Page 8 - Insurance

New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22

Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal

Health insurers take 20-46 days to settle patients' claims: Report

The claim cost could be 10 to 30 per cent cheaper when the insurance is bought from public sector insurers that have GIPSA rates compared to the service provided by private insurance firms, it said

Health cover premiums shoot up as Covid-19 pandemic threat looms

Premium costs jump 10-15%, driven by large number of claim payouts during pandemic as well as factors such as rising healthcare costs

Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22

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

Irdai may go for 100% FDI in 'new' insurance biz to expand scope of sector

In Budget FY21, Finance Minister Nirmala Sitharaman had announced raising the cap of FDI to 74 per cent for insurance companies with effect from August 2021

PSU insurers lodge Covid insurance claims worth Rs 17,537 cr till Dec 2021

Public sector insurers lodged Covid-19 related health insurance claims worth Rs 17,537 crore till December 2021 and more than 93 per cent of the cases were settled, Parliament was informed on Monday.

Covid-19 survivors likely to go off health insurance cover wait list

When Covid was at its peak, some insurers had introduced a "cooling-off" period -- a duration during which consumers could not apply for a health insurance policy if they had contracted Covid.

Life insurers eye double-digit growth as Covid-19 pandemic pain eases

The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)

Debasish Panda takes charge as Irdai chairman for a three-year period

The position of Irdai chairman was vacant for a period of over nine months, ever since Subhash Chandra Khuntia demitted office in May 2021

Govt proposes hike in 3rd-party motor insurance premium from next fiscal

Union Road Transport Ministry has proposed an increase in third-party motor insurance premium for various categories, which is likely to jack up insurance cost of car and two-wheelers from April 1.

Term insurance ownership has risen to 43% from 36% in two years: IPQ Survey

This indicates consumers are now diversifying their insurance holdings and building a holistic portfolio by investing more in life insurance, including term, market-linked and savings plans

Health insurance premiums drive non-life industry growth, shows data

Group premiums grew 30% against 17% growth in retail segment

New business premium of life insurance firms sees tepid growth

NBP of the overall industry in January reported a marginal 2.65 per cent growth to Rs 21,957.04 crore over the same period a year ago.

Insurers seek legal recourse for surety bond biz, urge changes in key laws

Reach out to reinsurers for expertise on surety bonds business

Covid provision pool lowered, but 'we got you covered': Life insurers

As claims burden drops, life insurers hold enough reserves, cushioning balance sheet against risk

Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23

Firm stands to lose about Rs 1,500 cr of premium, say experts

Insurers seek hike in tax exemption for higher adoption of pure risk plans

Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from his/her taxable income

Indian insurers put in place waiting period for people recovered from Covid

People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy

Max Life Insurance's death claim settlement at 99.35% in 2020-21

Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.

Three private life insurers increase term plan rates by 10-30%

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.