Page 2 - Insurance Sector

Banca cap may impact banks' net profit by 1-2%, says IIFL Securities

It could shave off 15-30% of banks' fee income that they earn by selling insurance

Steep rise in premium, poor claim experience? Consider porting your policy

Check for loopholes in coverage, like sub-limits, and evaluate whether you need to augment coverage through a super top up policy

Irdai to introduce norms for more qualified insurance sales personnel

Tripathy said that despite the rapid growth in the insurance industry in recent years, there is a gap in education and upskilling of the industry's employees

Star Health & Allied Insurance eyes 18% GWP growth this financial year

Star Health reported an 11 per cent drop in profit after tax (PAT) to Rs 111 crore during the quarter ended September 30, down from Rs 125 crore in the corresponding quarter last year

Star Health drops 5% as Irdai issues show cause notice for violating norms

The fall in insurer's share price came after the company announced that the Insurance Regulatory and Development Authority of India (Irdai) has issued a show cause notice for violating norms

Lockton aims to double business outside US in 4 Years, says CEO Chris Brown

The insurance broker recently entered the Indian insurance market and acquired Arihant Insurance Brokers as a strategic initiative to gain entry into the broking market in the country

Insurance Amendment Bill proposing 100% FDI unlikely in winter session

Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said. Some finetuning may be required in the draft Bill after receiving comments from stakeholders, sources said. Given the paucity of time, it is difficult to present the Bill in the ongoing session, sources said, adding it may, however, come in the Budget session. The finance ministry has proposed to amend various provisions of the Insurance Act, of 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence. The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10. As per the proposal, the FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent. This is the second public consultation that the DFS has sought on the proposed amendments to the .

Indian insurance firms seek zero-coupon bonds to manage long-term risks

Insurance companies have made a request to the Reserve Bank of India, which has then discussed the matter with the Finance Ministry of the government

FinMin proposes to raise insurance FDI to 100%, composite licence provision

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence. The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10. As per the proposal, the FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent. This is the second public consultation that the DFS has sought on the proposed amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and Insurance Regulatory and Development Authority Act, 1999. The finance ministry in December 2022 invited comments on the proposed amendments to the Insurance Act, 1938, and the Insurance Regulatory Development Act, 1999. According to an office memorandum dated November 26, 2024, it is proposed to amend certain provisions of insurance laws to ensure accessibilit

100% FDI in insurance may attract global firms, boost competition: Experts

Six new players have entered the industry in the last few years, marking the first additions in the life insurance in over a decade and the first in the general and health insurance segments in nearly

Demand for super top-up health insurance plans rises after Covid pandemic

A super top-up health insurance plan pays the policyholder for medical expenses that exceed the coverage limit of their base health insurance policy

Bima Sugam's capital requirement goes up significantly to Rs 500 crore

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years

'Insurance coverage expansion to underserved segments can save govt $10 bn'

The gross written premium of Indian insurance has exceeded $130 billion and grown at a CAGR of 11 percent, in the three-year period FY20-23, outpacing its Asian counterparts

India's financial regulatory pillars set for a leadership shake-up

Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year

Non-life insurers post 27.5% premium growth in October, shows data

Data indicates that general insurers collected Rs 25,396.68 crore in premiums in October, reflecting a 23 per cent Y-o-Y increase

New biz premium of life insurers rises 13% in October, shows data

According to a Nuvama report, growth dipped in October 2024 due to the 'increased surrender value' regulation kicking in, but still held steady

Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda

Panda spoke about the transformation the industry has undergone since he took over and what is next in store.

Shriram Life posts 29% dip in H1 net profit on record volume, premium

Company reports assets under management of Rs 12,310 cr, expects number to be around Rs 13,500 by end of FY25

BS BFSI Summit: Industry leaders discuss insurance changes for 2047 vision

At the Business Standard BFSI Summit, experts discussed key changes needed in the insurance amendment bill, and what measures can be taken to achieve the vision of 'coverage for all' by 2047

BFSI Summit: 'New surrender rules painful but will drive insurance demand'

Insurance industry leaders at the Business Standard BFSI Summit spoke about how revised surrender value rules will improve customer confidence and demand, and shared the challenges that come with it