Page 2 - Private Insurers

Covid-19 impact: ICICI Lombard net profit falls 62% in April-June quarter

In the April-June quarter, the insurer posted an underwriting loss of Rs 508.16 crore against an underwriting profit of Rs 38.16 crore in the year-ago period.

New business premium of life insurance firms declines 5.5% in May

Private insurers' NBP jumped 14 per cent in May, while state-owned Life Insurance Corporation (LIC) reported a decline of 12.3 per cent

China seeks private insurers help to unlock savings to avert pension crisis

Hong Kong insurance sector is eyeing China's $15.3 trillion savings to avert a crisis in its state pension system, the size of the world's second-largest economy

Life insurance companies' new premium business up 45% at Rs 9,739 crore

While the NBP of private insurers, 23 in total, grew 55.18 per cent over the same period last year, state-owned Life Insurance Corporation reported 35.6 per cent growth

SBI General insurance net profit grows 32% to Rs 544 cr in FY21

The results are for the fiscal ended March 3, 2021.

Insurance firms told not to alter health products to raise premium

Insurance companies can carry out minor modifications in their products, said Insurance Regulatory and Development Authority of India (IRDAI)

Non-life insurance gross premiums up 14% to Rs 15,800 cr in Feb

Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively

Govt amends rules, brings insurance brokers under ombudsman ambit

Policyholders can also now file online complaints

Private health insurers offering 80-100% discounts on renewal premia

Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent

Axis entities get Irdai approval to acquire stake in Max Life Insurance

Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches

ICICI Lombard gets approval to open IFSC unit in Gujarat's Gift city

Private non-life firm ICICI Lombard on Friday said it has received approval from international financial services centre (IFSC) to open an offshore insurance office in Gift City

Health insurer Anthem to pay nearly $40M settlement over 2015 cyberattack

Health insurer Anthem has agreed to another multimillion-dollar settlement over a cyberattack on its technology that exposed the personal information of nearly 79 million people. The Blue Cross-Blue Shield insurer said Wednesday that it will pay $39.5 million to settle an investigation by a group of state attorneys general. Anthem said it was the last open investigation into the attack. The company also agreed nearly two years ago with the U.S. Department of Health and Human Services to pay $16 million to settle possible privacy violations. Indianapolis-based Anthem Inc. provides health insurance coverage to more than 42 million people in several states, including key markets like California and New York. The company discovered the data breach in early 2015 after hackers had been burrowing into its systems for weeks. Security experts said at the time that the size and scope of the attack indicated potential involvement by a foreign government. Hackers used a common email techniqu

Life insurers record 15% growth in new business premiums in August

In August, life insurers earned NBP to the tune of Rs 27,039.79 crore, compared to Rs 23,554.94 crore in the same period last year

How LIC should be valued

The Life Insurance Corporation differs from its listed peers in a number of ways, and these should be factored into its valuation prior to its proposed initial public offering

Govt to finalise PSU general insurers' merger by March-end: Finance Secy

Though the merger process was in the works, the government would take a call on listing the merged entity after the merger, he said

Top three private insurers outperform market estimates, say analysts

Premium from new businesses grew to Rs 113.5 billion, and new business margins increased by 120 basis points (bps) to 23.2 per cent at the end of 2017-18

Insurers partner small banks to widen reach

They are tying up with co-op banks, MFIs and small finance banks in order to sell their products through touch points of these institutions