ICICI Lombard gets Rs. 1,728 crore GST notice
The Directorate General of GST Intelligence (DGGI), the GST investigation agency, has served a Rs 1,728 crore demand notice on ICICI Lombard General Insurance for non-payment of tax in certain…
Shiram General to focus on non-motor insurance biz
Shriram General Insurance has planned to diversify its product portfolio by focusing more on the non-motor segments like marine, fire, during the current financial year, a top official said. Motor…
Insurance industry lacks human capital in administration and marketing
The Indian insurance industry, which suffers from a dearth of human capital in administration and marketing functions, should invest in human capital, BC Patnaik, Member (Life) IRDAI, said. "There has…
Non-life insurers’ premium falls 3.7% in August after 10 months of growth
Non-life insurance companies’ premium fell 3.7 per cent on-year in August, after rising for 10 straight months, led by a substantial fall in crop insurance premiums. In the year-ago period,…
Agri Insurer Kshema looks to double its premium by this fiscal end
Kshema General Insurance is looking to double its premium income from insuring farm activities.The company aims to double the premium collections to 1,000 crore by end of this financial year,…
PSU general insurers’ share of premium below a third of industry
For the first time, PSU General Insurers account for less than a third of the industry premium at 32.5 per cent, as larger private non-life insurers have consolidated their…
Govt unlikely to infuse capital in PSU general insurers in FY24
The PSUGeneral Insurance Companies are unlikely to get capital funding from the government in the current fiscal, a senior official said. He said one of the PSU non-life insurance companies…
Piramal eyes general insurance acquisitions
Piramal Enterprises will continue to look for acquisition opportunities in general insurance after dropping out of the race for Reliance General Insurance, the company's chairman Ajay Piramal said. Last year,…
95% surge in Maharashtra enrolment boosts PM crop insurance area by 12%
The Centre’s flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) or the PM Crop Insurance Scheme has seen coverage of 30.14 million hectares (mh) in kharif 2023, which is 12…
Claims from natural disasters set to top $100 billion for a third year
Claims for weather-related incidents are set to exceed $100 billion for the third year in a row, as floods, hail and wildfires linked to climate change become more frequent. Munich…