Psu Insurance Firms
Unions seek full EY report for discussions on PSU general insurers rejig
The Joint Forum of Trade Unions and Associations (JFTU) in 4 PSUs general insurers reiterated their demand for discussions on restructuring after full report is submitted by the consultancy firm EY
 "Unions seek full EY report for discussions on PSU general insurers rejig")
Irdai boss signals faster regulatory reforms to boost insurance penetration
Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable
 "Irdai boss signals faster regulatory reforms to boost insurance penetration")
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
 "PSU general insurer employees irked with move to link pay with performance")
Four PSU insurers lacked appropriate checks and controls: CAG report
Report finds lapses such as multiple settlement of claims, excess payment over insured sum
 "Four PSU insurers lacked appropriate checks and controls: CAG report")
Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22
ICICI Lombard leads pack among private players, with 28% growth
 "Non-life insurers report 11% growth in premiums at Rs 2.2 trn in FY22")
Ministerial panel set to take up PSU insurer's privatisation soon
Consultations at the CGD level involved deliberations on the process of privatisation, timing, and the way forward to sell the PSU insurer - United India Insurance - suggested by NITI Aayog
 "Ministerial panel set to take up PSU insurer's privatisation soon")
Non-life insurance gross premiums up 14% to Rs 15,800 cr in Feb
Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively
 "Non-life insurance gross premiums up 14% to Rs 15,800 cr in Feb")
Non-life insurers see 2.7% growth in premiums in November at Rs 14,981 cr
Non-life insurers were in the red in September also, with premium collection slipping 4.41 per cent
 "Non-life insurers see 2.7% growth in premiums in November at Rs 14,981 cr")
Premiums of non-life insurers rise 10.38% in Aug, health insurers gain most
General insurers, 25 in all, saw their premium collection go up 5.57 per cent in August 2020 to Rs 13,139.63 crore, compared to Rs 12,445.83 crore in the same period last year
 "Premiums of non-life insurers rise 10.38% in Aug, health insurers gain most")
PSU general insurance companies seek capital infusion prior to merger
According to rough estimates, the need is at least Rs 2,000-3,000 crore in each of the companies, the total collective requirement is close to Rs 12,000-13,000 crore
 "PSU general insurance companies seek capital infusion prior to merger")
Getting them ready for restructuring: Govt may capitalise PSU insurers
The quantum of capital support would be worked out post EY gives its report, though DIPAM sources said that anywhere between Rs 9,000 crore and Rs 10,000 crore capital support would be required
 "Getting them ready for restructuring: Govt may capitalise PSU insurers")
PSU general insurance companies form committee for initiating mergers
Committee to chalk out plan for effective use of Rs 750 billion, 42,000 workforce
 "PSU general insurance companies form committee for initiating mergers")
Cabinet readies for listing of PSU insurance firms
A note is being prepared for the listing proposal to be presented before Cabinet
 "Cabinet readies for listing of PSU insurance firms")
What ails India's public sector insurance firms
In Budget, FM announced plans for listing of four PSU general insurance firms; except for New India Assurance, none of the other three is in position to get Sebi nod unless Irdai steps in
 "What ails India's public sector insurance firms")
