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Saturday, December 05, 2020

insurance sector

INSURANCE SECTOR NEWS

Insurers’ underwriting losses rise to Rs 22,859 crore; three PSU players among worst hit

December 01, 2020 10:21 am

While state-owned New India Assurance contributed the highest net profit of Rs 1,418 crore, the sector — comprising 32 players — has been saddled with total losses of Rs 1,402 crore in FY2019-20.

Stricter ad policy for insurers

October 22, 2020 1:13 am

Irdai says ads can’t illustrate future benefits on unrealistic assumptions.

Insurers’ entry in surety bond biz for infra projects proposed

October 20, 2020 12:40 am

In 2016, the Department of Financial Services had written to Irdai to explore the possibility of introducing surety bonds in favour of the Central Board of Indirect Taxes and Customs (CBIC) to facilitate trade by substituting bank guarantees.

COVID-19 impact: Here's why insurance may never be the same again

September 03, 2020 6:16 pm

The insurance companies too have now started to create products for a world where such virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis.

LIC MD: ‘Our market share has increased substantially ... renewal premium is showing increasing trend’

August 31, 2020 11:06 am

Under policies, we are in the negative but the volume is increasing month to month and we will be in a comfortable position soon on this count also.

Virus cover claims double in a week; most from Maharashtra, Delhi

July 01, 2020 2:55 am

As per officials in the non-life industry, average claims for coronavirus is `2-2.5 lakh in urban areas and `50,000-75,000 in semi urban or rural areas.

Lockdown, pandemic take toll on general insurers’ business, contracts 10.4% in Apr

May 17, 2020 12:27 am

Except state-owned New India Assurance (NIA) and United India Insurance (UII), all top 10 general insurers in the country, mainly from the private sector, have been hit by the slowdown.

Insurers cannot decline death claim settlement in case of coronavirus

April 06, 2020 1:08 pm

All life insurers, both public and private, are committed to process any death claim pertaining to COVID-19 at the earliest, Life Insurance Council said in a statement.

IRDAI may allow life insurers enter health segment; General insurance cos oppose proposal

February 26, 2020 12:36 am

The regulator has set up a nine-member committee with former New India Assurance Chairman and MD G Srinivasan as Chairman and LIC Chairman MR Kumar as Co-chairman to study the feasibility of allowing life insurers to offer indemnity-based health policies.

Five months after names proposed, no full-time CMDs for GIC Re & AIC

December 13, 2019 4:13 am

In July, the Centre appointed AIC’s General Manager Rajeev Chaudhary as the officiating CMD, after T Alamelu joined the Insurance Regulatory and Development Authority (Irdai) as Whole-time Member (non-life).