Page 2 - Insurers

'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'

The Insurance Regulatory and Development Authority of India (IRDAI) has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company. Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players, which would help in increased insurance penetration and density in the country. "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. Entry of smaller and specialised players would help in increasing insurance penetration and density, he said. "So, in this context we are suggesting to

Global health cover comes as a lifesaver for high-flyers: Experts

But examine countries covered and claim settlement mode

PSU general insurer employees irked with move to link pay with performance

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

LIC taking steps to transform corporate governance: DIPAM Secretary

Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers

Insurers juggle surge in claims in aftermath of Bengaluru floods

Three days of heavy rainfall from Sept. 5 saw homes and offices in Bengaluru's IT corridor flooded, sparking chaos and raising questions over poor urban planning.

Abrdn to offload 2% in HDFC Life in block trades, put 43 mn shares on block

Price range set at Rs 564.1-578.55 per share; sale could fetch UK-based financial major at least Rs 2,425.6 cr

Life insurers' new business premia up 18% in August despite large base

In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

Irdai empowers insurers to empanel hospitals for cashless facility

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

ICICI Lombard's Q1 net up 80% to Rs 349 cr on strong premium income

The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Irdai eases PMJJBY capital requirement to encourage insurer participation

Insurance sector regulator Irdai on Friday relaxed capital requirement norms significantly for insurers to encourage their participation in the government's flagship programme PMJJBY

LIC issue price fixed at Rs 949 a share; policyholders get discount

The LIC IPO -- India's largest to date -- closed with nearly three times subscription.

Global insurers plan to ramp up private equity investments: Survey

The report also showed that 11% of American insurers said they are invested in or are considering investing in cryptocurrencies

India, China lead Asia's insurtech industry rise, says report

Mainland China-based insurtechs raised $673.7 million in 2021 and $1.42 billion in 2020.

Irdai wants insurers at par with banks on legal recourse for surety bonds

The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement

Insurers seek higher 80C investment limit in upcoming Budget

Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1

Insurers seek hike in tax exemption for higher adoption of pure risk plans

Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from his/her taxable income