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Max Financial suffers a loss of Rs 52.45 crore in Q4FY24
Max Life Insurance achieved new business Margin (NBM) of 26.5% in...
IRDAI slaps Rs 1 cr fine on Prem Watsa promoted Digit Insurance for violating shareholding norms
``It is observed that there has been an inordinate delay in filing...
Many life insurers need a new core system:Celent & Equisoft Report
Celent’s APAC insurance technology expert, Max Ang said, “The insurer of tomorrow will be a technology-focused enterprise, augmenting current experiences with digital tools and automation, and with collaborations with partners for success. The next-generation insurer will serve, and customers will engage, based on the evolving needs required.”
LIC, GIC Re & New India Assurance are Domestic Systemically Important Insurers, need enhanced supervision:IRDAI
“D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF) ABD we have asked these three institutions to raise the level of corporate governance and identify all relevant risk and promote a sound risk management culture.This perception and the perceived expectation of government support may amplify risk taking, reduce market discipline, create competitive distortions, and increase the possibility of distress in future,said IRDAI
Allianz-led consortium in advanced talks to take on Aviva’s French arm – sources
Aviva said in a statement that it was “in the very early stages of developing its strategy for its continental European and Asian businesses”.
PartnerRe appoints John Mok as CEO Life & Health, Asia Pacific
Commenting on . Mok’s appointment, Marc Archambault, CEO Life & Health and Group Executive Committee member.said, “ We believe in the growth potential of these markets and Asia Pacific is an important part of growth plans for the Life & Health business. . Mok’s appointment underlines our commitment to the region, and to continuing to deliver reinsurance solutions and value added service to our clients in Asia Pacific. I look forward to leveraging John’s experience to continue to build the team, develop profitable business and grow the Life & Health business.”
InsuranceDekho to get $20 mn funding from GirnarSoft for branding, others
“This new capital infusion will be used to expand our digital footprint. We are already a force to reckon with in the B2B space. With this round we aim to invest in branding and marketing to further strengthen our B2C platform which has been seeing strong traction over the last 2 quarters,” InsuranceDekho CEO and co-founder Ankit Agrawal said.
IRDA to unveil standard Term Policy and covers for MSME and small dwellings soon:Khuntia
The guidelines regarding the standard products for term plans, dwelling and MSMEs will be rolled out soon by the regulator, said Subhash C Khuntia, chairman Irdai, while addressing CIIs 22nd Insurance and Pension Summit on Thursday.
The segment regulator is also looking to introduce the risk-based solvency for the insurance companies in next three years.
The regulator also believes that negative growth seen in the new premiums for insurance industry since March, will improve in the months to come.
GIC Re to manage Rs 75k cr Pandemic Pool,mandatory cover & parametric claim payment:IRDA Panel
Pandemic pool,with public-private-government participation, to cater 4 crore MSME workers,around Rs2000 crores of capacity expected from the industry and a substantial capacity coming from government in the form of backstop. Multiple trigger mechanism will be set separately for an epidemic and a pandemic event.Participation will be mandatory for the sectors which have been covered under the pool. This can be provided as a Standalone Product coverage for the event or as an add-on with the existing products.
“We are now putting the report on the formation of Pandemic Pool for the public feed-back and will soon set up the Pool,” said SC Khuntia, chiarman, IRDAI..
Despite market volatility, LIC made Rs 13k cr profit in equity till Aug: MD
“The insurance industry had lost about Rs 45,000 crore in new and renewable premiums in the last fortnight of FY20 due to the Covid-19 pandemic. However, we have recovered well since unlocking and registered healthy growth,” LICI Managing Director Raj Kumar said at a webinar organised by Merchants’ Chamber of Commerce and Industry.
He further said, “The market now has recovered by 32 per cent from the March lows. LIC has booked a profit of Rs 13,000 crore from equity operation and is still a net investor of Rs 28,000 crore in the market.”
Same sex marriages not recognised by our laws society and our values Centre to HC
The submission was made before a bench of Chief Justice D N Patel and Justice Prateek Jalan by Solicitor General (SG) Tushar Mehta during hearing of a PIL seeking a declaration that same sex marriages be recognised under the Hindu Marriage Act (HMA) and Special Marriage Act.
He said the plea to grant recognition to or permit registration of such marriages was “not permissible” for two reasons — firstly, the petition was asking the court to legislate and secondly, any relief granted “would run contrary to various statutory provisions”.
“Reimagine insurance:Five keys to innovation”:McKinsey
Insurers around the world have scrambled to weather the sudden disruption brought on by COVID-19. Many were able to quickly adapt to their new reality, from transitioning to remote-working arrangements to embracing digital technologies for customer engagement. Such sweeping change—for example, several years of digital acceleration accomplished in a matter of months—has the benefit of freeing organizations to embrace new ways of working. Leaders should not miss their chance to push even further for innovation and pursue bold strategies.