Page 3 - Insurers

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

Insurance brokers' advice to become crucial amid tighter underwriting norms

Low existing rates and revision of reinsurance premiums are key driver

Voluntary exit from term plan could rob nominee of windfall, say experts

If automatic hike in sum assured is lower than increase in your liability, buy additional plan

Most insurance buyers prefer physical copies of policy document: Survey

About 56 per cent of the respondents were in the age-group of 18-40 years, 28 per cent in the 41-60 years, and 14 per cent of the respondents were 60 years and above

Public insurers lost 30% motor segment business since FY18: Care Ratings

Amongst the states, Maharashtra continues to occupy the top spot followed by Tamil Nadu, Karnataka, and Uttar Pradesh in motor business for insurers.

Metlife boosts stake in Indian JV after investment limit relaxed

The deal will boost MetLife's stake in PNB MetLife to more than 47%

Insurers must reimburse Customs under marine policy

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

Insurers receive 1.42-million Covid-related claims in FY22, shows data

According to General Insurance Council data, in FY22, as of August 27, they have received more than 1.42 million claims, worth Rs 15,956 crore

Top headlines: Ola selects banks for IPO; PhonePe now an insurance broker

Business Standard brings you the top stories this evening

LIC stake in NSE-listed companies dips in June quarter, shows data

The percentage of holding across 295 companies, where its holding is more than 1 per cent, slipped to 3.74 per cent in Q1 from 3.83 per cent in the previous quarter ended March on an aggregate basis

Union Cabinet paves the way for privatisation of govt-owned insurers

The finance ministry will move amendments to the insurance Act in the ongoing Parliament session

Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, the Minister of State for Finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020. Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020. He further said that as per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020). The RBI framed the Depositor Education and Awareness Fund (DEAF) Scheme, 2014. As per the Scheme, unclaimed amounts lying with banks are credited to the DEAF by banks and DEAF is subsequently utilised for promotion of depositors' interest. On the other hand, all insurers having unclaimed amounts of ..

SBI Life net profit drop 43% YoY in June due to higher Covid provisions

The insurer's claims rose 1.28x by volume from FY21 to Q1FY22. In Q1, it has settled 8,956 covid claims, amounting to Rs 570 crore

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

Policybazaar.com forays into insurance brokerage, opens 15 retail stores

The brand will eventually expand to 100 locations

Japan insurers struggle to pinpoint climate change cost estimates

TOKYO (Reuters) - As the world tries to price the cost of climate change, Japan's second largest non-life insurer MS&AD foresees the potential rise in claim payments in 2050 to be anywhere between 5% to 50% from current levels.

Jeff Bezos' 2021 Space Odyssey proves a risk too far for insurers

Launching one of the richest individuals on earth into orbit has proved a leap too far for insurers, who are not ready to price the risk of losing Jeff Bezos or his fellow space travelers.

General insurance industry to grow at 7-9% in fiscal 2022, says ICRA

The growth in FY20 was strong for both PSU and private sector players which increased market share in FY21.

Insurers receive 790,136 Covid-related claims in two months, shows data

As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore

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

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