General Insurance Market

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

LIC launches non-participating product Jeevan Dhara-II: Check details here

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

Life insurers' premium income rises nearly 13% to Rs 7.83 trillion in FY23

Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai's annual report released on Wednesday. Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23. Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium. However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report. During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh

Irdai's recent reforms will help expand the market

The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation's progress

Tepid demand for cyber insurance policies despite steep rise in attacks

Experts see signs of change because of heightened awareness and increase in enquiries

USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

'India to be 6th largest insurance market by 2032; premiums to grow at 14%'

India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said. Total insurance premiums in India will grow by an average 14 per cent per annum in nominal local currency terms over the next decade, making India the 6th largest in terms of total premium volume by 2032 from 10th largest in 2021, Swiss Re Institute said in its report. With regard to Indian life insurance industry, the report said it will grow at an exceptional rate of 6.6 per cent (in real terms) in 2022 and further grow at 7.1 per cent in 2023. Considering the projected growth rate, the life insurance premiums in India are set to cross USD 100 billion for the first time in 2022, it said. As far as non-life insurance market is concerned, the report said it has returned to a growth of 5.8 per cent (in real terms) in 2021 after a slight contraction in 2020. "The growth will slow down slightly in 2022 to 4.5 per cent, mainly due t

Need to watch out for inflation impact: Bajaj Allianz General Insurance CEO

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

Dominance won't fade even if obligatory cession is zero: GIC Re chairman

'In the Indian market, the four big businesses are motor, health, fire, and agri'

KKR signs deal to buy 10% stake in Shriram Gen Insurance for Rs 1,800 cr

KKR's investment builds on strong tailwinds in the Indian general insurance space and SGI's continued expansion into new segments and investment in its digital capabilities

Insurers receive 1.42-million Covid-related claims in FY22, shows data

According to General Insurance Council data, in FY22, as of August 27, they have received more than 1.42 million claims, worth Rs 15,956 crore

Rising Covid, non-Covid claims a double whammy for general, health insurers

Insurers said while the situation had been manageable so far, going ahead, it would be a cause for concern

SBI General Insurance aims at Rs 6,000-crore premium income in FY20

The company is bullish on SME and health segments to counter slowdown in auto space

Today the general insurance market is very fragmented, says K Sanath Kumar

Sanath Kumar tells Namrata Acharya that general insurance firms will now have to reprioritise its strategies