Insurers

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

Industry players had previously indicated that their margins will take a hit because of the revised norms

State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants

RBI Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit taking institutions and prevent potential contagion effects. With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions, said Patra while delivering a keynote address at a conference on 'Navigating Emerging Challenges for Deposit Insurers and Fortifying Crisis Preparedness' in Jaipur. To deal with the emerging challenges, he said, "The DICGC is prioritising risk management, including contingency planning and crisis management frameworks." Patra said that it is "imperative for deposit insurers and other financial safety net participants to put in place frameworks for crisis preparedness and management that enhance their ability to manage the failure of deposit-taking institutions while ...

Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides

To push Non-par policy sales till Sep 30

In a survey this week of the world's largest insurers, Moody's found that nearly 80% of respondents planned to increase their holdings in at least one class of private credit

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

Payout by life insurance companies declined by about Rs 6,000 crore during 2022-23 because of lesser number of death claims as compared to previous financial year which was impacted by COVID-19. The life insurance industry paid a total benefit of Rs 4.96 lakh crore in 2022-23 as compared to Rs 5.02 lakh crore in FY22, according to the latest annual report released by sector regulator IRDAI. During FY22, the year hit by COVID-19 wave, the insurance companies paid Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to Rs 41,457 crore in 2022-23. The benefits paid on account of surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, of which public sector insurers accounted for 56.27 per cent. During the year, out of the total surrender benefits, it said, benefits for ULIP (unit-linked insurance plans) accounted for 62.51 per cent for private insurers and 1.56 per cent for state-owned life insurers. In case of individual life insurance ...

Consulting firm McKinsey and Co. has agreed to pay USD 78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis. The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge. Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs. The insurers argued that McKinsey worked with Purdue Pharma the maker of OxyContin to create and employ aggressive marketing and sales tactics to overcome doctors' reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed. From 1999 to 2021, nearly 280,000 people in the US di

Private general insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent in the year-ago period. As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (Irdai). Private insurers registered an annual increase of 14.86 per cent in gross direct premiums. The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23. "Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said. PSU

Insurance companies have to keep a check on incidents of mis-selling, Insurance Ombudsman Delhi region Sunita Sharma said on Monday. Stressing that customers are the king and insurers are in existence because of customers, she said companies should avoid mis-selling products. Sharma, a former LIC MD, said usually companies engage customers till the free look period and disappear after that as they cannot make a claim of mis-selling after that. Policyholders are allowed a period of at least 15 days (30 days in case of electronic policies and policies sourced through distance mode) from the date of receipt of the policy to review its terms and conditions and to return the same if not acceptable. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to redress complaints of insured persons against life and non- life insurance companies. Observing that the Self Contained Note (SCN) does not come on time from insurers, she said it is advised that these should be sent to

The government plans to sell Rs 10,000 crore ($1.2 billion) of a 2073 bond on Friday, according to the Reserve Bank of India.

Regulator Irdai on Wednesday said it has asked general insurers and standalone health insurance companies to ensure expeditious settlement of claims arising out of the havoc caused by the floods in Sikkim. The flash floods in the Teesta river, triggered by a cloudburst in the early hours of October 4, caused widespread devastation and 40 people were killed. Insurers have been asked to mobilise all resources to ensure immediate service response, including engaging the services of surveyors, loss adjustors and investigators, for "quick settlement of claims arising out of the havoc created by the floods", Irdai said in a release. "Insurers are advised to respond/assist the claimants through their 24x7 helplines, special claims desks at district level with delegated Claims Settlement Authorities for speedy processing and settlement of claims," Irdai said. Further, Insurance Regulatory and Development Authority of India (Irdai) said insurers have been advised to settle claim payments/on

The shift, previously unreported, has helped states reduce costs by more than 40 basis points (bps) over the past 15 months

A report by Nomura expressed disappointment at the government's sporadic issuance of green bonds, stating it has led to a relative lack of liquidity in these securities