Mumbai: Arka Fincap Limited, a NBFC and subsidiary of Kirloskar Oil...
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PNB to sell 10% in Canara HSBC Life
PNB's board in its meeting held today has accorded its approval for...
IRDAI asks insurers to fast track cyclone Remal claims
Insurers have been advised to settle claim payments/on account...
Augmented automated underwriting ushers in new-age technology in life insurance:Munich Re
Munich Re Automation Solutions has unveiled a blueprint on how augmented automated underwriting will revolutionise customer experience
Sitharaman likely to announce sale of IDBI bank, stake in LIC
The government had announced plans to sell its stake in LIC last year. That got delayed by legal and administrative hurdles, the official said.
Global life insurers impose restrictions, worried about long-term pandemic risks
Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including those who have recovered, can apply for coverage, executives and spokespeople said. Some are also limiting coverage for certain age groups.
IRDAI unveils `Standard Individual Immediate Annuity Product”, to be mandatorily offered by life insurers from Apr 1
The entry age for a customer to buy an annuity product is 40 years and maximum age is 80 years.The minium annuity amount under the proposed policy will be Rs. 1000 per month, Rs. 3000 per quarter, Rs. 6000 per half year and Rs. 12000 per annum.
Though pricing is left to the insurers, annuity rates should be derived based on actuarial principles and ensure that such annuity rates are fair and reasonable to customers.
Soon customers, needing pension products, could get an opportunity to buy guaranteed return products from the National Pension System (NPS) for building their retirement corpus. So far, the NPS has remained a market-linked pension scheme.
HSBC, Maybank’s Insurance Venture among bidders for AXA Singapore
Chief Executive Officer Thomas Buberl is trying to shift AXA’s focus on property and casualty insurance following its $15.3 billion purchase of XL Group Ltd. in 2018. Since then, the CEO has been reviewing options for smaller businesses across the world, including in the Middle East, to help pay for the XL deal.
SCOR develops biometric risk calculator to improve the life underwriting process
SCOR’s latest digital innovation, Vitae, addresses these key underwriting complexities through the automation of the risk assessment process. Vitae is a cutting-edge biometric risk calculator based on advances in medical research and employing innovative Machine Learning techniques.
Growth in health and protection biz to soften Covid-19 economic pressures on Indian insurers:Moody’s
“Resilient sales of health and protection policies reflects rising consumer awareness of these products during the coronavirus pandemic, as well regulator’s actions enabling insurers to offer protection against the virus. Indian insurers have also rapidly developed their digital offering during the pandemic.Over the longer term we expect the industry to benefit as the government injects capital into publicly owned insurers, and as private insurers reinforce their solvency through a combination of capital raising and M&A, said Moody’s analysis on Indian insurance sector.
Siddhartha Mohanty appointed as LIC’s MD, to be a front-runner for corporation’s chairmanship
Mohanthy will be clear-cut front-runner for the post of LIC chairman, after MR Kumar retires in June end after reaching 60, as he will be the only serving MD in the corporation,who will be having two years of residual services, which is one of the eligibility criteria for any contender to be considered for the top post at LIC.
Headed by Kumar, chairman,the corporation has currently has four MDs out of which three MDs will be retiring within the next year
.After Susheel Kumar, Vipin Anand and Mukesh Gupta will be retiring in July and Oct respecitively.. .
DHFL resolution: Lenders approve Piramal”s $ 5 billion bid
Its large lenders are SBI, including SBI Singapore with Rs 10,083 crore exposure. Others are Bank of India (Rs 4,125 crore), Canara Bank (Rs 2,681 crore), NHB (Rs 2,434 crore), Union Bank (Rs 2,378 crore), Syndicate Bank (Rs 2,229 crore), Bank of Baroda (Rs 2,075 crore), Indian Bank (Rs 1,552 crore), Central Bank (Rs 1,389 crore), IDBI Bank (Rs 999 crore) and HDFC Bank (Rs 361 crore).
The company has also exposures from insurance companies including Life Insurance Corporation and New India Insurance which have already taken hits on the account by showing it as a non-performing assets…