Page 6 - Insurance Sector
Profits of insurers, manufacturing firms cannot be compared, says LIC chief
LIC Chairman M R Kumar on Monday said profits of insurance companies cannot be compared with that of manufacturing companies as dynamics of the businesses are different.
 "Profits of insurers, manufacturing firms cannot be compared, says LIC chief")
LIC wants to remain IDBI Bank shareholder for bancassurance gain: Chairman
Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank's customers and others through the branch network
Govt to soon decide on giving additional charge of New India Assurance CMD
Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments
 "Govt to soon decide on giving additional charge of New India Assurance CMD")
LIC's business plan change after IPO a threat to private firms: Report
According to an analysis of its initial public offer (IPO) filings by Swiss brokerage Credit Suisse, SBI Life, ICICI Prudential, HDFC Life and Max Life will face the maximum impact of the LIC move
 "LIC's business plan change after IPO a threat to private firms: Report")
LIC's looming mega IPO weighs on other insurers' stocks, say investors
The flotation, potentially raising $8 billion, likely will continue to drag on LIC's competitors for about a year and could spread to other sectors: Analysts
 "LIC's looming mega IPO weighs on other insurers' stocks, say investors")
BSE Ebix, LIC join hands for distribution of insurance products
'Under this agreement, BSE Ebix will offer their clients insurance products offered by LIC such as Life and Health, using its omni-channel digital presence'
 "BSE Ebix, LIC join hands for distribution of insurance products")
LIC sits on over Rs 21,500-cr unclaimed funds, shows DRHP
State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator Sebi
 "LIC sits on over Rs 21,500-cr unclaimed funds, shows DRHP")
More capital support to IDBI Bank may have adverse impact on LIC: DRHP
LIC had infused Rs 4,743 crore into IDBI Bank on October 23, 2019 using policyholders' funds while the bank further raised Rs 1,435.1 crore in Dec. 2020 by way of a qualified institutional placement
 "More capital support to IDBI Bank may have adverse impact on LIC: DRHP")
Inflated claim can lead to zero compensation
The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim
Max Life Insurance's death claim settlement at 99.35% in 2020-21
Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.
 "Max Life Insurance's death claim settlement at 99.35% in 2020-21")
Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3
In Q3 of FY22, insurers earned NBP to the tune of Rs 73,249.97 crore
 "Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3")
Life insurers' new biz premium income nearly flat at Rs 24,466 cr in Dec
The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020
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 to set up two hubs on motor insurance and property insurance")
Three private life insurers increase term plan rates by 10-30%
Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.
 "Three private life insurers increase term plan rates by 10-30%")
Insurer must pay claim in auto-cover period
Since the insured had died on January 12, 2015, well within the auto-cover period, the National Commission held the claim to be payable
Surge in Covid-19 cases leaves non-life insurers on tenterhooks
In FY21, non-life insurers had settled 849,034 claims amounting to Rs 7,833 crore
 "Surge in Covid-19 cases leaves non-life insurers on tenterhooks")
HSBC wins regulatory nod to take over insurance business in China
HSBC will buy the remaining 50% stake in HSBC Life China from The National Trust Ltd
 "HSBC wins regulatory nod to take over insurance business in China")
Irdai directs Go Digit to withdraw product offering life insurance benefits
The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media
LIC, GIC Re and New India systemically important insurers: Irdai
Life Insurance Corporation of India; General Insurance Corporation of India; and New India Assurance Co. Ltd, are in the list of D-SIIs for the year 2021-22, it said
Incurred claims of standalone health insurers grow at slower pace in FY21
The incurred claims of the overall general insurers too grew at a lower rate of 2.92 per cent compared to 7.26 per cent during financial year 2019-20
