General Insurance

BS BFSI Summit: Insurers hope amendment Bill will drive customer engagement

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

BS BFSI Summit: General insurance companies see signs of growth revival

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

General insurance penetration rising in India, say leaders at BFSI Summit

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

Tata AIG eyes 30% CAGR growth in retail health portfolio in next 3 years

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

Prasun Sikdar appointed as MD, CEO of Bima Sugam India Federation for 3 yrs

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

SBI Insurance unveils 'SBIG Health Super Top-Up' policy: Check details

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 to list general insurance arm first, both IPOs in two years

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

GIC RE gets bids worth Rs 2,300 cr; demand only half of total issue size

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

Irdai forms task force to tackle challenges, boost growth of surety bonds

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

FinMin asks state-owned general insurers to focus on profitable businesses

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

Chola MS General Insurance clocks GWP of Rs 1,945 cr in June quarter

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, .

HDFC Ergo General Insurance processes its first claim on NHCX platform

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

Regulatory concerns key hurdle as pvt general insurance players gain share

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

Non-life insurance companies report 15.5% increase in May premium

Among the companies, the industry leader, New India Assurance Company, saw a marginal drop of 0.67 per cent Y-o-Y in premium to Rs 2,404.34 crore

Major changes made by regulator in general insurance: Check details

Insurers to settle claims within seven days and surveyors to submit reports within 15 days

Noida-based Paytm General Insurance withdraws application with Irdai

The company will focus on its insurance distribution portfolio, moving away from making insurance products

Go Digit General Insurance raises Rs 1,176.59 crore from anchor investors

It allocated over 43 million equity shares at Rs 272 per share on Tuesday, to anchor investors

Cholamandalam General Insurance records Rs 7,598 cr gross written premium

Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 7,598 crore for the financial year ending March 31, 2024, the company said on Sunday. Cholamandalam MS General Insurance Company is a joint venture between the diversified conglomerate Murugappa Group and Japan-based Mitsui Sumitomo Group. In a statement, the company said its profit before tax grew to Rs 444 crore for the year ending March 31, 2024 as compared to Rs 264 crore registered in the same period of last year. During the financial year ending March 31, 2024 the return on equity ratio improved to 14.15 per cent, as compared to 9.64 per cent recorded during the same period of last year. The company said due to the impact of natural calamities like Cyclone 'Biparjoy', 'Michaung' and floods, their profitability got a hit by over Rs 55 crore during the last financial year. "Chola MS has gained momentum over the last 10 calendar quarters and is poised to pursue strong growth. I would like

Govt unlikely to privatise GIC Re at this stage: CMD Ramaswamy Narayanan

Narayanan says the company's business from Gift City will substantially increase in the coming days

Engineering insurance premium doubles in 4 years on infrastructure push

Partly aided by premium rates that up by 10-15% since FY20