Hinduja Group has now submitted a new plan changing the...
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ICICI Prudential Life launches ULIP, links distributor remuneration to fund value performance
ICICI Prudential Life Insurance on Monday said it has come out with...
Hinduja group’s IIHL to revive health insurance company after acquiring Reliance Capital
Ashok Hinduja, chairman, IndusInd International Holdings IIHL has...
Aviva sells Singapore unit for $1.98 billion as new CEO shifts focus
The British company said on Friday it will sell its majority shareholding in the business to the Singlife consortium, which includes alternative asset firm TPG, Japanese insurer Sumitomo Life and other existing Singlife shareholders.
Promising to shake up the organisation after she took over in July, new CEO Amanda Blanc pledged to reduce its operations in Asia and Europe.
Analysts have said the insurer is operating in too many countries and sectors, and its shares have lagged rivals.
Max Life Insurance launches COVID-19 1-yr term rider with diagnosis and death benefit
This rider provides financial protectionin case of diagnosis anddeath due to COVID-19
Upon COVID-19 diagnosis, 20% ofridersum assured is provided
Upon deathafter being diagnosed with COVID-19,100% ofridersum assured will be paid to nominee in addition to the diagnosis benefit, if not already paid.
Don’t stop us paying dividends, European insurers tell regulators
The pandemic will likely lead to between $50 and $100 billion in losses for insurers, the Insurance Europe trade body said in response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of the pandemic
Swiss Re retains top spot in AM Best’s top 50 ranking of global reinsurers
The top 10 accounted for 69% of the top 50’s total GPW. In recent years, this percentage has consistently been around 70%, which reinforces AM Best’s sentiment that the industry’s largest reinsurers continue to house disproportionately sizable amounts of risk, despite cedants’ efforts to diversify their reinsurance panels and spread out their counterparty risk.
The top 50 reinsurance groups reported an average combined ratio of 102.4 in 2019, a modest deterioration from the 2018 combined ratio of 100.9. Losses were driven primarily by social inflation in U.S. casualty business and typhoons in Asia, as well as loss creep from 2018 storms.
India’s GIC Re,with a gross premium of $6.86 billion,is the12th largest company(11th in 2018 list) in the AM Best list of top 50 global reinsurers
IRDA forms panel to examine relaunching of Index-linked products by life insurers
Currently, IRDAI, product regulations do not specifically permit insurers to sell index linked products and life insurers have been requesting the IRDAI to allow them to offer index linked products.
The working group will examine the need for index-linked products in India , availability of various indexes and how it will better serve the needs and interests of customers relative to traditional savings product.
Life insurers strengthen their digital platforms to beat Covid-19 pandemic disruptions
“We are considering to deploy fintech and insurtech for expanding our business and better customer services. We are also exploring to expand our rural reach without employing agents,” said MR Kumar, chairman, LIC.
Insurers must bring “Ease of Claims”:Anurag Thakur
“My assurance to the insurance industry, that we will work with you to unleash the potential of this sector to create more employment, provide innovative products and building a culture of risk management in the country,” said Thakur while addressing the 21st edition of the Annual Insurance Conference ‘FINCON 2020’, organized by FICCI.
HDFC Life & Apollo Clinic sign corporate agency partnership
Apollo Clinic is the first healthcare company in India, to have secured a corporate agency for the distribution of Insurance products.
This partnership will allow customers of Apollo Clinic to sell wide range of life insurance products by HDFC Life.
Jan Dhan scheme completes six years, benefits 40.35 crore people
“Today, six years ago, the Pradhan Mantri Jan Dhan Yojana was launched with an ambitious aim of banking the unbanked. This initiative has been a game-changer, serving as the foundation for many poverty alleviation initiatives, benefitting crores of people,” the prime minister Narendra Modi tweeted.
In August, 2020, out of total 40.35 crore PMJDY accounts, 34.81 crore or 86.3 per cent were operative,.
The finance ministry said the endeavour is to ensure coverage of PMJDY account holders under micro insurance schemes and improving access of PMJDY account holders to micro-credit and micro-investment such as flexi-recurring deposit etc.
IRDAI asks applications for the 2nd cohort of the Regulatory Sandbox
The window for filing of applications shall open on 15thSeptember, 2020 and close on 14th October, 2020.
The IRDAI has created a Regulatory Sandbox whose objective is to use innovative ideas to foster growth and increase the pace of most innovative companies, in a way that provides flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection.