Page 5 - Insurance

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar

Non-life insurers see 12% rise in gross direct premium income in Aug: 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.

Insurance industry will continue to see M&A deals, new entrants

Merger and acquisitions will continue to be a part and parcel of the insurance sector, which is a highly capital intensive sector and can accommodate new entrants

Demat of insurance policies: LIC mulls creating its own repository

Dematerialisation of insurance policies is being promoted by the regulator to ensure robust electronic mode of policy solicitation, servicing, and storage

Insurers juggle surge in claims in aftermath of Bengaluru floods

Three days of heavy rainfall from Sept. 5 saw homes and offices in Bengaluru's IT corridor flooded, sparking chaos and raising questions over poor urban planning.

Irdai reduces number of returns to be filed for health insurance

Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year

Irdai mulls SFIO-like independent agency to probe cases of insurance fraud

Insurance Fraud Investigation Agency proposed via Insurance Act amendment

FinMin mulls changes in insurance laws to boost penetration: Report

One of the provisions being considered is lowering the minimum capital requirement of Rs 100 crore for setting up an insurance business, sources said

PSU general insurers recommend 12% wage hike, unions dissatisfied

The unions had earlier warned the management of the five companies not to vitiate the industrial relations (IR) environment by a unilateral action

Life insurers' new business premia up 18% in August despite large base

In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion

Dematerialisation: Irdai urges industry to open e-insurance accounts

The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.

Irdai set to meet insurance CEOs on dematerialisation of policies

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

Insurance claims independent of human errors, say industry players

For a rear passenger wearing a seat belt or not, makes no case for denial of the claim, said an official from another general insurance firm

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

'India to be 6th largest insurance market by 2032; premiums to grow at 14%'

India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said

HDFC Bank to invest Rs 120 crore in Go Digit Life for 9.94% stake

In a stock exchange filing, HDFC Bank said it will invest between Rs 49.9 crore to Rs 69.9 crore in two tranches to acquire up to 9.94% equity stake in the Fairfax-backed company

Irdai eases firm registration process from 8 to 2 months: Chairman

"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said

Life Insurance Corp launches special campaign to revive lapsed policies

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed

Profit of public sector banks rises 9% to Rs 15,306 cr in June qtr

Of the total 12, three lenders -- SBI, PNB and Bank of India -- reported fall in their profits ranging from 7%-70%

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned