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S Africa’s Sanlam hikes stake in 2 Shriram insurance JVs, TPG to exit insurance cos
Sanlam has already entered into a share purchase deal to buy 6.29...
Axis Bank says all regulatory nods received for proposed acquisition of shares in Max Life Insurance
Axis Bank proposes to infuse Rs 1,612 crore in Max Life Insurance....
LIC’s P&GS vertical clocks Rs1,26,749 cr of prm in FY2019–20,settles 2.03cr maturity and money back claims & annuities
The corporation collected single premium of Rs 21,967 crores and non single premium of Rs 29,260 crores , the ratio being 42.88 for single premium and 57.12 for non single premium.
HDFC Life Insurance net profit falls by 14.5% in March quater
Vibha Padalkar, MD & CEO, HDFC Life said, “We continue to deliver growth higher than industry and register steady performance across all key metrics. We believe that insurance remains a multi-decade opportunity with significant potential.”
Padalkarsaid the insurer had an impact of Rs 1,100 crore in premium collection (new business and renewal) in the last 15 days of March 2020 to Coronavirus-related lockdown. Of this, Rs 400-500 crore impact was on the first year premium.
Union Bank plans to lower stake in IndiaFirst Life to less than 10%
“We will continue the process started by erstwhile Andhra Bank to divest the stake to bring it below 10 per cent,” Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai G told PTI.
ICICI Pru Life’s net profit falls by 6% to Rs1069 cr in FY2020
N S Kannan,MD & CEO, ICICI Prudential Life said, “We had set our aspiration in April 2019 to double our FY2019 Value of New Business (VNB) within four years. I am happy to report that in FY2020, VNB grew by 21% from Rs 13.28 billion to Rs 16.05 billion for FY2020, which is well within the growth range required to meet that aspiration.On the basis of the advise by the regulator IRDAI,we haven’t announced any dividend for the full year. Earlier, we had announced a dividend of 20 per dent in H1.”
Covid-19 Pandemic:IRDAI asks insurers not to pay any dividends for FY 2019-20
“In view of the emerging market conditions, and to conserve capital with the insurance companies in the interests of the policyholders and of the economy at large,insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions. This position shall be reassessed by the IRDAI based on financial results of insurers for the quarter ending 30th September, 2020,” said IRDAI on Friday.
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COVID-19 claims so far likely to be manageable; reinsurers de-risking:Willis Re Report
Reinsurers have showed that the systemic shock of COVID-19 is manageable so far, but the future strength of the sector depends on the severity of the pandemic’s continuing impact on health and economies. The industry retains sufficient capital buffer for extreme events, but the extent to which reinsurers can withstand continued asset-side volatility and increased claims emergence remains to be seen.
Reinsurers have started to de-risk their balance sheets by holding cash, which will have a significant impact on investment returns. Willis Re currently estimates a 5% hit to the global reinsurance capital base, roughly US$30 billion pre-tax.
Caronavirus kills 32% of life insurance new premium growth in March, LIC improves its market shares in 2019-20
Due to the disruptions caused by the Covid -19 pandemic, the domestic life insurance industry, consisting of 24 players led by the state owned Life Insurance Corporation(LIC), has degrown by 32 per cent in its premiums collection to Rs 25 409 crore in the month of March, the most crucial month for the industry.
The LIC , with an agency force of 11 lakh , has grown its annual new premium by 25 per cent to Rs 1,77,977 crore in 2019-20.
The corporation, in many years, has improved its market share in terms of new premium income to 68.74 per cent in 2019-20 against a market share of 66.24 in 2018-29.
The private sector, again led by the HDFC Life, at Rs 80,919 crore has mopped up 11.64 per cent per cent higher premium in FY 2019-20.
Global reinsurer capital rose by 7% to $625 billion in 2019,Net income of 23 large global reinsurers almost doubles to $18.2 billion
Mike Van Slooten, Head of Business Intelligence for Reinsurance Solutions, and author of the ARA report, said: “Reinsurers faced a challenging operating environment in 2019. On the underwriting side, carriers were confronted with higher retrocessional costs, adverse development of recent catastrophe losses, and deteriorating trends in US casualty business. At the same time, interest rates in the key US and UK markets went into reverse, as policymakers sought to address worsening prospects for global economic growth.”
IRDA allows 9 more Cross Boarder Reinsurers
“Reinsurance placements by an insurer to these CBR’s shall not exceed two percent of the total reinsurance premium ceded outside India, said IRDAI on Wednesday.
AIR Worldwide launches COVID-19 projection tool: Provides case and death projections worldwide
“We’re providing this complimentary tool to give communities, businesses, governments, and insurers a better understanding of what the near future of the COVID-19 pandemic could look like,” said Doug Fullam, director of life/health modeling at AIR Worldwide. “Additionally, we are making this information publicly available as we feel it’s imperative to leverage our strengths as a trusted data steward to provide services that benefit the greater good.”