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TREND | 11 Nov 2024

Simplify T&Cs in insurance policies to cut complaints: Irdai panel member

Business Standard

Insurance companies need to draft the terms and conditions of the policy in a language that is simple and easy-to-understand, which will help in reducing the grievances of customers, an IRDA advisory committee member said on Monday. IRDA's Insurance Ombudsman Advisory Committee member Pushpa Girimaji also stressed on the need to reduce the number of 'non-entertainable complaints' by the insurance ombudsman. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to resolve complaints of insured persons against life and non-life insurance companies. At an event to mark the foundation day of the insurance ombudsman, Girimaji also stressed on the need for insurers to be fair in deciding insurance claims of customers. "There is a need to bring down the number of complaints in the insurance sector. The terms and conditions specified in insurance policies should be drafted in a way that it is simple and easily understood," Girimaji said.

Insurance

TREND | 10 Nov 2024

Mcap of 6 of top-10 most-valued firms erode Rs 1.55 lakh cr; Reliance biggest laggard

Economic Times

While Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India were the gainers.

Mcap of 6 of top-10 most-valued firms erode Rs 1.55 trn; RIL top laggard

Business Standard | 10 Nov 2024

Insurance

TREND | 09 Nov 2024, 08:41PM

Niva Bupa Health Insurance IPO: Should you subscribe?

Business Line

The company's ability to reign in claims in the next three years is key monitorable

Life Insurance Corporation of India Q2 Results Live: Profit Falls by 3.76% YOY

livemint | 09 Nov 2024, 11:37AM 2 more

Insurance

TREND | 08 Nov 2024, 09:30PM

Insurance Query: Stay updated on changes in health insurance norms

Business Line

IRDAI's changes to health insurance landscape provide enhanced protection, security and a more user-friendly experience

Insurance Amendment Bill set to boost growth, customer engagement: Experts

Business Standard | 08 Nov 2024, 08:50PM 6 more

Insurance

TREND | 07 Nov 2024

Irdai to amend regulatory sandbox norms after committee recommendation

Business Standard

Regulator Irdai has proposed to amend the norms related to 'regulatory sandbox' by incorporating principle-based approach and further facilitate adoption of innovative ideas and new concepts across the insurance value chain. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations. Insurance Regulatory and Development Authority of India (Irdai) had constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations. Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments. Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach. The changes to the norms are also aimed to facilitate introduction of innovative ideas/ne

Insurance

TREND | 07 Nov 2024

Niva Bupa Health Insurance IPO Subscribed 6% So Far On Day 1Check GMP

NDTV Profit

The IPO consists of a fresh issue of shares worth Rs 800 crore, and an offer for sale of up to Rs 1,400 crore.

Niva Bupa Health Insurance IPO: GMP Subdued Ahead Of Opening

NDTV Profit | 07 Nov 2024 4 more

Insurance

TREND | 06 Nov 2024

Irdai proposes changes to IAC meeting frequency, notice period, structure

Business Standard

The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members

Insurance

TREND | 05 Nov 2024

Shriram General Insurance plans to re-enter crop insurance business

Business Standard

Shriram General Insurance Company Ltd announced plans to re-enter the crop insurance portfolio as part of its diversification strategy. Shriram General Insurance, jointly owned by the diversified Shriram Group and Africa-based Sanlam Ltd, offers a range of general insurance products. In a statement on Tuesday, the company reported its financial performance for the July-September 2024 quarter, stating it achieved a 15 per cent year-on-year increase in Gross Written Premium (GWP), rising to Rs 861 crore from Rs 750 crore in the same quarter of the previous financial year. The company plans to add 20,000 financial agents during the current financial year, bringing the total to 90,000. For the six-month period ending September 30, 2024, the Gross Written Premium grew to Rs 1,594 crore, up from Rs 1,310 crore in the same period last year. Net profit for the six-month period ending September 30, 2024, increased to Rs 254 crore, compared to Rs 217 crore in the same period the previous ..

Shriram General Insurance posts 17% rise in Q2 net at 140 cr

Business Line | 05 Nov 2024 3 more

Insurance

TREND | 04 Nov 2024

Alliance Insurance Brokers plans entry into aquaculture, RE, aviation

Business Standard

Alliance Insurance Brokers Pvt Ltd, which has completed 21 years of operation, is looking to expand into new sectors like aquaculture, renewable energy, aviation and M&A, among others. The company is also getting into the affinity insurance segment and tying up with banks, NBFCs and consumer durables to provide security on either the loans disbursed or the products purchased, Alliance Insurance Brokers said in a statement on Monday. Over the years, Alliance Insurance Brokers has increased its footprint across 14 cities in the country and is working with 14 countries globally. The company is covering around 20-22 prominent sectors, insuring more than 4,000 clients. It has insured over 3,000 international sports events up to date, which cover tournament events such as T20 World Cup and FIFA World Cup. The company enjoys a considerable 45 per cent market share in the raw and unpolished diamond insurance market in India, it said. In the media and entertainment industry, it said,...

Insurance

TREND | 03 Nov 2024

For new players, existing expense of management regulations are a challenge: Zuno General Insurance CEO

Business Line

Zuno General Insurance continued to grow faster than the industry in the second quarter of this fiscal, says Shanai Ghosh, MD & CEO of the company