United India Insurance chief G Srinivasan has taken up the additional charge of CMD.
Even as non-life insurers reported muted premium growth in October, standalone health insurers saw a robust 38 per cent year-on-year (Y-o-Y) surge. This growth was driven by pent-up demand in the retail health insurance segment.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
"Policy sales will be one of the focus areas for the company because looking at the large insurance gap, large number of people being uncovered. The only right way to go is to increase the number of policies," said Amit Jhingran, MD & CEO, SBI Life Insurance.
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.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
'Was the five-day pause ever meant to hold, or was it simply another instrument of signaling, of positioning, of buying time in a war where even the pauses are tactical?' asks Prem Panicker in his must read daily blog on the Gulf War.
Union Minister Pralhad Joshi assures that the Indian government is prepared to bring back Indians stranded in the Gulf region due to the Iran-Israel conflict and disruptions in Dubai, emphasizing citizen safety as the top priority.
'The kind of reach it has with so many bank branches even in the remotest part of the country, it is one channel which will play a very important role in vision of insurance for all.'
At present, the rules do not allow the government to shed stake in the four public sector general insurance companies - New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Rates fixed by New India Assurance, Oriental Insurance, United India Insurance and National Insurance after long discussions have been agreed to by the corporate chains
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
New India Assurance, National Insurance and United India Insurance are following Oriental Insurance Company in raising health insurance premium rates by 50 to over 100 per cent.
There are four public sector general insurance companies.
Apart from paying ransom, the policy also takes care of the reward money, personal accident, cosmetic surgery and legal expenses.
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
The three PSU insurers managed a meagre 2-4 per cent growth in business and eroded their market shares, while private players grew by 70 per cent to grab over 14 per cent of the general insurance market during 2003-04.
The Centre on Friday announced a special voluntary retirement scheme for employees of four public sector general insurance companies to cut the excess flab.
Life insurers shifted their focus to selling high-value policies in October as the transition to new surrender value norms, effective October 1, limited their ability to roll out all products in their portfolio. This led to a 40 per cent year-on-year (Y-o-Y) drop in the number of policies sold in October. Additionally, distributors engaged in a fire sale of policies in September due to uncertainty about the impact of the new norms on their commission structures.
With the rise in elderly population and increasing interest around the segment by developers, the senior living industry is poised to reach a market size of $8 billion by 2030 from the current $1.8 to $2 billion, according to a report by Association of Senior Living in India (ASLI) and JLL.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers. The Joint Front of Trade Unions in PSGI companies met on Monday and decided to protest against the decision of the government to privatise PSGI companies. The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Employees of all four PSGI companies are participating in the day-long strike, he said.
The general insurance industry recorded 12.5 per cent growth in business at Rs 14,452 crore (Rs 144.52 billion) during April-February 2003-04, mainly on the strength of a robust 72 per cent growth of private players.
The Insurance Regulatory and Development Authority (Irda) has fined 10 insurance companies, including both the insurance arms of the Bajaj Auto Group, Reliance General, United India, Iffco-Tokio, New India Assurance and Shriram Life for non-compliance with various guidelines. The violations varied from opening branch offices without seeking the regulator's permission to violation of advertisement guidelines and non-fulfilment of social sector obligations.
Move to strengthen market share and become more profitable.
It will help in reducing the turnaround time.
Recurring natural calamities along the east coast, especially Vizag and Chennai, to increase insurance premium rates in the region, reports T E Narasimhan.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
Public general insurance companies to collaborate for speedy settlement of claims
This will be the largest claim in the aviation sector for Indian insurers in the last three years
Merely stating that parking was 'at owner's risk' would not absolve the hotel of its liability.
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