Some of the provisions, which could be part of the amendment bill,...
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Govt may sell 25% stake in LIC in phases
As part of the proposal, the government will also move an amendment in parliament for an authorized capital of Rs 20,000 cr which will be divided into 20 billion shares, the people said.
A ministerial panel set up for asset sales will decide on the size of the public offering while the cabinet will consider changes to capital structure of the insurer, the people said. Taking the insurer public will help instill “discipline” and unlock value, Finance Minister Nirmala Sitharaman had said in her budget speech in February, without providing details or the time line for the sale.
About 50% term policy buyers opt cover of Rs 1 cr or more during Apr-Aug: Policybazaar
“For the age group 42-50, we witnessed the highest year-on-year increase in term insurance buying i.e. 77 per cent and for year 2020 the age group 31-35 holds the largest share in terms of policies bought i.e. 30 per cent,” the firm said basis its data.
It further said in the High Net Individual (HNI) segment, more than 80 per cent customers went for the cover of Rs 1 crore and above, out of which 25 per cent invested in the cover bracket of Rs 2 to Rs 5 crore.
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.”