Life insurers face VNB margin pressure in Q2
The life insurance industry is expected to report a compression in its margin during the second quarter of financial year 2023-24 (Q2FY24) due to decline in share of the margin…
50-year bond ends life insurers’ wait
The central government has introduced a new dated security of 50-year tenor in its borrowing calendar for the second half of the current financial year—a long-standing demand by life insurance…
Insurers may get financial creditor status from govt
To make the surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditors in…
LIC’s market share drops to 59% from 68.7% in a year
The share of LIC in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022…
GST Council to clarify life insurance premium
The GST Council will soon provide clarity on input tax credit for life insurers, following a recent Rs 290-crore demand on Life Insurance Corporation — a move that is expected…
InsuranceDekho valued at $600 million in Series B round
Insurtech startup InsuranceDekho said it has raised $60 million in a Series B funding round led by Japan’s Mitsubishi UFJ Financial Group (MUFG); insurer BNP Paribas Cardif through its insurtech…
Life insurance firms’ new business declines 13% in first half of FY24
The life insurance industry has reported a lacklustre performance in the first six months of the financial year 2023-24 (FY24) with the new business premium falling 12.97 per cent, mainly…
Govt clears welfare measures for LIC employees, agents
Over 1 lakh employees and nearly 13 lakh agents of the Life Insurance Corporation of India (LIC) will have something to cheer, as the Finance Ministry approved welfare measures, including…
Provide insurance cover to staff travelling in employers’ vehicle: IRDAI tells insurers
IRDAI has asked general insurers to provide cover to employees travelling in employer's vehicle. The Madras High Court had directed IRDAI to make IMT-29 compulsory as an in-built coverage for…
IRDAI Chief urges stakeholders to harness surety bonds
Asserting that the current Bank Guarantee capacity of banks is insufficient to meet the credit demand for infrastructure development in the next five years, IRDAI Chairman Debasish Panda has called…