PSU general insurers’ market share drops below a third
The four public sector companies now account for less than a third of the non-life insurance market after losing 2% share in FY23. While the private sector has gained, the…
Shriram General Insurance bets big on EVs
Shriram General Insurance (SGIC), said that its main focus areas in the 2023-24 fiscal is electric vehicle insurance. The firm added that it has already tied up with several original…
Aditya Birla set to sell insurance brokerage business
Aditya Birla Capital Limited (ABCL), a company under the Aditya Birla Group, announced the sale of its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL), which is a non-material…
Insurers may set up payments platform for reinsurance biz
In a bid to facilitate reinsurance premiums, commissions, claims and any other transactions between the insurer, insurance intermediary and reinsurance companies, the insurers are looking at setting up a digital…
Centre launches DigiClaim for quicker settlement of Crop insurance claims
Agriculture Minister Narendra Singh Tomar launched a ‘DigiClaim’ platform under the national crop insurance portal for speedy disbursal of claims to insured farmers. On the occasion, the Minister also transferred…
38 Crore farmers enrolled in PMFBY scheme
Agriculture minister Narendra Singh Tomar informed Parliament that for every Rs 100 of premium paid by farmers under the flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), they have received…
General Insurance premiums see 20% y-o-y growth in February
Non-life insurance companies continued their double-digit growth in February, with premiums growing 20 per cent year-on-year to Rs. 19,876 crore led by health and motor insurance. So far in FY23,…
EV charging stations susceptible to cyber attacks
Electric vehicle charging stations are also susceptible to cyber attacks and cyber security incidents like any other technological application, Parliament was informed. In a written reply to Lok Sabha, Union…
Compensation paid in 6% of hit-&-run cases since 2017-18
The government has paid claims in barely 5,036 hit-and-run cases — 3,209 for deaths and 1,827 for persons left grievously injured — since 2017-18, according to official data. This is…
Insurance premium may increase due to hardening of reinsurance rates
Property insurance is likely to cost more for large risks with insurance companies anticipating a hardening of rates in the reinsurance markets. Most large insurance covers are renewed in alignment…