Page 3 - General Insurance

FinMin holds meet with heads of private general insurers on sector growth

Financial Services Secretary Vivek Joshi on Tuesday chaired a meeting with CEOs of private sector general insurance companies and discussed issues related to growth and development of the sector. Several critical issues having implications for the general insurance sector were discussed in detail, including awareness building through continuous interaction with states under State Insurance Plans to increase insurance penetration and coverage, the finance ministry said in a statement. Distribution channel rationalisation in opening up of the agency channel for the general insurance industry to increase insurance penetration and coordinating with state governments and the ministry of road transport and highways to initiate a special drive to ensure compliance of Motor Vehicles' Act were also discussed. Besides, collaboration with the ministry of health for increasing cashless facility and standardisation of treatment costs to boost growth of health insurance was also one of the ...

Overall general insurance premium slip by 4% to Rs 23,550.2 crore in August

Overall the group health segment registered 14 per cent increase to Rs 3760.1 crore from Rs 3296.4 crore in August 2022 due to better coverage

Reliance in talks with head hunters to find CEO for Jio's Insurance biz

Executives from Reliance have met several firms in recent weeks to help them map top talent across life, health and general insurance segments

Govt unlikely to infuse capital in PSU general insurers in FY24: Official

The four public sector general insurance companies are unlikely to get capital funding from the government in the current fiscal, a senior official said. He said one of the PSU non-life insurance companies is likely to give a dividend to the government in the current fiscal and they will be able to meet their solvency margins. The government last year provided Rs 5,000 crore capital to three insurers --National Insurance Company, Oriental Insurance Company and United India Insurance Company. The Budget 2023-24 has not provided for the capital infusion for insurance companies. "We do not think there is a need for capital infusion as of now. In fact, one of the general insurance companies may give a dividend this year," the official said. Currently, there are four general insurance companies in India -- New India Assurance, United India Insurance, Oriental Insurance and National Insurance Company. Of this, only New India Assurance is better placed than the rest. Insurance companies

General insurers' premium grew by18.3% in July to Rs 23,259 crore

Stand-alone health insurers reported a growth of 24 per cent to Rs 2,665 crore in July, and a 25.8 per cent rise to Rs 9,322 crore in the first four months

Health, motor continue to drive general insurance, Q1 sales jump 17.9%

Robust demand for health and motor covers buoyed non-life players' premium income in the first quarter of the current fiscal to Rs 64,262.8 crore, a growth of 17.9 per cent on-year when the industry had clipped at 23 per cent. The spike in sales of motor policy, which used to be the largest segment of the industry but is now pushed down to the second slot behind the health segment, is easily understood given the vrooming automobile sector that has sold more than 2 million units in the June quarter. The robust double-digit growth for the general insurance industry comes in sharp contrast to a 0.8 per cent decline that life insurers logged in the reporting quarter, driven down by the massive poor show by the industry leader LIC across its business verticals. In June, the non-life insurance industry reported a premium of Rs 20,451.9 crore growing by 14.8 per cent on-year compared to 20.6 per cent in the same period last year, according to the data collated by Care Ratings. The 17.9 ..

ICICI Bank to increase stake in general insurance arm to beyond 50%

Earlier plan was to cut stake below 30%

FinMin to take call on Rs 3,000 crore infusion into 3 PSU general insurers

Finance Ministry will take a call on Rs 3,000 crore capital infusion this fiscal based on financial performance of three loss-making public sector general insurance companies. According to sources, the finance ministry last year had asked these three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company -- to chase bottomline rather than topline and underwrite only good proposals. The FY'23 financial numbers would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. It is noted that the government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited a

Tax evasion by insurance cos amounts to Rs 2,250, GIEAIA demands action

With about GST evasion amounting to about Rs 2,250 cr by some in general insurance industry, a major union in sector has urged government and regulator to cancel licences of such entities

ICICI Lombard Q4 net up 39.6% to Rs 437 cr as underwriting losses dip

For the whole of FY23, the firm earned a net profit of Rs 1,729 cr, up 36% from Rs 1,271 cr in FY22

Cars on highways to be offered insurance cover using Fastag soon: Report

Centre may also come up with a plan to provide third-party insurance cover for motor vehicles when they are impounded by traffic police or transport department officials

General insurer Go Digit's IPO plan delayed, Sebi returns issue papers

Firm will have to refile for public issue

LIC may look at entering health, non-life insurance businesses: Source

Says insurance giant is well-placed to make most of a composite license; in fact it was a composite insurer till early 1970s, when Oriental Insurance was carved out

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Hinduja sweetens offer for RCap to counter Torrent group's winning bid

CoC decide whether Hinduja offer is legally valid or not as e-auction has ended

BS BFSI Insight Summit 2022: Meet the leaders of general insurance sector

Here is the list of top leaders of general insurance sector on panel for the BS BFSI Insight Summit 2022

Profit-led rally in GIC may fizzle out sans turnaround in underwriting biz

Unless the underwriting business starts looking up, brokerages are reluctant to give a buy call on the stock despite the recent rally

CoC raises base price of Reliance Capital auction to Rs 6,500 crore

Auction to be held on two days, starting December 22

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time