Insurance Firms

Life insurance stocks fall; HDFC Life, SBI Life, Max Financial dip up to 7%

According to the latest data, HDFC Life distributes 65 per cent of its insurance policies through banking channels, followed by SBI Life (60 per cent), Max Life (52 per cent), and ICICI Prudential

Irdai proposes changes to IAC meeting frequency, notice period, structure

The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members

Shriram General Insurance eyes listing in 3 years, Q2 net profit up 17%

SGI plans to strengthen its advisor network by adding 20,000 financial agents, raising the total from 79,832 to 90,000 by the end of this fiscal

Lockton receives Irdai approval to acquire Arihant Insurance Broking

The acquisition marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services

ICICI Lombard Q2 FY25 results: Net profit increases 20% to Rs 693 crore

The gross direct premium income (GDPI) rose 10.4 per cent Y-o-Y to Rs 6,721 crore from Rs 6,086 crore

Consumers can port their health insurance midway: Here is what they must do

Using the option could result in delays in claim settlements as new company will familiarise itself with your medical history

AU SFB, United India Insurance ink pact for giving out insurance products

AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) on Friday announced a strategic partnership to distribute general insurance solutions to the bank's customers. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, a joint statement said. This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions, it said. The partnership leverages UIIC's vast network of branches in over 1,000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, it said. AU SFB, having recently filed for a universal banking license with the Reserve Bank of India (RBI), is now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer b

Govt asks insurers to swiftly settle claims in flood-hit Andhra, Telangana

The Finance Ministry on Thursday said PSU insurance companies have been directed to ensure swift claim settlements by organising special camps and easing claim processes for those affected by heavy rains and floods in Andhra Pradesh and Telangana. The insurance companies have been also instructed to widely advertise the names and contact numbers of nodal officers to whom the policyholders can contact. In a statement, the ministry said in view of the heavy rains and floods in Andhra Pradesh and Telangana, the Department of Financial Services issued directions, on Thursday, to the public sector insurance companies to extend and provide full support to the people affected by floods. "The insurance companies have been instructed to ensure swift claim settlements by organising special camps and easing claim processes and thereby provide relief to those affected," the ministry said in a post on X. The central government and finance ministry are committed to supporting those affected by t

Irdai asks insurance companies to integrate IT systems with Digilocker

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

Fitch changes global reinsurers' outlook to 'neutral' from improving

Reinsurers, which insure the insurers, have raised their rates in recent years in response to losses from the Covid-19 pandemic, wars and natural catastrophes

Govt directs insurance firm to pay Rs 225 cr to Maha farmers in a week

The Central government on Saturday directed an insurance company to pay pending claims of up to Rs 225 crore to about 2 lakh farmers in Maharashtra's Parbhani district within a week. The order follows Union Agriculture Minister Shivraj Singh Chouhan's interaction with farmers in Nanded on August 21, where issues of pending soyabean crop insurance claims were raised. On August 22, the Department of Agriculture and Farmers Welfare held a meeting of the National Technical Advisory Committee (TAC). The committee rejected the insurance company's objections to crop-cutting experiments and ordered the settlement of pending claims, an official statement said. The name of the insurance company was not disclosed in the statement. The Central TAC on Saturday issued a formal order to the insurance company to pay the dues within seven days. This decision will benefit approximately 2 lakh farmers in Parbhani district, with payouts ranging between Rs 200 to 225 crore. Chouhan had instructed ...

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

Regulator Irdai mandates life insurers to provide loans against policies

The regulator has also allowed policyholders an option of partial withdrawal under pension products

Russia reinsurer backs firms to get India marine insurance permit

India has approved the three new insurers after Russian National Reinsurance Company (RNRC) provided a financial guarantee, the two sources with direct knowledge of matter said

ICICI Lombard Q4 net up 19% to Rs 519.50 cr driven by premium growth

The gross direct premium income (GDPI) of the insurer was 22% higher at Rs 6,073 crore in Q4 FY24 from Rs 4,977 crore in Q4 FY23

Irdai retains surrender value norms, positive for life insurers: Analysts

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

Irdai allows firms to offer customised insurance to match customer needs

That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday

Future Generali India Insurance launches new product exclusively for women

It is an integration of preventive and comprehensive healthcare plans that includes infertility treatment, stem cell storage, nursing care, senior care and more

Tata AIA Life Insurance appoints Venkatachalam H as new MD and CEO

Venkatachalam will take over from the incumbent, Naveen Tahilyani, who will be moving to another role in the Tata Group and has been elevated as a Non-Executive Director of Tata AIA Life Insurance Co

PB Fintech Q3 results: PAT at Rs 38.05 cr, revenue from ops rises 43%

Revenue from operations rose nearly 43 per cent to Rs 871 crore rupees as proceeds from its insurance broker services more-than-doubled