Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The real estate Bill will stamp out illegal practices prevalent in the industry.
Sources said the Insurance Regulatory and Development Authority's vigilance department was looking into these complaints and had carried out inspections in this regard.
Foreign reinsurance companies are now allowed to do business in India.
India has received nearly Rs 30,000 crore worth of FDI in the private sector insurance firms since 2015, when the government had increased FDI limit from 26 per cent to 49 per cent. Investment under the automatic route does not require prior approval from the government.
Buying an insurance policy? Claim Settlement Ratio helps you find out the chance that your claim will be settled and how soon it will be setled.
The auction for the 5G spectrum is likely to take place around April-May next year, Communications Minister Ashwini Vaishnaw said on Thursday. While relief measures announced in September this year for telecom operators marked the first set of reforms, the government will bring out a series of further reforms and "telecom regulatory structure should change in coming 2-3 years", Vaishnaw said. Speaking at the 'Times Now Summit 2021', the minister said India's telecom sector regulation has to be benchmarked with the global best, and added that "so, we will come with a series of reforms in this, such that the global benchmark of regulations is achieved in India".
'SII has started stockpiling the vaccine and now has roughly 40 million doses ready. It is using some of the capacities it had for under development products for the COVID-19 vaccine and by January we will have a capacity to make 100 million doses per month and a stockpile of 200 million doses.'
The move would help insurance firms to get much needed capital from overseas partners.
The Russian Direct Investment Fund (RDIF) and Dr Reddy's Laboratories have agreed to cooperate on clinical trials and distribution of Sputnik V vaccine in India, RDIF and Dr Reddy's said in a joint statement.
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
The need for a regulatory authority has been felt since a long time in the real estate sector, struggling for many years due to tough market and economic conditions.
Mumbai, Bengaluru, and Kochi airports have hiked their landing charges by up to 45 per cent, increasing the operating cost for airlines at a time they are facing financial constraints because of the two months of grounding and weak demand.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
In a setback that could potentially delay the launch of Bharat Biotech's Covid-19 vaccine Covaxin in USA, the Food and Drug Administration there has "recommended" Ocugen Inc, the US partner of the Indian vaccine maker, to go for Biologics Licence Application (BLA) route with additional data, nixing hopes of Emergency Use Authorisation.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
The Reserve Bank said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Pfizer can show the FDA approval to the Indian regulator and present a case that based on whatever data submitted, the US regulator has granted a full marketing nod, says Sohini Das.
Market-linked products have been driving the growth of private insurers for some time now. But, the market volatility has forced the companies to re-think their strategies, reports Subrata Panda.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
Any speculation suggesting otherwise, or any rumours around sale of our business in India are incorrect and simply that -- rumours, says head of the US-based asset manager.
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
To curb mis-selling of policies and rationalise commissions, radical changes have been proposed to help investors.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
The 30-share BSE Sensex surged by 477.24 points or 0.83 per cent to close at more than one-week high of 57,897.48. As many as 28 of its constituents closed with gains while two declined. The broad-based Nifty of the National Stock Exchange rose by 147.20 points or 0.86 per cent to settle 17,233.45, tracking gains in Sun Pharma, Asian Paints, and Reliance Industries.
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
Providing data, it said UK's Public Health England has reported high vaccine effectiveness (87.9 per cent) against the B.1.617.2 variant, most reported in India, in an observational study (concluded on May 22, 2021).
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
In spite of straddling the market with multiple competitively priced models, GM was pushed to the fringes by the rivals from Japan and Korea.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
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