Page 2 - Insurance Premium

LIC eyes double-digit FY25 premia growth and health insurance foray

Explore stake buy in standalone health insurer

General insurance premium up 13% till February in FY24, shows data

However, due to higher base, the growth in health insurance policies have moderated in the period under review to 20 per cent from nearly 24 per cent in the corresponding year ago period

Non-life insurers post 13% rise in premium in Feb but with dip in revenue

Market share of private insurers increases to 53.79 per cent YoY

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

LIC drives new business premium growth in December 2023, shows data

Life insurance sector collects 44% higher premium

Universal Sompo General Insurance records 47% rise under PMSBY scheme in TN

Universal Sompo General Insurance, a partner of the Centre's Pradhan Mantri Suraksha Bima Yojana, insured 21 lakh people in Tamil Nadu in the first six months of the current financial year under the scheme, the company said on Sunday. Universal Sampo General Insurance is a joint venture between the public sector Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance. The Mumbai-headquartered company has disbursed over Rs 45 crore of claims in Tamil Nadu since the launch of the scheme in 2015. The PMSBY scheme is aimed at providing one year of accidental death and disability coverage at a premium of Rs 20 per annum. "Universal Sompo General Insurance has insured 21 lakh people in Tamil Nadu in the first half (April-September 2023) of the current financial year with a growth of 47 per cent over last year," a company statement here said. Universal Sompo General Insurance has 117 offices across the country and offers a range of products caterin

Niva Bupa seeks to have gross written premium of Rs 10,000 cr by FY27

Health insurance company says Tamil Nadu among markets where it is seeking growth

Why India must put a premium on affordable healthcare for its citizens

Millions depend on health insurance. Comprehensive coverage for diseases and medical procedures ensures that policyholders pay only for what they need

Increase in premium amount of life insurance a big concern for customers

'Company does not keep in touch' is cited as the potential reason for customers leaving, according to 22 per cent of the people, suggests the report

LIC total premium rises 17% to Rs 2.32 trn from Rs 1.99 trn in FY23

Life Insurance Corporation (LIC) on Monday said its total premium rose 17 per cent to Rs 2.32 lakh crore during FY2022-23. The same stood at Rs 1.99 lakh crore in the year-ago period. In terms of premium collected, it continues to hold a market share of 62.58 per cent as on March 2023, LIC said in a statement. According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the April 1 withdrawal of tax exemptions for non-linked policies. LIC's premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent, it said. With regard to individual single premium, LIC witnessed a growth of 3.30 per cent and individual non-single premium grew 10 per cent, its group single premium grew 21.76 per cent to Rs 1,67,235 crore from Rs .

LIC's knock-on effect: New business premium of insurers drops 12%

New biz premiums of private insurers jumps 35% in March, aided by pick-up in sales of high-value policies

Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

February is generally one of the busiest periods for life insurance companies

Insurance policies where premium is above Rs 5 lakh no more tax exempt

'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Want a lower motor insurance premium? Watch how (often) you drive

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Your life insurer may soon be able to offer a health insurance policy too

The move is likely to reduce premiums of policies and boost access to affordable health cover

Rise in 3rd party motor premium to partially offset losses for insurers

The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report. The premium rates for third-party motor insurance have been increased from June 1. Premiums for two-wheeler insurance have risen the most -- by 12-21 per cent -- across engine capacities. For private cars, the maximum increase is 6 per cent. "The Ministry of Road Transport and Highways' move to increase the premium on third-party motor insurance after two years is a step in the right direction, but unlikely to fully offset the segment's underwriting losses," the rating agency said in the report. Third-party insurance cover is for other than own damage and is mandatory (as per the Motor Vehicles Act, 1988) to purchase along with own damage cover. Underwriting losses occur when claims are higher than the premium income of an insurance company. The last time premiums were hiked was in June 2019 and ...