Life insurance companies reported a 13.16 per cent year-on-year (Y-o-Y) growth in new business premium (NBP), totting up Rs 30,347 crore in October, even as the number of policies sold saw a sharp decline. The growth was largely driven by strong performance from private sector life insurers.
Companies think they are too big to bow before regulators.
The top-up policy is cost effective for both users and companies.
The strong domestic flow offset selling by foreign portfolio investors who pulled out $23.3 billion (Rs 2.03 trillion) from domestic equity markets in CY25.
The Centre on Friday announced a special voluntary retirement scheme for employees of four public sector general insurance companies to cut the excess flab.
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
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
Sources close to the development said the three companies have sought permission from the Insurance Regulatory and Development Authority for new motor insurance products and are expected to launch the add-on covers in the first week of January. Add-ons are expected to be in the form of a replacement vehicle or payment on a daily basis when the vehicle is out for repair, and reduced or zero depreciation.
'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?'
In a major judgement to help innocent road accident victims, the Supreme Court has ruled that an insurance company was liable to pay compensation to the victims even if the driver of the vehicle, which met with an accident, had a fake driving licence
While the four general insurers will have equal stake in the TPA, Life Insurance Corporation and General Insurance Corporation might hold a less stake.
'The plan is to secure nod of the Union Cabinet and other relevant regulatory approvals within the next three months,' a senior finance ministry official said, requesting anonymity.
Yet another first week of December brought familiar scenes of rain, storm, flooding, power outages, and fallen trees. When Cyclone Michaung wreaked havoc, leading to the heaviest rainfall in 47 years in the city, residents of Chennai drew parallels to the devastating floods of 2015. However, initial data on insurance claims suggests that the impact this time may portray a more optimistic scenario.
All the four listed private life insurance companies recorded a drop in value of new business (VNB) margin in the financial year 2023-24 (FY24) as compared to FY23. This is because of a higher share of unit-linked insurance plans (Ulips) in the product mix. VNB is a measure of the economic value of profits expected to emerge from a new business.
India's $280-billion IT industry heads into 2026, balancing visa-related headwinds and global trade uncertainty against its biggest-ever push into artificial intelligence and the rapid expansion of global capability centres (GCCs). Heightened scrutiny of the US H-1B visa programme - including a proposed $100,000 fee for new visas and concerns over a potential 25 per cent outsourcing tax - has complicated cross-border delivery for Indian firms, even as companies accelerate efforts to reduce reliance on onsite staffing.
The Travancore Devaswom Board has insured the Sabarimala Ayyappa shrine for a value of Rs 30 crore (Rs 300 million) and also introduced a free-of-cost accident insurance project for pilgrims visiting the holy place.
New business premium (NBP) growth of life insurers in March is expected to be weak owing to the high base effect in the year-ago period due to revision in taxation norms for high-value policies, insurers said. In the Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit-linked insurance plans or Ulips) with an aggregate premium exceeding Rs 5 lakh would be taxed. This rule came into effect on April 1, 2023. In March 2023, the NBP of life insurance companies witnessed a strong growth after the tax announcement. Premiums rose by 14.45 per cent year-on-year (Y-o-Y) to Rs 59,608.83 crore in March 2023 from Rs 52,081.12 crore.
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
Tenants should primarily buy contents insurance. 'This covers personal belongings like electronics, furniture, clothes, and appliances against risks such as fire, theft, floods, and other natural calamities.
Markets regulator Sebi has proposed introducing a single window access for low risk foreign investors seeking to participate in the Indian securities market, a move aimed at simplifying compliance and enhancing the country's attractiveness as an investment destination.
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
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.
After the Chennai floods, insurance companies had got 50,000 claims worth Rs 4,800 crore.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Domestic institutional investors (DIIs) poured in Rs 94,829 crore of fresh money into Indian equities in August, the second-highest monthly inflow after record Rs 1.07 trillion influx in October 2024.
It will help in reducing the turnaround time.
Move to strengthen market share and become more profitable.
Public general insurance companies to collaborate for speedy settlement of claims
The government has no say in where the country's refiners source oil from because these are commercial transactions.
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.
'One has to be very mindful because it will be applicable for big tech platforms and even for banks and insurers, whose business is completely different.'
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
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.
Telecom firm Bharti Airtel will approach the government on the adjusted gross revenue (AGR) it has to pay the exchequer following the Supreme Court's judgment that the government can reassess all AGR dues, according to vice-chairman and managing director Gopal Vittal.
'Some buyers get carried away by festival offers and purchase higher variants or larger vehicles than they truly need, which impacts running cost and long-term affordability.'
Indian information-technology (IT) service providers are likely to report another quarter (July-September) of low, single-digit growth owing to macro uncertainties, chiefly emanating from America, with no respite in sight even in the second half of the year.
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.
