Page 2 - Insurance Industry

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Administrator pegs general insurance arm valuation at Rs 9,450 crore

Insurance industry will continue to see M&A deals, new entrants

Merger and acquisitions will continue to be a part and parcel of the insurance sector, which is a highly capital intensive sector and can accommodate new entrants with specialised skill sets having long-term vision. The past developments in this sector and recent decision of the Mumbai National Company Law Tribunal (NCLT) allowing merger of Exide Life Insurance with HDFC Life is an indication that entities without requisite expertise may quit the sector. In order to equip itself with the complexities of merger and acquisitions, the Insurance Regulatory and Development Authority of India (IRDAI) has started looking for consultants who can undertake valuation of state-owned and private sector insurers, and train its officials about valuation methodology and processes. Market players and analysts are of the view that the sector has significant potential for development and there will be new entrants in the insurance industry and also Merger and acquisition (M&A) deals. "The sector, ..

Dematerialisation: Irdai urges industry to open e-insurance accounts

The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.

Cyber frauds: Banks step up efforts to promote safe banking habits

Apart from HDFC Bank's 'Vigil Aunty', a host of private sector general insurers also offer individual cyber insurance policies

Need to watch out for inflation impact: Bajaj Allianz General Insurance CEO

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

Irdai empowers insurers to empanel hospitals for cashless facility

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

Irdai says no decision on mandatory disclosure of insurance commissions

Irdai said it regulator intends to hold discussions on the matter before a decision

Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

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

Life Insurers to benefit once again from low-base effect in Q1FY23

Analysts are more bullish on stocks of private insurers

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

PhonePe sells over 1 mn two wheeler insurance policies on its platform

Sees over 75% of overall insurance purchases from tier 2 & 3 cities

Now, life insurers can introduce products without Irdai's prior approval

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch

IRDAI eases approval norms for health, general insurance products

Irdai has tweaked 'Use and File' procedure for all health insurance products and almost all the general insurance products in line with the reform agenda taken up towards having a fully insured India

Paytm not to acquire Raheja QBE; to apply for new general insurance licence

The agreement was terminated by Paytm Insuretech as the share sale and purchase transaction was not consummated within the time period envisaged by the parties under the agreement

Go Digit clocks Rs 5,000 crore premium in FY22 on strong growth

New age insurer Go Digit General Insurance (Digit) has crossed Rs 5,000 crore-mark in gross written premium in FY22, driven by higher demand from motor, property and health segments.

Life Insurance Corporation to join league of top global insurance firms

Expected to list with m-cap of Rs 6 trillion - making it world's fourth biggest

Health insurance premium rise spurs non-life growth, shows data

While insurers have witnessed a jump in health premiums over the last two years, their claims burden has also gone up.

Non-life insurance firms register 7% rise in gross premium at Rs 18,953 cr

The non-life insurance companies had underwritten gross premium valuing at Rs 17,662.32 crore in December 2020