The procedural documentation and filings for the last leg of the...
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100% FDI: Govt expects insurance industry to grow at 7.1% annually over next 5 years outpacing global and emerging market growth
This enhanced limit will be available to those companies which...
GST rates will come down further: Sitharaman
Nirmala Sitharaman, Union Finance Minister Responding to a question...
GIC Re back in black, posts a net profit of Rs 690 crore in Q1FY2023
Devesh Srivastava, CMD, GIC Re ``We are targeting a Combined Ratio of 100 per cent and work is on progress to achieve it in the medium term. We are now purely looking for profitable business and the market is aware of our focus. Topline growth will happen but it has...
Life insurers’ new premium income jumps 91pc to Rs 39,079cr in July
The country's largest life insurer LIC registered a more than twofold jump in new business premium income to Rs 29,116.68 crore during the month compared to Rs 12,030.93 crore in the year-ago month, the Insurance Regulatory and Development Authority of India (Irdai)...
TATA AIA Life announces record annual bonus of Rs 861 crores for its policyholders
All participating policies in-force as of March 31st 2022, are eligible to receive this annual bonus, which will be added to the policyholders’ benefits Mumbai: Tata AIA Life Insurance (Tata AIA) has declared a bonus of Rs 861 crores for FY2022 to all eligible...
China: AIA in talks to buy billion-dollar Shanghai Tower in growth push
The office would mark the insurer’s commitment to expand in China despite economic headwinds from stringent Covid restrictions. AIA became the first wholly owned foreign life insurer in the country after turning its Shanghai branch into a subsidiary in 2020, paving...
Irdai to revamp grievance redressal mechanism, to rename it ‘Bima Bharosa’
The robust and effective mechanism would allow easy on-boarding of the complainant and s/he has to fill only eight mandatory fields to lodge the grievance. The landing page is simple with a clean design. It focusses on two actions -- namely 'register a new complaint'...
Sun Life to sell its UK business to Phoenix Group
Sun Life UK manages life and pension policies and annuity blocks for UK Clients. The company is closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001 Headquartered in London, Phoenix Group is the UK's...
Global investment in InsurTech at $2.41 billion in Q2 2022, drops 50% over Q2 2021:Gallagher Re
Q2 saw 40 L&H(Life & Health) investments of $918 million, up 12.4%, and 92 P&C InsurTech deals worth $1.49 billion in total. P&C deal flow was down 13.2%, but total investment was up 5.9% on Q1, while average deal size was $20.73 million London: Global...
Insurers can raise funds through Preference Share and Subordinated debts without IRDAI’s prior approvals
The total quantum of the instruments under other forms of capital taken together has to be lower of the following, at any point in time: 50 percent of the total paid up equity share capital and securities premium of an insurer and 50 percent of the net worth of the...
LIC breaks into Fortune 100 list
The nation's biggest life insurer LIC with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales New Delhi:...
Rising cost may hurt Indian insurance industry: YouGov’s global Survey
In a recent survey, YouGov asked consumers across 18 markets in which areas would they first make cutbacks if their household budget is squeezed due to increase in cost of living. Over a tenth (13%) of global consumers answered insurance policies or premiums The...