Page 7 - Insurance

In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Go Digit promoters Watsa, Goyal seek regulatory nod for reinsurance biz

Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)

Insurance market in India to grow rapidly, reach $222 bn by FY26: Report

According to homegrown firm Redseer, new online distribution models like business to consumer (B2C), business to business (B2B) and business to business to consumer (B2B2C) are key drivers of growth

Rise in 3rd party motor premium to partially offset losses for insurers

The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report.

Irdai extends 'Use & File' procedure to health and general insurance plans

Currently, insurance companies have to obtain prior approval from the insurance regulator to launch new products

Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary

The firm did not have a valid registration with the insurance regulator

Irdai sets up committees through GIC to suggest industry overhaul

These panels have been formed to look into areas of regulation, products, distribution, finance, health, finance, taxation, ease of doing business, among others

CCI approves deal for selling stakes in Magma General Insurance Company

Fair trade regulator CCI has cleared the proposed acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP.

AXA set to launch mental health insurance in Indian group policies

The first-ever standalone product in this space will provide Rs 25,000 for virtual consultations with therapists, psychologists and life coaches, and up to Rs 1 lakh for hospitalisation

In the grey market LIC shares slip below their issue price ahead of listing

Individual investors are still expected to make gains

Life insurance business to face some pressure this fiscal: Report

The large private life insurers with a better brand equity and distribution network with innovative approach are better placed for business growth and increasing their market

Life insurers' new business premiums zooms 84% in April, thanks to LIC

In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period

State-run general insurers may get capital infusion of Rs 3,000-5,000 cr

The capital infusion would help improve the financial health of the general insurance firms -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company

IRDAI suggests new modules for low-income group, small businesses

The committee has suggested that the insurers should be allowed to adopt a modular approach using various permutations and combinations for Combi MI (Micro Insurance) products.

Life Insurance Corporation to join league of top global insurance firms

Expected to list with m-cap of Rs 6 trillion - making it world's fourth biggest

Insurance takes on a new cover

Online channels have demonstrated exponential growth over the last few years, especially after the pandemic

Health insurance premium rise spurs non-life growth, shows data

While insurers have witnessed a jump in health premiums over the last two years, their claims burden has also gone up.

Group health policies see rise in premiums in renewal cycle, shows data

There was a marginal increase of 0-5 per cent in group health insurance premiums

LIC's first-year premium grew by 7.92% to Rs 1.99 trillion in FY22

The market share of LIC stood at 63.25% in total first year premium for financial year 2021-22

New business premiums of life insurance companies jump 37% in March

In FY22, life insurers post 13% growth in new biz premium, compared with 7.5% growth in FY21