Road in Gurugram. In a statement, MaxVIL said Max Estates has completed the 100 per cent acquisition of Acreage Builders, which now has become a step-down wholly-owned subsidiary of the company. "New York Life Insurance has been onboarded as an equity investor committing Rs 290 crore in Acreage Builders," MaxVIL said. Max Estates will hold 51 per cent stake and New York Life 49 per cent stake in Acreage Builders, which has a licence to develop this commercial project. "The developable leasable area is around 1.6 million square feet with a revenue potential of Rs 160200 crore per annum," MaxVIL ...

On net, about 15 per cent of overall premium for these players could be under severe growth risk, leading to about 3-4 per cent hit to growth expectations

This is among the host of suggestions submitted by the sector

As per the trends, the industry is expected to double its CAGR to 10.2% by the end of 2022 from its slowest growth of the decade at 5% from 2021, said Shriram General Insurance Company Ltd MD

All payments were supported by TDS and GST. Hence, the National Commission concluded that the insurer would have to reimburse these legitimate cash expenses

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

In past one month, the stock price of LIC has surged 20 per cent, as against 1 per cent decline in the S&P BSE Sensex.

Here is the list of top leaders of general insurance sector on panel for the BS BFSI Insight Summit 2022

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry