General Insurance Companies

ICICI Lombard's net profit rises 11% in Q3 on strong premium income

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

Regulatory changes may bring new dawn for insurers: BFSI Summit panelists

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

LIC may turn into composite insurer; likely to merge 4 PSU general firms

With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India

ICICI Lombard Q2 net up 32% to Rs 591 cr on reversal of tax provision

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

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

Madhulika Bhaskar gets additional charge as NIACL CMD for three months

Her appointment is for a period of three months with effect from the date of assumption of charge or till a regular appointee takes over, or until further orders, whichever is earlier, company said.

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

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

Reach out to reinsurers for expertise on surety bonds business

No proposal to merge public sector general insurance companies: MoS Karad

The government on Tuesday said there is no proposal as of now to merge public sector general insurance companies. There are four general insurance companies -- New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL). In a written reply to the Rajya Sabha, Minister of State for Finance Bhagwat K Karad said there is no proposal under consideration of the government at present for merger of public sector general insurance companies. In a bid to foster blockchain technology for providing various financial services, banks have put in place Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC), Karad said in another written reply. The Reserve Bank of India (RBI) has informed that it has been pro-active in providing guidance for development of blockchain-based application through its new regulatory sandbox environment, he said. "State Bank of India (SBI) and Cana

Cargo insurance premiums up 33%; second fastest after personal accident biz

This is significant as the cargo insurance market had declined by close to 8 per cent in FY21

FinMin to infuse Rs 3,000 cr in state-owned general insurers this quarter

Last year, the Union Cabinet headed by Prime Minister Narendra Modi cleared proposal to provide capital support to National Insurance, Oriental Insurance and United India Insurance

General insurers' underwriting losses up 6.3% in FY20: Irdai Annual Report

While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr

Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

Why insurance firms are poised to march past the banks on the stock market

They make up 43% of the m-cap of banks today and many, including LIC, will soon be listed; by contrast, not a single yet-unlisted bank is so massive as to create ripples when it goes public

Top headlines: Tatas in talks for AirAsia stake, google tax collection dips

From govt calling off merger of three public general insurers to technology players in fray for railway signalling tender, here are top headlines of the day.

Standard Covid-19 insurance plan to have max sum assured of Rs 5 lakh

Pricing will depend on insurers but will be cheaper than normal health covers

Merger of three state-owned general insurers on back burner due to Covid-19

Notably, the boards of the three firms had approved the merger in January and had appointed management consultant firm EY to chalk the road map for the exercise last year

General Insurance Council says existing health policies cover coronavirus

There are 30 confirmed cases of coronavirus infection in the country as of Thursday, of which 16 are Italian tourists

Irdai chief asks general insurers to cut expenses, improve efficiency

Also, he advised the life insurers to focus more on improving their persistency ratio

PSU general insurers continue to lose market share, merger plan stuck

All, barring New India, have been losing market share for a while. However, United India has gained marginally this January