General Insurance Companies

Bajaj Allianz General Insurance MD & CEO on why he tries to smile a lot

Smiles are a mood-lifter, says Tapan Singhel, whose wellness matra includes not leaving tasks pending

Bhargav Dasgupta steps down as MD & CEO of ICICI Lombard General Insurance

Dasgupta, who was appointed as the MD & CEO of the general insurer in May 2009, served the company for over 14 years

General insurance companies' premium up 12% to Rs 19,290 crore in August

Life Insurers NBP continue to decline

Non-life insurance companies report 14% growth in June, shows GIC data

For the April-June period, these companies reported a growth of 17.5% to Rs 63,574.30 crore

FinMin plans Rs 3K cr extra capital infusion in PSU general insurance firms

The finance ministry is planning an additional capital infusion of Rs 3,000 crore this fiscal in the three loss-making public sector general insurance companies to improve their health, according to sources. The government in FY22 provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited Rs 1,200 crore and Chennai-based United India Insurance Company Rs 100 crore. According to the sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of New In

ICICI Lombard's net profit rises 11% in Q3 on strong premium income

Gross premiums earned by the insurer was up 17 per cent YoY to Rs 5,600 crore in Q3FY23

Regulatory changes may bring new dawn for insurers: BFSI Summit panelists

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

LIC may turn into composite insurer; likely to merge 4 PSU general firms

With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India

ICICI Lombard Q2 net up 32% to Rs 591 cr on reversal of tax provision

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Madhulika Bhaskar gets additional charge as NIACL CMD for three months

Her appointment is for a period of three months with effect from the date of assumption of charge or till a regular appointee takes over, or until further orders, whichever is earlier, company said.

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

Insurers seek legal recourse for surety bond biz, urge changes in key laws

Reach out to reinsurers for expertise on surety bonds business

No proposal to merge public sector general insurance companies: MoS Karad

The government on Tuesday said there is no proposal as of now to merge public sector general insurance companies. There are four general insurance companies -- New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL). In a written reply to the Rajya Sabha, Minister of State for Finance Bhagwat K Karad said there is no proposal under consideration of the government at present for merger of public sector general insurance companies. In a bid to foster blockchain technology for providing various financial services, banks have put in place Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC), Karad said in another written reply. The Reserve Bank of India (RBI) has informed that it has been pro-active in providing guidance for development of blockchain-based application through its new regulatory sandbox environment, he said. "State Bank of India (SBI) and Cana

Cargo insurance premiums up 33%; second fastest after personal accident biz

This is significant as the cargo insurance market had declined by close to 8 per cent in FY21

FinMin to infuse Rs 3,000 cr in state-owned general insurers this quarter

Last year, the Union Cabinet headed by Prime Minister Narendra Modi cleared proposal to provide capital support to National Insurance, Oriental Insurance and United India Insurance

General insurers' underwriting losses up 6.3% in FY20: Irdai Annual Report

While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr

Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

Why insurance firms are poised to march past the banks on the stock market

They make up 43% of the m-cap of banks today and many, including LIC, will soon be listed; by contrast, not a single yet-unlisted bank is so massive as to create ripples when it goes public

Top headlines: Tatas in talks for AirAsia stake, google tax collection dips

From govt calling off merger of three public general insurers to technology players in fray for railway signalling tender, here are top headlines of the day.