The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority has said.
The United States Agency for International Development will provide a $10 million technical aid for development of Indian insurance sector over the next four years.\n\n\n\n
The overall physical presence of life insurance companies in Tier-II and Tier-III cities increased in FY23 compared to a year ago period on account of the higher impetus given to financial inclusion by the government and insurance regulator, as well as recovery from the Covid-19 pandemic, according to the latest data released by the Insurance Regulatory and Development Authority of India (Irdai). It is the first time that there has been growth in the number of offices since the financial year 2019-20.
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
A committee headed by Irda's member actuary R Kannan has suggested a grace period of 15 days for policyholders who pay premium on a monthly basis, while a 30 days grace period will be available to those who pay their premium annually, half-yearly or quarterly.
About 70,000 employees of public sector general insurance companies would go on a one-day strike on December 21 in protest against the proposed increase in foreign direct investment cap, outsourcing of jobs and to press for early settlement of their
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore (Rs 5 billion) from the corpus set up by general insurers to fund such losses.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
It is likely health insurance premiums may actually fall, at least for the individual segment
The Law Commission is likely to come up with a final report on revamping all insurance laws by December this year after consultation with the Insurance Regulatory and Development Authority.
The total premium income for the industry from the motor portfolio is around Rs 8,000 crore, and private vehicles account for about 65 per cent of the market.
The Insurance Regulatory and Development Authority on Monday mooted ways to allow consumers to switch over from one company to another for Mediclaim policies and prevent rejection of claim by insurers.
Insurance industry is poised to double its business with premium income expected to be 3 per cent of gross domestic product in 4-5 years compared to 1.6 per cent now, the Insurance Regulatory and Development Authority said on Wednesday.\n\n\n\n
Insurance Regulatory and Development Authority Chairman T S Vijayan also said the regulator is mulling to bring out norms for sub-brokers of insurance products.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
The department of post is in the process of floating a separate company to bring its Postal Life Insurance and Rural Postal Life Insurance products under the ambit of the Insurance Regulatory and Development Authority, an official said on Saturday.
Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses.
Bank of Baroda on Thursday expressed hope that it would get the Reserve Bank of India's permission to foray into life insurance business this year.
Currently, FDI up to 26 per cent is permitted through automatic approval route.
The Securities and Exchange Board of India (Sebi) on Monday proposed relaxations for asset management companies (AMCs) to serve pooled non-broad-based funds, giving an opportunity to fund houses to expand their business.
General insurance companies are likely to see a surge in demand for health insurance in the coming months due to falling air quality in the country. The health insurance segment has registered a strong growth after the pandemic due to higher awareness. In the first half of financial year 2023-24, the segment grew by 24.4 per cent to Rs 54,713.52 crore from Rs 43,981.54 crore in H1FY23, driving growth of the non-life insurance industry.
In its master circular on general insurance products, which takes immediate effect, Irdai specified, 'The customer may be required to submit only those documents directly related to claim settlement.'
Insurance and Regulatory Development Authority has slapped Rs 200,000 penalty on Reliance General Insurance Company for failing to meet rural sector business target for 2001-02.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
Policyholders would be given an option to check whether any amount is lying due with insurance firms
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
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