Page 8 - Insurance Sector

Life insurers report 11% YoY decline in new business premiums in July

When compared to the pre-pandemic period (July 2019), NBP of the life insurance industry witnessed a drop of 5 per cent

Gift City, India Insurtech ink pact to promote fintech in insurance sector

Gift City, the country's first international financial services centre, said it has collaborated with the India InsurTech Association to promote financial technology in the insurance sector

Covid-19 impact: ICICI Lombard net profit falls 62% in April-June quarter

In the April-June quarter, the insurer posted an underwriting loss of Rs 508.16 crore against an underwriting profit of Rs 38.16 crore in the year-ago period.

PNB MetLife announces Rs 532 crore bonus for policyholders in FY21

PNB MetLife India Insurance Company has announced a bonus of Rs 532 crore for the eligible policyholders of participating products during 2020-21. This bonus is 7 per cent higher than that in previous year. PNB MetLife said it has been consistently declaring bonus on participating products every year and 4.6 lakh customers, whose policies are in force as of March 31, 2021, will be benefiting from this bonus. Policyholder bonus is the share of profits generated by the company's participating funds which is paid to the customers at various benefit events. PNB MetLife's strong fund management capabilities coupled with robust risk management practices have enabled the company to reward policyholders with higher bonus payouts, the insurer said in a release on Friday. Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said despite these trying times, the company has delivered steady growth on participating products over the years. "The declaration of this Rs 532 crore bonus reinforces our

Aviva, Generali Group look to hike stakes in Indian joint ventures

This comes in wake of increase in FDI limit to 74% in insurance sector

Health policy: Out-of-pocket cost jumps as consumables' share in bill rises

Consumables are usually, but not restricted to, medical aid/equipment that have to be discarded after use

Insurance sector attracts 40% of FPI flows worth $2.35 bn in June

Insurance isn't a big sector in terms of weight, accounting for just 2.5% of FPI corpus. In comparison, nearly a third of FPI investments in the country are in banking and financial sector

Government extends retirement age of LIC chairman to 62 years

The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.

Time to rethink your insurance options

Never choose a health insurance policy based on how low the premium is. That is the least of the considerations.

Bajaj Allianz Life declares Rs 1,156 crore bonus to policyholders

This includes a special one-time bonus of Rs 315 crore

Reimburse cost of PPE kits: Ombudsman

The ombudsman concluded the insured could not be faulted for the charges levied for PPE kits, and the insurer would have to reimburse this amount

Premiums for staff insurance may rise amid second wave of Covid-19

Insurers say the second wave impact is more than first as normal claims and Covid ones are running parallel this time

Save up to 50% by opting for minimal motor insurance cover: Experts

Owners of younger or more valuable vehicles should stick to comprehensive cover

Nirmala Sitharaman urges CMs to end police manhandling of bank staff

The FM said that there is a need for banking services to continue uninterrupted, to support the bank customers' needs in these difficult times

Life insurers get tough on risk assessment as second Covid-19 wave bites

Impose 'postponement period' for recovered Covid patients, tighten underwriting standards

DFS Secy urges states to vaccinate bank and insurance staff, provide safety

Debasish Panda says bankers have played a key role in providing services in such difficult times, many have contracted the virus, and some have even lost their lives

BS webinar on De-risking the Risk Business: 'Digital road too has potholes'

Traditional data sources such as demographic data or exposure data are increasingly combined with new sources such as online or telematics-data

Two new product structures for title insurance likely: Here're the details

The regulator has now asked for inputs from stakeholders on recommendations of the working group by May 31, 2021

KFIN Tech buys 17% stake in Artivatic.ai, gets foot into insurtech space

Plans to raise it further; Artivatic.ai will use funding to broaden product portfolio, explore new business horizons and expand footprint in India and abroad

IRDAI imposes Rs 30 lakh penalty on SBI General Insurance Company

Regulator IRDAI has imposed a penalty of Rs 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations.