Page 3 - Insurance Industry

Irdai to set up two hubs on motor insurance and property insurance

The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry

Irdai seeks to revise formula for fixing insurers' obligation for Motor TP

The regulator has asked for comments from stakeholders, which they have to submit by January 25

Insurance brokers' advice to become crucial amid tighter underwriting norms

Low existing rates and revision of reinsurance premiums are key driver

Generali eyes bigger stake in India businesses as Future seeks exit: Report

Generali "wants to have a majority which could be a 74% stake but also (could be) slightly less. Future wants to completely exit the businesses," said one of the sources.

Risky business: Climate change turns up the heat on insurers, policyholders

(Reuters) - Tony and Jhan Dunn never thought they would leave California, where they grew up, built a life together and planned to retire.

Cargo insurance premiums up 33%; second fastest after personal accident biz

This is significant as the cargo insurance market had declined by close to 8 per cent in FY21

Term insurance premium set to rise by 25-30% after Munich Re hikes rates

Reinsurance rates hiked by upto 40%; Premiums may increase by 30%

Street likely to view general insurers favourably

Stocks of listed players ICICI Lombard and New India Assurance have lagged in FY22, so far

Madras HC puts order on bumper-to-bumper cover for new vehicles on hold

Will hear the General Insurance Council on September 13

Payment firm PhonePe receives broking licence from insurance regulator

The broking license will allow it to start offering personalised product recommendations to its more than 300 mn users, and offer a much more diverse portfolio of insurance products for consumers

'Bumper-to-bumper' insurance should be mandatory, says Madras HC

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy", which woul

Delay in third-party premium hike hurting balance sheets: Insurers

The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic

India considers allowing foreign direct investment in LIC: Report

Any strategic investment would be subject to a cap, though it's unclear at what level that would be set, according to a person familiar with the matter

July non-life insurance premiums shrug off pandemic cloud: Care Ratings

The non-life insurance industry continued its strong performance with July numbers reporting 19.5 per cent growth in line with the trend seen during previous months, Care Ratings has said.Non-life insurance premium reached Rs 20,171 crore compared to Rs 16,885 crore in July 2020. The growth was driven by health and fire segments with motor segment also turning in positive numbers.Care said general insurers grew at 17.6 per cent for July which is higher than the 12.2 per cent growth witnessed in July last year. The year-to-date numbers grew at a 12.9 per cent for July versus a decline of 2.1 per cent in July FY21.The general insurance segment continues to maintain the highest share. However, its continued growth can be attributed to the health portfolio.Standalone private health issuers reported a sustained premium growth of Rs 1,753 crore in July 2021, demonstrating a growth of 27.5 per cent.A much sharper growth was observed in the YTD July FY22 numbers which reached Rs 5,976 crore ..

Global insurance recovery will be faster, stronger than in 2008: Swiss Re

The global insurance industry is poised to recover more quickly and forcefully from the pandemic than it did after the 2008 financial crisis, despite such obstacles as low interest rates and inflation

Insurers' provision pool balloons as fatalities spike in second Covid wave

Claims in 2nd wave were 3-4 times the volume seen in first wave, says an insurer

Life insurers' new business premiums grow 4% YoY in June after dip in May

In Q1FY22, the life insurance industry reported a 7 per cent increase (YoY) in NBP

Port if health insurance policy premium starts to pinch, say analysts

The best way to save on cost of term insurance is to enter at an early age

Ensure you get continuity benefits when porting your insurance policy

Don't select new policy based on price alone; look for old one's shortcomings

HDFC Life announces Rs 2,180-cr bonus for insurance plan subscribers

HDFC Life on Wednesday announced a bonus of Rs 2,180 crore to its policyholders subscribing to participating insurance plans.