Insurance Companies

Why Irdai's flexible rules are significant for insurance industry

By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses

India's $1 trillion sovereign bond market sees rising clout of insurers

Their growing footprint mean that the state will be less reliant on banks over time, while reducing anxiety among traders over how Modi's infrastructure-building spree will be funded

Anup Bagchi to take over as MD & CEO of ICICI Pru Life Insurance in June

Bagchi will replace N S Kannan, the current MD & CEO, who will complete his five-year term, and superannuate from service in June

More insurance players required for diverse needs of citizens: Irdai chief

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

Top insurance companies compete to cover Tata Group-owned Air India fleet

Tata-owned airline negotiating premium for FY24

Start-up InsuranceDekho raises $150 mn in funding for expanding business

Company will use money to improve technology, enter new markets and launch products in health and life categories

Reserve Bank widening bond lending may shield bears from short squeezes

Some entities like insurance companies are not permitted to borrow money but have a large stock of securities and the move will enable them to lend bonds

4 govt-owned general insurers restructuring ops based on PPTs: Unions

The Central government-owned 4 general insurance companies are restructuring their operations based on powerpoint presentations (PPT) provided by consultancy firm EY and without getting a full report

Several insurance companies exceed limit on expenses in FY22: Irdai report

The expense of management of regulations (2016) for life insurers prescribes the allowable limits of expenses of management taking into account the type and nature of product,

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

Private companies lap up Esri's GIS software for multiple uses

Government departments have used it to build village land records, track rural roads, and manage water resources

HC asks Irdai to consult insurance firms about health cover for disabled

Court asked regulator and insurance companies to submit a status report before March 17, 2023

In a first: Bajaj Allianz set to launch surety bonds on December 19

SBI General Insurance and Tata AIG General Insurance are also said to be looking at launching a surety insurance product soon, said sources

New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Govt to launch first surety bonds for road contractors on December 19

Will provide relief to contractors, free working capital stuck in bank guarantees, says Gadkari

Explained: Why private insurance companies in India are coveted buys

By chasing profit over rapid expansion, companies have conserved capital, making them attractive for potential buyers

More risk in our book helps us become more agile: MD, Bajaj Allianz Life

In a Q&A, Tarun Chugh dwells on how his firm became the fastest growing in its space, recent Irdai initiatives, and the company's future plans

Tepid demand for cyber insurance policies despite steep rise in attacks

Experts see signs of change because of heightened awareness and increase in enquiries

Top Headlines: One licence for insurance biz, amendment in IBC, and more

Here is our morning brief of today's top headlines

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network