Insure
No formal proposal to enter health insurance, says LIC
Life Insurance Corporation (LIC) has clarified that there is currently no formal proposal for it to enter the health insurance space. This clarification comes amid expectations that composite licenses may be permitted by amending the Insurance Act, which currently does not allow life insurers to underwrite health insurance policies. A parliamentary panel had earlier suggested the introduction of composite licensing for insurers to undertake life, general, or health insurance under one entity, which could lead to cost savings and offer customers more choice and value.
Life insurers' margins may take a hit on early surrender directive
Insurance companies in Mumbai are adapting to IRDAI's directives on surrender values, anticipating an impact on new business margins. Insurers are exploring changes in their business models to align with the new regulations and focus on growth over profitability.
CAMS Repository Services launches insurance portfolio management platform
CAMS Insurance Repository Services (CAMSRep) introduced 'Bima Central,' an insurance portfolio management platform aimed at simplifying policy management for customers by aggregating benefits and ensuring claim-readiness. The scheme addresses the challenges faced by policy holders. Accessible to those with an electronic Insurance Account (eIA) with CAMSRep, Bima Central emerged from industry collaboration to enhance the value of insurance, with SBI General as the anchor insurer and others in the process of integration.
IRDAI asks life insurers to offer surrender value in first year
The regulator issued a master circular, which mandates insurers to pay special surrender value (SSVs) after the first policy year, provided one full year's premium has been received.
Irdai accepts registration withdrawal application of Paytm General Insurance
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance's registration withdrawal application. This move aligns with Paytm's strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
Life insurers to mandatorily provide loan facility against policies: Irdai
Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
Insurance helped 46,000 Indian women avoid deadly work during heat waves
During extreme heat waves, 46,000 Indian women in Ahmedabad received financial aid from an insurance program to stop work in hazardous conditions. The scheme, linked to temperature thresholds, provided payments allowing them to pause labor without losing wages, ensuring safety and sustaining their livelihoods.
A 'kavach' helped 46,000 Indian women avoid deadly work during heat waves
In Ahmedabad, scorching temperatures above 43C for a week left laborers like Lataben Makwana facing deadly conditions. A program by ICICI Lombard provided relief, paying out $340,000 to 46,000 women when temperatures spiked. Led by SEWA, the initiative aims to expand, offering financial security to vulnerable workers impacted by climate change.
General insurance companies can't reject claims for want of documents: Irdai
Irdai stated that general insurance companies cannot reject claims for lack of documents, introducing reforms in the business with a new master circular, repealing 13 others.
Shriram Life declares Rs 201 cr bonus in FY'24, up by 35%
Shriram Life Insurance has declared a bonus of Rs 201 crore for the financial year ending March 31, 2024, due to a 35% increase in premium income. The bonus payout will benefit 3.86 lakh policy holders. The surge in new business premium in FY'24 was driven by new partners, technology upgrades, and focused sales.
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Star Health & Allied Insurance plans 15% price hike for two products
Star Health & Allied Insurance in Chennai may raise prices by up to 15% for Senior Citizens Red Carpet Health Insurance Policy and Young Star Health Policy due to medical inflation and healthcare costs.
Consumer forum directs LIC to pay Rs 2 lakh claim to widow of policyholder
A consumer commission in Mumbai has directed the Life Insurance Corporation of India (LIC) to pay a claim of Rs 2 lakh to the widow of a policyholder who was illiterate and unaware of the policy terms and conditions. The commission noted that guidelines from the Insurance Regulatory and Development Authority (IRDA) require all terms and conditions to be explained to the insured in a language known to them before taking their signature on the policy document.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra as Chairman of ICICI Prudential's Board of Directors, effective June 30, 2024. Batra, a Chartered Accountant and Company Secretary, has served as Executive Director, CFO, and Group Compliance Officer at ICICI Prudential.
INSURE STOCKS
NSEBSE
| Company Name | Latest | Change | %Change | Volume |
|---|---|---|---|---|
| HDFC Bank Ltd. | 1596.9 | 16.16 | 1.03 | 12770277 |
| ICICI Bank Ltd. | 1105.65 | -1.7 | -0.16 | 11377979 |
| State Bank of India | 839.2 | -4.7 | -0.56 | 12903496 |
| Axis Bank Ltd. | 1181.05 | 6.4 | 0.55 | 4451031 |
| Kotak Mahindra Bank Ltd. | 1717.2 | -9.15 | -0.54 | 3153666 |