More than 50% vehicles not insured: Govt
More than 50% of vehicles on Indian roads are operating without the mandatory thirdparty insurance. This was disclosed by the government in response to a Parliament query. Minister of state…
Govt will likely infuse more capital in 3 public sector Insurers
The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said. The government last year…
Insurers eye bigger Marine pool for Russia shipments
India's general insurers are looking to set up a larger marine insurance pool to cover the risks of transporting crude oil, edible oil, project machinery and fertiliser from the war-torn…
Double export cover: Goyal to ECGC
Commerce and industry minister Piyush Goyal has asked the Export Credit Guarantee Corporation (ECGC) of India to double the limit to Rs 40 crore under a recently launched scheme that…
Alarm bells as crop insurance claimed on fake farms, orchards in Maharashtra
A Right to Information (RTI) plea in November 2022 has blown the lid off a crop insurance fraud in districts across Maharashtra, where compensation was allegedly claimed for losses on…
New India Assurance forays into surety bonds business
New India Assurance said it entered the surety insurance bonds business, becoming the second such domestic insurance company. IRDAI had permitted general insurers to issue surety insurance bonds in April…
Gujarat HC tells oreva to pay Rs. 10 lakh each to kin of dead
The Gujarat high court ordered Oreva Group - managing the Morbi suspension bridge when it collapsed on October 30, 2022- to pay Rs 10 lakh to the next of kin…
5 PSU insurers have Rs. 347-cr exposure to Adani firms
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the…
Prosecution starts against e-insurance intermediary
Goods and services tax (GST) authorities have initiated prosecution against a leading online insurance intermediary for allegedly generating bogus invoices of around Rs. 100 crore in the name of marketing…
Top insurers compete to cover Air India fleet
Top insurance companies, are competing to provide insurance cover to Tata Group-owned Air India’s fleet for the next financial year (2023-24). This includes insurance cover for new planes that would…