Page 4 - Insurance Companies

Life firms ask regulator to allow risk-based solvency regime for ULIPs

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

FSIB recommends former Union Bank of India MD for post of NaBFID MD

The Centre, earlier this month, transformed the Banks Board Bureau into FSIB and expanded the headhunter's role to suggest appointments for PSU banks, insurance companies and financial institutions

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

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

Online players, agents may have to disclose insurance commission

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

Tatas exit race to buy Reliance Capital's general insurance arm

Group only interested in general insurance, but lenders want firms to bid for entire cluster of companies

ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release. All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals, the company said. The insurer said the range of innovative participating products offered by it gives its customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover. The annual bonus of Rs 968.8 crore for FY2022 is the highest ever declared by the company since inception, N S Kannan, Managing Director & CEO, ICICI ...

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

Support Agniveers after tenure completion: FinMin to PSBs, insurance firms

Post the announcement of the scheme protests have erupted across several states with the Opposition slamming the centre for hastily drawing up the plan

Irdai eases solvency margin requirement for insurers underwriting crop biz

It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.

Irdai working group recommends relaxing investment norms for insurers

The panel has suggested having a single limit of expenses over and above the monitoring of solvency and enterprise level expense limit

PNB MetLife launches India's first dental health insurance plan

This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health

EV fire incidents 'not a concern', insurers unlikely to hike premiums

The vehicle owner will be eligible for claims from an insurance company in the event of a two-wheeler EV catching fire, only if he/she has a comprehensive motor insurance policy

Non-life insurers' gross premium income rises 24% to Rs 21,327 cr in April

The non-life insurance companies had a gross premium business worth Rs 17,251.10 crore in April 2021

Finance ministry invites applications for CVOs in PSU banks, insurers

The finance ministry has invited applications from eligible candidates for the position of Chief Vigilance Officers (CVOs) in various public sector banks and insurance companies. Applications have been called for CVO positions in five lenders, including Canara Bank, Indian Bank and Bank of India. Besides, CVO position would also fall vacant in New India Assurance Co and IFCI during this year. Position of CVO would also be filled at Punjab National Bank, Punjab & Sind Bank, General lnsurance Corporation and National Bank for Agriculture and Rural Development (Nabard). Applications are invited for filling up the posts of Chief Vigilance Officers (CVOs) in various Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs) and Financial Institutions (FIs), according to a notification issued by the Department of Financial Services, under the finance ministry. Selection of the candidates shall be made by the government in consultation with Central Vigilance Commission (CVC) .

Focus is to increase health book faster: ICICI Lombard Gen Insurance CEO

Bhargav Dasgupta spoke about the company's plan in the health, motor and surety bonds business

HSBC and Ping An executives plan to discuss breakup proposal

HSBC earned 52% of last year's total revenue of $49.6 billion from Asia and 65% of its reported profit before tax came from the region

ICICI Lombard net profit falls 9.5% in Q4, blames Covid and accounting rule

The company has proposed a dividend of Rs 5 per equity share for the financial year ended March 31, 2022

Irdai seeks to remove Rs 100 cr entry cap for new players in insurance biz

Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players

Warren Buffett ends drought with Berkshire's $11.6 bn Alleghany purchase

Warren Buffett's Berkshire Hathaway struck an agreement to buy insurance company Alleghany Corp for $11.6 bn, weeks after the 91-year-old billionaire bemoaned a lack of good investment opportunities