India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
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.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
rediffGURU T S Khurana answers readers' personal income tax queries.
The top-up policy is cost effective for both users and companies.
The Centre on Friday announced a special voluntary retirement scheme for employees of four public sector general insurance companies to cut the excess flab.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
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The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
While the four general insurers will have equal stake in the TPA, Life Insurance Corporation and General Insurance Corporation might hold a less stake.
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.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
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.
'It is folly to think that religious-identity-based politics and a flourishing economy can co-exist in a diverse society.' 'We can fight and kill each other, or fight together and kill poverty. We cannot do both,' says Dasarathi G V.
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.
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Senior Congress leader and former Rajasthan chief minister Ashok Gehlot said the proposed scheme would be a game-changer as it will provide comprehensive health coverage to families, covering medical expenses for critical illnesses, hospitalisations, and treatments.
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.
The implementation of this toll collection system, which will eventually eradicate toll booths, necessitates the fitting of an on-board unit (OBU) in every vehicle that can track a vehicle's location in real time.
'I have no idea about such a medal. Never got one,' says Surya Shekhar Ganguly, the national chess champion between 2003 and 2008.
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
Oil and Natural Gas Corporation has received Rs 864 crore (Rs 8.64 billion) in final settlement of an insurance claim for the oil facility at Mumbai High that was gutted in a fire in July 2005.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
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.
Many life insurance companies are yet to see a sharp spike in the sale of high-value policies as was widely expected in the aftermath of the government's decision to tax income from insurance policies having an aggregate premium above Rs 5 lakh in a year.
Buoyancy in the equity market and the soft interest rate regime have prompted insurers like the LIC to focus on unit-linked products that provide life cover as well as tax benefits and capital appreciation to investors.
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
The states will be asked to tap the Centre's JAM trinity.
Insurance companies are anticipating claims of at least Rs 500 crore from the incessant rains and flooding in Chennai.
Electric two-wheeler (e2W) maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares by its promoters and investor shareholders.
'Healthcare is not an industry.' 'The government is only encouraging insurance as they are not able to provide healthcare to people.' 'Opening new medical colleges is not what is needed.' 'You have to invest in public sector hospitals.' 'You cannot hand over healthcare to the private industry.'
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
The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and should have also cleared the premium till that date, but no such request had been made.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Ministry of Finance, Joint Secretary -- insurance, Anoop Wadhwa, had reviewed the progress of development of micro-insurance products at a meeting in the national Capital on Tuesday.
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