Non-life Insurance

Till Feb, sector sees premiums going up by 17% to Rs 2.32 trn

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy

Demand for health and motor insurance to continue though growth may dip, say experts

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Proposed amendments to the Public Liability Insurance Act may end the high level of non-compliance among companies

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

The non-life insurance companies had underwritten gross premium valuing at Rs 17,662.32 crore in December 2020

In FY21, non-life insurers had settled 849,034 claims amounting to Rs 7,833 crore

The 31 non-life insurance companies had written premiums worth Rs 14,919.43 crore in November 2020

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

Even as The New India Assurance Company Ltd is on a massive recruitment drive, suspense continues in the case of the remaining three government owned non-life insurers, said industry officials.

Reimbursement claims, possibility of a third Covid wave keep non-life insurers on tenterhooks

Till January, the health insurance segment has grown 14.59 per cent to Rs 48,501 crore

The insurers have settled 508,334 claims amounting to over Rs 4,800 crore

Combined entity will be third-largest non-life insurer

Standalone private health insurers reported an impressive 42 per cent growth in premiums in June, and 15 per cent growth for the quarter

Retail health has shown a growth of 25% due to covid

The reason we need standardisation is because it will smoothen the process for customers as there won't be any dispute with hospitals, says Bhargav Dasgupta, ICICI Lombard MD & CEO