Report suggests potential excess mortality in the general...
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Infosys to drive LIC’s digital transformation with NextGen platform
Siddhartha Mohanty, CEO and MD, LIC "It will not only enhance our...
GST Council forms GoM to review tax rate on insurance; report by Oct 30
The Terms of Reference (ToR) of the newly formed panel also include...
Policybazaar gets insurance broking licence from IRDAI
With this development, the company will surrender its web-aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI) and undertake business including insurance aggregation under the broking umbrella.
The broking licence will allow the company to venture into segments which it could not do in the past like claims assistance, offline services, and establish Points of Presence network.
ICMR to start national sero surveys to assess Covid spread: Health ministry
On the US’s Food and Drug Administration (FDA) denying Emergency Use Authorisation (EUA) to Bharat Biotech’s COVID-19 vaccine Covaxin, the health ministry said, We respect each country’s regulatory system, but it will have no impact on India’s vaccine programme.
China tells banks, insurers to prepare ‘living wills’ to deal with potential risks
Insurers with no less than 200 billion yuan of total on-book assets at home and abroad should also prepare such plans, it added.
Post Covid-19 Auckland tops the Economist’s Global Liveability Ranking; 8 Asia-Pacific cities make The Top 10
“One area where there has been regrettably little change is at the bottom of our rankings. Damascus remains the world’s least liveable city, as the effects of the civil war in Syria continue to take their toll. Indeed, most of the previous ten least liveable cities remain in the bottom ten this year, including Dhaka and Karachi in the Asia-Pacific region.”
First year premium of life insurers down by 5.6 per cent to Rs 12,977 crore in May
23 private sector insurers, however, posted 14.2 per cent rise in their combined new business premium in May 2021 at Rs 4,029.35 crore as against Rs 3,527.48 crore in year ago month.
Medical debts bankrupt Indians already ravaged by coronavirus
Two-thirds of Indians don’t have any health insurance, compounding the problems facing India’s economy as it tries to recover from the shock of a rare contraction last year. Overcrowded government hospitals with long lines and poor facilities prompt people to spend out of pocket for better treatment in the private sector.
Kumar gets 9-month extension as LIC chairman
Analysts point out that Kumar’s extension as the chairman will help the corporation to handle its mega IPO smoothly during the current year.
Earlier, the government through an approval of ACC had extended the retirement age of LIC chairman from 60 to 62.
Siddarth Mohanty, MD, who is retiring in June 2023, will be one of the top contenders for the chairmanship of the corporation after Kumar retires in March 2022..
Global insurance industry faces IFRS 17 costs estimated at $15 to $20 bn:Willis Towers Watson
Kamran Foroughi, Global IFRS 17 Advisory Leader at Willis Towers Watson, said: “This is an extraordinary figure that will naturally lead to many questions from Boards and investors.
“For many, significant improvements will also be required in business processes and finance operations to deliver IFRS 17 efficiently and link with other metrics. With smart investment and the right people, an insurer’s IFRS 17 programme has the potential to help deliver long-term annual savings to show against the daunting up-front costs.”
Labour codes : Companies’ PF liability to go up, workers’ take-home pay to shrink
The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021. These four labour codes will rationalise 44 central labour laws.
The ministry had even finalised the rules under the four codes. But these could not be implemented because many states were not in a position to notify rules under these codes in their jurisdiction.
ICICI Pru Life announces highest-ever bonus of Rs 867 cr to policyholders
ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY2021. The bonus declared is the highest ever by the company till date and is also 10 per cent higher than the bonus announced in the last fiscal” it said in a release