AI takes Rs. 60000 crore cover for fleet at Rs. 266 crore premium
Air India, has taken a Rs. 60,800 crore ($8 billion) cover for Air India by paying Rs. 266 crore premium to insurance companies, including Tata AIG General Insurance. The airline…
Insurance coverage for fisheries, aquaculture units abysmal in India
Given the low penetration of insurance products in the fisheries sector, the FAO World Review of Capture Fisheries and Aquaculture 2022 has suggested involvement of public and private insurance service…
Insurance Premiums on 2-wheeler EVs may rise
Insurance premiums on two-wheeler electric vehicles (EVs) may rise as insurers reassess risk based on recent fires and malfunctions. While deaths and injuries due to accidents will be covered under…
Compliance for foreign reinsurance units eased
IRDAI has rationalised the compliance norms for branches of foreign reinsurance companies, including Lloyds, operating in India. The regulator has also exempted non-life insurers and foreign reinsurers from disclosing underwriting…
Insurers get nod to design products for fire, allied perils
In order to increase insurance penetration and provide a wider choice to policyholders, IRDAI has allowed insurance companies to design new and customised products for dwellings, micro and small enterprises…
Experts call for climate risk insurance in fisheries sector
At a time when the lives and property of thousands of fisherfolk families are jeopardised by sea level rise and climate-induced weather uncertainties, fishery experts have suggested climate risk insurance…
PSU insurers to hire consultant for revamp
PSU general insurers will hire an external consultant to advise them on organisational restructuring and performance management. This comes as the government is moving ahead with its plans to privatise…
Future arm to raise Rs. 3,000 crore from insurance biz sale
Debt-ridden Future Group firm Future Enterprises Ltd expects to raise around Rs 3,000 crore from selling its stake in the insurance business to pare debt, which may save the company…
Govt may infuse Rs. 3K-5K cr into insurers
The government may infuse Rs 3,000-5,000 crore additional capital in the three public sector general insurance companies based on their performance and requirement during the year, sources said. The capital…
Govt keen on privatizing general insurer this year
Success with the initial public offering (IPO) of Life Insurance Corp. of India (LIC) may prompt the government to privatize one of its general insurance companies this year according to…