Page 5 - Insurance Sector

City Union Bank, Shriram Gen Insurance tie up for distribution of products

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers

Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

NICL picks Cognizant for accelerating, managing its digital transformation

NICL is one of India's leading public sector general insurance companies

Don't stipulate solvency ratio for public sector general insurers: FinMin

Department of Financial Services under the Ministry of Finance requested other Ministries not to include solvency ratio as a criterion for participation of public sector general insurers in tenders

This Rakesh Jhunjhunwala-owned stock slipped 31% in 12 trading days

Star Health quoted lower for 12th straight trading day and has slipped 31 per cent to Rs 488.5 from Rs 703.35 that it had touched on June 14, 2022

Irdai working group recommends relaxing investment norms for insurers

The panel has suggested having a single limit of expenses over and above the monitoring of solvency and enterprise level expense limit

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

InsurTech models to help Indian insurance mkt hit $222 bn by FY26: Redseer

New online distribution models such as B2C, B2B and B2B2C are key drivers of growth, with B2C in particular, gaining significant opportunities.

Irdai eases capital requirement for insurers to offer PMJJBY schemes

PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years

Pay your health insurance premium on time and enjoy lifelong renewability

Accumulated no-claim bonus and advantage of having crossed waiting period will be lost if you fail to pay your health insurance premium on time

LIC mega IPO opens for retail, institutional investors; to close on May 9

LIC public offer, the country's biggest-ever IPO, on Wednesday opened for subscription for retail and institutional investors. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equi

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.

Tata subsidiary joins insurance consortium to provide cover to Air India

Tata AIG will be part of the $12-billion insurance package for A-I

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

Life insurers eye double-digit growth as Covid-19 pandemic pain eases

The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)

Port your insurance policy to cover home care, consumables: Experts

Around 54 per cent customers in tier 1 cities, 18 per cent in tier 2 cities, and 28 per cent in tier 3 cities ported to a higher health cover

91% people consider purchasing life insurance necessary: Survey

Most people in the country consider purchasing life insurance a necessity but only 70 per cent are willing to invest in the same, according to a survey conducted by the Life Insurance Council (LIC).

We will be looking at surety bonds biz: Bajaj Allianz General Insurance CEO

Overall Covid claims constituted 20 percentage points (ppt) of the claim ratio movement, said Singhel

Govt may review timing of LIC IPO amid Ukraine crisis: FM Sitharaman

'If global considerations warrant that I need to look at it (LIC IPO), I wouldn't mind looking at it again,' says FM