Page 6 - Insurance Industry

Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

Increase life insurance cover to keep pace with your liabilities

Convert policies into 'paid-up' if internal rate of return is below promised levels

Saral Jeevan Bima will have lower entry barriers, but may not be cheaper

High expectations are pegged to the Saral Jeevan Bima (SJB), the standard term insurance cover slated to be launched on Janua­ry 1

Non-life insurers see 2.7% growth in premiums in November at Rs 14,981 cr

Non-life insurers were in the red in September also, with premium collection slipping 4.41 per cent

Pay for loss incurred to minimise damage

The National Commission rejected New India's plea, saying the consent had become invalid as the insurer itself had not abided by the claim amount recommended by the surveyor

Paradigm shift in GenNext insurance

Millennials look for instant gratification from the products and services they opt for. Hence, traditional long-term products don't appeal to them much

Most see 5% rise in health insurance premiums, says Policybazaar

Experts suggest the premium hike of up to 5 per cent is because of various changes the regulator has brought in to standardise health products and make them more customer centric

If declaration is late, claim can be rejected

The insurer pointed out that the policy conditions in respect of timely declaration of shipments had been violated, and rejected all the claims

If error is inadvertent, claim must be paid

Insurance firms cannot deny claims if there is any inadvertent error on the part of the insured

Pandemic Pool: Is this the best the insurance sector could come up with?

In case of a calamity, the govt may need to step in to help those at the lower rung of the economic ladder and it may not need the insurance sector as a middleman in those circumstances

Claim payable if bariatric surgery is medical necessity

In cases where the bariatric surgery is performed for cosmetic purposes, the insurer is not liable to pay

Despite market volatility, LIC made Rs 13k cr profit in equity till Aug: MD

The insurer has collected about Rs 87,300 crore of renewable premium till August this year, registering a growth of 13.5 per cent over the same period of the last fiscal

Covid-19: Insurance industry seeks central repository for data sharing

The Covid-19 pandemic has impacted sharing of data in the insurance ecosystem and there is a need to have a central repository, say industry players.

Insurer is liable to pay for loss due to defective packaging

The Commission observed that the policy excluded defects in packaging from inception. But the package had been checked by the insurer's representatives and found to be in order

Third-party motor insurance premium hike delay worries insurers

Next six months will be tough for the industry in terms of loss ratios

General insurers received 80,900 Covid claims worth Rs 1,290 cr till Jul 31

The number of claims settled by insurers as on July 31 is 52,880 and the claim amount paid, around Rs 490 crore

LIC's total premium clocks 12% growth in FY20 at Rs 3.79 trillion

Settled 561 Covid-19 death claims amounting to Rs 26.74 crore

Insurance companies turn net buyers of equities after eight years

Sustained buying by them adds heft to market rally

Insurance may get 'strategic sector' tag under new privatisation policy

Other sectors that could get the 'strategic' tag are railways, oil and gas, defence, space and atomic energy

Irdai asks Axis Bank, Max Financial to make changes in deal structure

Irdai has asked them to factor in some alternate mechanisms subject to regulatory approvals.