Insurance Firms

CMS Info Systems aims 3 times revenue of Rs 5,000-crore by FY30

It is looking to start new business lines like collection and recover services

Over 1.6 mn cyber attacks blocked on Indian insurance firms a day in Jan

Over 1.6 million cyber attacks were blocked on Indian insurance companies every day in January, a report showed on Monday

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

GIC Re returns to black with Rs 1,201 cr net income in Dec quarter

General Insurance Corporation of India (GIC Re) on Thursday reported a net profit of Rs 1,201 crore for the third quarter ended December 2022. There was a loss of Rs 28.48 crore in the year-ago period. Sequentially, it posted a net profit of Rs 1,859.93 crore in the second quarter ended September 2022. Gross premium during the October-December quarter declined to Rs 10,099.40 crore from Rs 10,240 crore in the same period of the previous fiscal, GIC Re said in a regulatory filing. Its net premium income inched up to Rs 9,561.2 crore from Rs 9,332.56 crore but earned premium declined to Rs 8,648.76 crore from Rs 8,907 crore. The bottom line was saved by a fall in incurred claims during the quarter, which declined by more than a quarter to Rs 8,380.50 crore from Rs 10,857.83 crore, according to the company. Its underwriting loss came down massively to Rs 1,537.24 crore from Rs 2,371.2 crore, boosting the net income, which was also buoyed by a healthy jump in investment income at Rs

Govt asks Irdai, insurance firms to address issues to reduce pending cases

Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term

Insurance body GIC opposes govt nominee in life and non-life councils

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy

Axis Bank in talks to issue 10-year infra bonds, taps insurance firms

Lender in talks with end-investors to issue infra bonds at a rate of around 7.85%

Insurers settled over 225,000 death claims on account of Covid: Irdai

Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies up to March 2022, the Insurance Regulatory and Development Authority of India (Irdai) said in its annual report released on Thursday. It further said the general insurers and stand-alone health insurers received a huge number of Covid treatment related claims which the industry handled "quite efficiently" and settled claims approximating to Rs 25,000 crore. As per the data in the report, a total of 26,54,001 health insurance claims were settled. Irdai said insurance companies settled over 2.25 lakh death claims on account the pandemic and paid Rs 17,269 crore towards claims up to March 31, 2022. The life insurance industry paid benefits of Rs 5.02 lakh crore in 2021-22, which constitutes 73.1 per cent of the net premium. LIC accounted for 70.39 per cent of total benefits paid and private insurers the remaining 29.61 per cent. "In case of individual life insurance business, the life indust

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

Irdai boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

Growth, moderate valuations positive for ICICI Prudential Life Insurance

Value of new business growth and margins remained strong in Q2

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar

Fake invoices can lead to insurance claim repudiation, shows a recent order

Aristo Texcon, a private limited company, had its factory in Kolkata's Tangra Industrial Estate. A massive fire occurred on February 19, 2012. Here's what happened when they approached their insurer.

Regulator seeks to make insurers have clear policy for agents' commission

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned