Page 4 - Insurance

New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Explained: Why private insurance companies in India are coveted buys

By chasing profit over rapid expansion, companies have conserved capital, making them attractive for potential buyers

Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers

Regulator Irdai on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers. The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'. The draft proposes to permit all general insurers to offer 3-year insurance policy in respect of private cars and 5-year for two-wheelers, co-terminus with motor third party liability cover. The premium for the entire term of the policy coverage would be collected at the time of sale of insurance. The pricing, as per the draft, would be based on sound actuarial principles, including claims experience, and long-term discount. "The pricing of add-on and optional covers may likewise consider the cost efficiencies of policy administration," said the draft, on which the Irdai has invited stakeholder comments by December 22. It also

GIEAIA asks Centre to send insurance amendment Bill to Parliamentary panel

The amendment Bill should be first sent to the Standing Committee of Finance in Parliament, demands the General Insurance Employees' All India Association (GIEAIA)

Tepid demand for cyber insurance policies despite steep rise in attacks

Experts see signs of change because of heightened awareness and increase in enquiries

Structure of insurance laws to be altered with proposed amendments: Experts

The proposed amendments to the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999 alters the basic structure of the insurance laws, said experts

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Singapore's gig workers to get work injury and pension coverage

The new rules will affect about 73,000 workers who deliver food or drive passengers for companies such as Grab , Gojek, Deliveroo and Delivery Hero's Foodpanda

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

Port and combine your base health policy with a top-up to prune cost

Features like recharge and guaranteed no-claim bonus enhance the cost-effectiveness of health insurance policies

Belt-tightening measures key to surviving pink slip, say experts

Cautious spending, reduced debt burden, and opting for gig work can help

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Finance, tech transfer, capacity building on India's agenda for COP27

India will also seek clarity on loan availability, credit mechanisms and insurance requirements for adaptation finance

Borrowing costs bite: Interest-rate surge hurts corporate profits

Interest expenses of listed firms (ex-BFSI) were up 18.5% YoY in Q2FY23

Ultra-rich Indians seek residency in Portugal for better healthcare

Apart from investing in housing, Indians are also applying for 'jumbo life and term' insurance covers worth $20 million

ICAI CA November 2022 PQC-IRM exam postponed; check revised schedule

ICAI CA November 2022 PQC-IRM exam postponed. Candidates can check the revised schedule on the official website of ICAI- icai.org