Page 6 - Insurance

Bajaj Finserv fourth quarter profit jumps over 4-folds to Rs 979 cr

The jump was driven by its insurance business.

Covid relief schemes get longer life as govt begins process for extension

Among other schemes, the Emergency Credit Line Guarantee Scheme was recently extended until June 30 or until Rs 3 trillion is disbursed before taking a call to widen the plan or extend it

High demand for comprehensive health policies as Covid cases soar again

Covid plans were in huge demand last year but have since petered out

Life insurers see over 70% year-on-year growth in NBS in March

In FY21, life insurance companies saw a 7.5% increase in NBP over FY20

Irdai slaps Rs 51 lakh fine on four insurers for violation of norms

Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance. A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. The Insurance Regulatory and Development Authority of India (Irdai) has also imposed a penalty of Rs 13 lakh on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company. In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015. "For the financial year 2017-18, the insurer did not fulfill the obligation and had a shortfall

US lawmakers welcome India's move to increase FDI in insurance to 74%

Two influential US lawmakers have applauded the Indian government's move to increase foreign direct investment in the insurance sector

The second wave: Insurers brace for rise in Covid-19 policy claims

The insurers have received more than a million Covid-related claims as of April 10, 2021

InsuranceDekho may have got Rs 1,200 cr in premium in FY21: Co-founder

Online insurance aggregator InsuranceDekho is expected to have garnered Rs 1,200 crore in insurance premium through its platform during the financial year ended March 2021, a top company official said

PhonePe sees rising demand for Covid insurance with increasing cases

PhonePe said on Thursday that coronavirus insurance has seen widespread adoption lately with 75 per cent of its policies bought by customers in smaller towns outside the tier-1 cities

PhonePe sees rapid demand for Coronavirus insurance products as cases rise

The claims from customers of more than Rs 3.5 crore have already been paid

Axis Bank entities close deal with Max Life Insurance, become co-promoters

Axis stake at 12.99%, will nominate three directors to Max Life's board

FDI in insurance may shorten break-even period by 3 years: IIM Indore study

Currently, operating and commission expenses of private insurers are said to be thrice those of public counterparts. It is here that a hike in FDI limit will give the former a level-playing field

Insurers see adverse claim ratio on Covid-specific health products

The regulator's two Covid standard products - Corona Kavach and Corona Rakshak - have covered more than 4.7 million lives

Insurance Amendment Bill to raise FDI limit to 74% in Lok Sabha

FM Sitharaman said on Monday that raising the FDI limit was necessary to help insurers deal with issues concerning financial stress

Opposition protests in Rajya Sabha bill to hike FDI in insurance to 74%

The Upper House witnessed four adjournments in the afternoon sitting

Remote working to push demand for cyber insurance: IRDAI official

Insurers are confronting a new reality in the COVID-19 situation as a long- term disruption to the customers, employees, investors and suppliers

Insurance firms told not to alter health products to raise premium

Insurance companies can carry out minor modifications in their products, said Insurance Regulatory and Development Authority of India (IRDAI)

Cabinet approves amendment to Insurance Act, paving way for 74% FDI limit

The increase of the FDI limit will provide insurance companies with committed funds to improve the penetration of insurance in the country, says an industry executive

We should have 1,000-1,200 actuaries at the earliest: Irdai chairman

Currently, India has only 458 full-fledged actuaries. In 2019, there were 439 actuaries and in a year, that number has gone up by just 19

Open to exploring opportunities for strategic collaboration: HDFC Life CEO

Vibha Padalkar says the insurer has witnessed a 65% reduction in customer complaints over the last 5 years