General Insurance

Public Sector General Insurance Companies (PSGICs) have achieved financial turnaround in the December quarter, posting a combined profit of Rs 1,066 crore on the back of various reforms by the finance ministry. Public sector general insurance companies (PSGICs), that historically reported losses, witnessed a major turnaround with all of them becoming profitable again, the finance ministry said in a statement on Thursday. While Oriental Insurance Company Ltd (OICL) and National Insurance Company Ltd (NICL) started posting quarterly profits from Q4 of 2023-24 and Q2 of 2024-25, respectively, United India Insurance Company Ltd (UIICL) posted profit in Q3 of 2024-25 after a gap of seven years, it said. Notably, New India Assurance Company Ltd (NIACL) has consistently maintained its position as a market leader and has been making profits regularly, it said. New India Assurance Company recorded nearly 51 per cent drop in net profit to Rs 353 crore for the third quarter of the current ...

Groups seek parity with what LIC employees earn, say salary revision due since 2022

The proposed introduction of 100 per cent FDI in the insurance sector and other amendments to insurance laws by the Central Government were also discussed

SBI General Insurance Posts an Impressive 273% PAT Growth in 9M FY25

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

Health and motor insurance will continue to be our two most important segments

Breakout stocks: The strong surge in GIC RE share came as the stock witnessed a multi-year trendline breakout roughly above Rs 400 level

The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday

Top CEOs see green shoots of growth driven by a slew of new initiatives taken by regulator Irdai and the govt

Heads of general insurance companies discuss challenges and future potential for the insurance sector in conversation with banking editor Manojit Saha at the Business Standard BFSI Insight Summit

The company plans to expand its agent network from 92,000 to 1,50,000 over the next two years and invest in 1,000 employees to strengthen its health distribution network

Sikdar's appointment as MD and CEO was approved by the Insurance Regulatory and Development Authority of India

A one-time welcome discount of 5% will be applied to all policies, provided the proposer purchases the SBIG Health Super Top-Up insurance within 5 days of receiving the quote from the company

Shriram Group and South African financial services giant Sanlam jointly own Shriram Life Insurance and Shriram General Insurance

Shares of GIC Re, the country's largest reinsurance company, have rallied over 75 per cent in the past one year. The company is currently valued at Rs 69,825 crore

A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations

The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability. The government has recently infused Rs 7,250 crore in installments in three public sector general insurance companies -- National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company. "We have been monitoring performance of state-owned general insurance companies and as a result they have started looking up. So, we will watch their performance this year," Financial Services Secretary Vivek Joshi told PTI. Hopefully, he said, these companies may not require any further capital infusion, which is why the Budget has not made any provision. These three general insurance companies have improved their financial performance significantly, he said. For instance, he said, Oriental Insurance has earned Rs 18 crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while

Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, the company said on Sunday. Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group. The company achieved a GWP of Rs 1,945 crore in Q1 of the current financial year, a growth of 14.3 per cent compared to the industry average of 12.4 per cent. The city-based company, in a release issued today, reported a profit before tax (PBT) of Rs 179 crore, compared to Rs 89 crore recorded in the same period last year. During the quarter under review, Chola MS settled 1.3 lakh claims through its network. The company said it has made investments in Data Analytics and Artificial Intelligence for claims made in the motor insurance sector through its SAHAI mobile application in an attempt at enhancing its operations. Commenting on the financial performance, .

NHCX is a single-window interface developed by the National Health Authority (NHA). It provides a secure platform and efficient exchange of health insurance claims data

The implementation of Ind-AS 117 and its assumptions on liability and other insurance-related changes in regulations could be a future cause of concern