Insurance Firm

Advance premium had to be deposited to secure coverage under Section 64VB of the Insurance Act. Failure to fulfil this obligation meant the risk was not covered

The Central government on Saturday directed an insurance company to pay pending claims of up to Rs 225 crore to about 2 lakh farmers in Maharashtra's Parbhani district within a week. The order follows Union Agriculture Minister Shivraj Singh Chouhan's interaction with farmers in Nanded on August 21, where issues of pending soyabean crop insurance claims were raised. On August 22, the Department of Agriculture and Farmers Welfare held a meeting of the National Technical Advisory Committee (TAC). The committee rejected the insurance company's objections to crop-cutting experiments and ordered the settlement of pending claims, an official statement said. The name of the insurance company was not disclosed in the statement. The Central TAC on Saturday issued a formal order to the insurance company to pay the dues within seven days. This decision will benefit approximately 2 lakh farmers in Parbhani district, with payouts ranging between Rs 200 to 225 crore. Chouhan had instructed ...

Shriram Life Insurance Company Ltd has reported a profit after tax of Rs 27 crore for the April-June 2024 quarter, the company said. Shriram Life Insurance Company jointly promoted by the diversified conglomerate the Shriram Group and South Africa-based Sanlam Group has breached the Rs 10,000 crore mark in the total Assets Under Management (AUM) to register Rs 11,841 crore during the quarter under review. The company had registered Assets Under Management of Rs 9,688 crore during the corresponding quarter of last year. In a statement on Tuesday, the company said the income from retail new business premium grew by 57 per cent year-on-year to Rs 212 crore while retail annual premium equivalent (APE) for the quarter grew to Rs 198 crore as compared to Rs 124 crore recorded during the corresponding quarter of last year. Shriram Life Insurance Company sold 1.27 lakh individual policies in the April-June 2024 quarter, up by 131 per cent over the corresponding quarter of last year by sell

The general insurance industry is expected to earn a gross direct premium income (GDPI) of Rs 3.7 lakh crore by FY26, an increase of 32 per cent from Rs 2.8 lakh crore in FY24, a report said. While the growth for private insurers is expected to remain strong and that of PSU insurers is likely to remain moderate because of the weak capital position, ICRA said in a report. The profitability for private insurers is likely to improve, supported by better underwriting performance, it said. The combined ratio for PSU insurers will remain weak, thereby impacting the net profitability, the report said. The industry's GDPI saw a robust 15.5 per cent year-on-year (YoY) expansion in 2023-24, rising to Rs 2.79 lakh crore on the health segment, it said. Apart from this, the report said that the growth in the motor segment was healthy, supported by the increase in new vehicle sales (two-wheelers, or 2W, rose by 13.3 per cent YoY and passenger vehicles, or PVs, by 8.4 per cent YoY in 2023-24).

The Association of Healthcare Providers India (AHPI) has accused insurance companies of "unfairly" rejecting claims by patients and blatantly disregarding guidelines laid down by the Insurance Regulatory and Development Authority of India. The AHPI, which is a collective of hospitals and other healthcare providers, contended that private insurance companies have formed an "alarming cartel". These companies are collectively discontinuing cashless facilities provided to hospitals, depriving patients of their right to choose treatment and healthcare providers in an arbitrary manner, the AHPI charged in a statement. The real victims in this situation, the AHPI said, are the insured patients. As claims are denied, individuals find themselves in urgent need of funds to cover mounting medical expenses, especially those seeking emergency care while private hospitals find themselves grappling with escalating costs and mounting losses due to the conduct of these insurance companies, the ...

Collaboration with lender will help in offering 'tailored health insurance' to more customers, says firm

The National Financial Reporting Authority (NFRA) has held an interaction with members of the life insurance industry to discuss the proposed changes in Ind AS 117 -- accounting standard for insurance contracts. Ind AS 117 is based on high quality global standard IFRS 17, insurance contracts issued by the IASB (International Accounting Standard Board) of IFRS foundation. It is going to help investors and others to better understand insurers' risk exposure, profitability and financial position. Ind AS 117 is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities, according to an official release. "Given the importance of the insurance sector, it was important to appreciate the practices and standards followed by the industry and the expected benefits of their convergence with international standards and best practices," Ajay Bhushan Pandey, Chairperson, NFRA, said. Further, the discussions were also held with ...

Court asked regulator and insurance companies to submit a status report before March 17, 2023

The Insurance Regulatory and Development Authority of India (IRDAI) has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company. Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players, which would help in increased insurance penetration and density in the country. "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. Entry of smaller and specialised players would help in increasing insurance penetration and density, he said. "So, in this context we are suggesting to

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Insurance regulator's board proposes limit on expenses of management for general insurers

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms

The shares were picked by a clutch of domestic mutual funds, foreign investors and an insurance company

Life insurance companies logged nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore in April 2021, Irdai data showed on Friday

In August, Irdai surprised the 55 life and non-life insurance companies in India, when it issued a discussion paper on the need for them to get listed