Insurance Industry

IFFCO-Tokio crosses Rs 10,000 crore gross written premium in FY23

IFFCO-Tokio General Insurance on Friday said it has achieved a milestone of generating Rs 10,000 crore of gross written premium for the current fiscal. IFFCO-Tokio General Insurance Company Limited is a 51:49 joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) -- one of the world's biggest cooperative societies -- and Tokio Marine Group, the largest listed insurance group in Japan. HO Suri, Managing Director and CEO of IFFCO Tokio, said there are many segments of the business, which represents growth. However, Health Insurance and Crop Insurance verticals are the top most segments, witnessing a growth of 28 per cent and 47 per cent, respectively, he said. In terms of geographical growth, Suri said Assam, Maharashtra, Madhya Pradesh and Chhattisgarh and West Bengal have shown remarkable growth. "Besides, our active policyholders figure has also been improved significantly. Overall, the gross premium witnessed a growth of 16 per cent compared to the last financial .

Industry majors welcome Irdai move to remove cap on agent commissions

Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses

Focus on coverage provided, not premium collected

Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'

DFS work on draft insurance law complete, sent to Cabinet for approval

The amendments aim to enhance the security of policyholders, promote their interests, and improve returns

Irdai to bring in 'EASE' in delivering entire suite of insurance services

Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states

Finance ministry looking into life insurers' tax relaxation plea

Officials say Budget's proposal to tax high-value policies of Rs 5 lakh and above is unlikely to have significant impact on the industry

Round table: Changes to Insurance Act a redefining moment, say experts

Covid has been a defining moment for the industry; the industry has paid out Rs 25,000 crore in claims, it has led to an important change by converting insurance from a push product to a pull product

Covid was the moment of truth for the life insurance industry: Experts

On the part of Irdai, they have relaxed capital requirements in certain lines of business

A new dawn for insurance industry: Irdai looks to make sector attractive

Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture

Insurance execs to FM Sitharaman: Relax taxing high-value policies

They want the threshold of premiums beyond which the income from these policies is taxed raised to Rs 10 lakh per year from the current Rs 5 lakh

Insured losses hit $120 billion as extreme weather upends industry norms

Insured losses of more than $100 billion a year are the new normal. That's a major departure from industry norms of less than two decades ago

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

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

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

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

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 draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

BFSI's share in India Inc's Q2 profits hits record high of 41.5%

The biggest gains came to banks, which reported a 35.8 per cent YoY growth rate in their combined net profit in Q2 FY23

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

LIC drives new business premiums of life insurers up 15% YoY in October

The surge in LIC's NBP was primarily driven by a 30% increase in its group single premium