Page 2 - General Insurance Companies

Standard Covid-19 insurance plan to have max sum assured of Rs 5 lakh

Pricing will depend on insurers but will be cheaper than normal health covers

Merger of three state-owned general insurers on back burner due to Covid-19

Notably, the boards of the three firms had approved the merger in January and had appointed management consultant firm EY to chalk the road map for the exercise last year

General Insurance Council says existing health policies cover coronavirus

There are 30 confirmed cases of coronavirus infection in the country as of Thursday, of which 16 are Italian tourists

Irdai chief asks general insurers to cut expenses, improve efficiency

Also, he advised the life insurers to focus more on improving their persistency ratio

PSU general insurers continue to lose market share, merger plan stuck

All, barring New India, have been losing market share for a while. However, United India has gained marginally this January

Cabinet may consider proposal to lower govt stake in CPSEs to less than 51%

Such a move is possible by amendment to Section 241 of the Companies Act

GIC Re, New India Assurance soar 20% in range-bound market

The general insurance industry in September grew by almost 40 per cent to Rs 19,047 crore.

Govt to formalise PSU general insurance consolidation plan in three months

However, the insurance firms are financially crippled and may need to be recapitalised before merger, and the new govt may also take a call on it

General insurance companies see brisk rise in investments: Irdai data

Backed by a healthy growth in sectors like motor and health insurance, investments of non-life insurance companies rose by around 128 per cent in the last five years. A majority of the investments got channelized into government securities. According to data from Insurance Regulatory and Development Authority of India (IRDAI), total investments of non-life insurance companies as on 31st March 2016 stood at around Rs 188126 crore, against Rs 82520 crore as on 31st March 2011, a growth of around 128 per cent. Further, in 2017, the premium collected on account of crop insurance scheme is likely to significantly add to the investable pool of non-life insurers. Informal estimates suggest, total premium collected from the first year of operation of Prime Minister Fasal Bima Yojna (PMFBY), launched in February 2016, is expected to be around Rs 22000 crore. According to Sanjay Datta, chief underwriting & claims, ICICI Lombard General Insurance, much of the growth of growth of non-life ...

FinMin to issue Cabinet note on listing of PSU insurers

Final shape is being given to various issues including quantum of stake dilution, sources added