Page 6 - Insurance Companies

China steps up crackdown on insurance technology companies

The regulator has ordered companies and local agencies to curb improper marketing and pricing practices, and step up user privacy protection, according to a notice seen by Bloomberg News

PSU insurers employees go on strike to protest proposed privatisation

Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers.

Amendment to aid insurers' privatisation tabled in the Lok Sabha

General Insurance Business (Nationalisation) Amendment Bill, 2021, will allow private participation in public sector insurance companies

Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, the Minister of State for Finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020. Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020. He further said that as per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020). The RBI framed the Depositor Education and Awareness Fund (DEAF) Scheme, 2014. As per the Scheme, unclaimed amounts lying with banks are credited to the DEAF by banks and DEAF is subsequently utilised for promotion of depositors' interest. On the other hand, all insurers having unclaimed amounts of ..

In world hurting from floods and fire, insurance firms won't offer bailout

If it becomes too expensive to cover losses for natural disasters, insurers will pull back toward areas that are more profitable.

Max Bupa Health rebrands to Niva Bupa; aims total biz of Rs 2500 cr in FY22

Standalone health insurance player Max Bupa Health Insurance Friday announced that it has rebranded itself as Niva Bupa and said it is targeting a total business of Rs 2,500 crore in fiscal 2021-22. The rebranding exercise comes after the exit of Max India from the company in 2019 and the entry of private equity firm True North. International healthcare company Bupa Group is the other joint venture partner of the health insurer. "Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa. We will continue to maintain strong growth in the market and aims to become Rs 2,500 crore (total business) company by FY21-22, the insurer's managing director and CEO Krishnan Ramachandran said. In fiscal 2021, the insurer's total business stood at Rs 1,751 crore. The company is opening around 52 offices. It has 13 bank partners, including Axis Bank and HDFC Bank, Bank of Baroda and Federal Bank. Ramachandran

Max Bupa rebrands itself as Niva Bupa, stops using 'Max' brand name

Max India, which owned 51 per cent in the insurer sold its stake to True North in February 2019 for Rs 510 crore

Digitisation cannot be reactive

To truly unlock the digital potential, insurers need sustained investment in innovation and new-age technologies like machine learning, data modelling, and artificial intelligence

NITI Aayog recommends privatising United India Insurance Company

Core group to soon consider the proposal to privatise the insurer

Navi General gives customers option to buy health insurance through EMIs

Customers can purchase health insurance at monthly installments of as low as Rs 240 per month.

Bajaj Allianz declares Rs 1,156 cr bonus for participating policyholders

This includes one-time bonus of Rs 315 cr, over and above regular bonus; company says it is the 20th consecutive year that it is declaring a bonus

As Covid-19 vaccination slows down, insurers insist customers take jabs

Only 3.2% of India's population has been fully vaccinated with two shots

Insurance companies seek early implementation of IFRS from govt

Currently, India follows the old solvency standards where insurers have to hold a percentage of reserve as capital.

Govt notifies solvency rules for foreign-owned insurance companies

Rules mandate 50% profit in general reserve if solvency margin is not maintained after profit repatriation, half the board should consist of independent directors

Insurance companies can provide cover to investors in tough times

Firms will gain if they do a balancing act between claims and income

Betting on power: Insurers line up to invest in PGCIL and IndiGrid InvITs

The first power transmission InvIT of the country, IndiGrid, came out with a public issue of NCDs to raise up to Rs 1,000 crore last week

Life insurance companies' new premium business up 45% at Rs 9,739 crore

While the NBP of private insurers, 23 in total, grew 55.18 per cent over the same period last year, state-owned Life Insurance Corporation reported 35.6 per cent growth

Insurers see adverse impact of Covid-19 claims on their loss ratio

Indian insurers had not factored in the impact of Covid claims while underwriting their products

FinMin asks state-run banks, insurers to postpone staff promotions

The advisory issued by the DFS states that the promotion process has coincided with a spike in Covid-19 cases across the country along with localised lockdowns

Climate change could cut world economy by $23 Trn in 2050: Swiss Re warns

Poor nations would be particularly hard hit, but few would escape, Swiss Re said. The findings could influence how the industry prices insurance and invests its mammoth portfolios