Page 2 - Insurance Firms

Lower growth estimates likely to keep HDFC Life stock under pressure

HDFC Life reported Q3FY24 annual premium equivalent (APE) at Rs 3,190 crore which was more than 10 percent below consensus and down 4.5 percent Y-o-Y

Supriya Lifesciences targets Brazil, eyes Rs 200 crore sales in 2-3 years

This ambition follows the company's recent approval from Anvisa (Brazilian health regulatory agency), which has facilitated its entry into the Brazilian market

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

LIC fourth largest insurer in the world based on reserves: S&P Global study

The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company

Insurtech player InsuranceDekho raises $60 mn in Series B funding round

This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to $200 million

NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform

The National Health Authority and insurance regulator IRDAI jointly organised a workshop to facilitate the completion of the integration process of insurance companies on the Ayushman Bharat Digital Mission platform. The workshop also assisted firms with adoption of health claims exchange specifications and e-claim standards and Third Party Administrators (TPAs). The workshop, organised from August 10-12 in the national capital, saw the participation of over 150 professionals representing 29 insurance companies and 16 TPAs, according to a statement by NHA. In June, the Insurance Regulatory and Development Authority of India (Irdai) issued a circular advising all insurance companies to start compiling the Ayushman Bharat Health Account (ABHA) number of all people seeking insurance cover and obtain their consent for sharing medical records with insurers/TPAs through ABHA. Irdai had also issued a circular advising insurers and providers to come on board the National Health Claims ..

Insurance firm expected to act in fair manner, not for own profits: SC

An insurance company is expected to act in a bonafide and fair manner with its client and not just care for and cater to its own profits, the Supreme Court has said. A bench of justices A S Bopanna and Sanjay Kumar, in a verdict on a plea by an insuree company, said it is the fundamental principle of insurance law that utmost good faith must be observed by the contracting parties. The top court said it is the duty of the insured and the insurance company to disclose all material facts within their knowledge. "Having undertaken to indemnify an insured against possible loss in specified situations, an insurance company is expected to make good on its promise in a bonafide and fair manner and not just care for and cater to its own profits," the bench said. The observations came while deciding a plea by Isnar Aqua Farms against an order of the National Consumer Disputes Redressal Commission (NCDRC) which directed the insurance firm United India Insurance Co. Ltd to pay Rs 30.69 lakh to

ICICI Lombard General Insurance profit rises 40% as premiums climb

The Mumbai-based insurer's March-quarter profit after tax rose to Rs 437 crore ($53.29 million), from Rs 313 crore posted a year ago

CMS Info Systems aims 3 times revenue of Rs 5,000-crore by FY30

It is looking to start new business lines like collection and recover services

Over 1.6 mn cyber attacks blocked on Indian insurance firms a day in Jan

Over 1.6 million cyber attacks were blocked on Indian insurance companies every day in January, a report showed on Monday

Start-up InsuranceDekho raises $150 mn in funding for expanding business

Company will use money to improve technology, enter new markets and launch products in health and life categories

GIC Re returns to black with Rs 1,201 cr net income in Dec quarter

General Insurance Corporation of India (GIC Re) on Thursday reported a net profit of Rs 1,201 crore for the third quarter ended December 2022. There was a loss of Rs 28.48 crore in the year-ago period. Sequentially, it posted a net profit of Rs 1,859.93 crore in the second quarter ended September 2022. Gross premium during the October-December quarter declined to Rs 10,099.40 crore from Rs 10,240 crore in the same period of the previous fiscal, GIC Re said in a regulatory filing. Its net premium income inched up to Rs 9,561.2 crore from Rs 9,332.56 crore but earned premium declined to Rs 8,648.76 crore from Rs 8,907 crore. The bottom line was saved by a fall in incurred claims during the quarter, which declined by more than a quarter to Rs 8,380.50 crore from Rs 10,857.83 crore, according to the company. Its underwriting loss came down massively to Rs 1,537.24 crore from Rs 2,371.2 crore, boosting the net income, which was also buoyed by a healthy jump in investment income at Rs

Govt asks Irdai, insurance firms to address issues to reduce pending cases

Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term

Insurance body GIC opposes govt nominee in life and non-life councils

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy

Axis Bank in talks to issue 10-year infra bonds, taps insurance firms

Lender in talks with end-investors to issue infra bonds at a rate of around 7.85%

Insurers settled over 225,000 death claims on account of Covid: Irdai

Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies up to March 2022, the Insurance Regulatory and Development Authority of India (Irdai) said in its annual report released on Thursday. It further said the general insurers and stand-alone health insurers received a huge number of Covid treatment related claims which the industry handled "quite efficiently" and settled claims approximating to Rs 25,000 crore. As per the data in the report, a total of 26,54,001 health insurance claims were settled. Irdai said insurance companies settled over 2.25 lakh death claims on account the pandemic and paid Rs 17,269 crore towards claims up to March 31, 2022. The life insurance industry paid benefits of Rs 5.02 lakh crore in 2021-22, which constitutes 73.1 per cent of the net premium. LIC accounted for 70.39 per cent of total benefits paid and private insurers the remaining 29.61 per cent. "In case of individual life insurance business, the life indust

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance