The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
India has a huge untapped population which doesn't have facilities for financial aid and insurance, and it is perhaps plausible to look at the option of having niche players catering to smaller sectors akin to non-banks and microfinance institutions in lending, said Rakesh Joshi, member (Finance & Investment), Insurance Regulatory and Development Authority of India (Irdai). Speaking at the Business Standard BFSI Insight Summit, Joshi said, "Today, most of our insurance companies operate at a national level. There is arguably a case for having differentiated operations, which cater to niche sectors the same way we have non-banking financial companies (NBFC) and microfinance institutions in lending." "The capital requirement for niche players may not be as large as those having national ambitions. "Enabling these niche players, which require lower capital, will enhance the penetration in areas which hitherto had not seen traction from large players," he said.
The IPL brand value, according to the international brand valuation firm, touched $8.4 billion in 2022 versus $4.7 billion reported in 2021.
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
FPIs have turned net sellers in 2022 after being net buyers in the last three years.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Domestically, Indians are exploring popular beach destinations, the hills of Himachal Pradesh and Uttarakhand, and the North-Eastern region as well.
Here's how leading brokerages and research houses expect 2023 to play out for the equity markets, and their sector preferences.
'Airports must look at their maximum capacity to handle passengers.'
The system of 'selecting' an election commissioner, which is before the Supreme Court, must be institutionalised.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
'If we are to be a contributor to the economy, we have to reduce carbon and imports.' 'We will achieve both -- that's our target.'
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
'New record for the Nifty50 is only a question of when.'
'Career paths are no longer linear as professionals look to build a more holistic career portfolio that is true to their professional and financial goals.'
Any currency design change must be approved by the RBI central board and the central government.
Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India's (RBI) norms mandated deactivation of cards that have been inactive for a year. The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million. Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.
The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 per cent decline in net card additions on a month-on-month (MoM) basis in August, a first in many months, credit card spends slipped 3 per cent on a high base. Still, spends topped the Rs 1-trillion mark for the sixth consecutive month.
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