LIC’s April-December profit surges to Rs 22,970 crore
LIC has reported a net profit of Rs 22,970 crore for the nine months ended December 2023 — a multifold increase over the net profit of Rs 1,672 crore in…
Spread Covid awareness: IRDAI to insurers
Spread Covid awareness: IRDAI to insurers IRDAI has asked insurance companies to reach out to people to increase awareness, given the resurgence of coronavirus in some parts of the world.Insurance…
Composite licence may boost M&As of life, non-life insurers
Allowing insurance companies to have a composite licence could trigger a round of consolidation, according to a senior analyst at Moody’s Investor Service. Both the insurance regulator and the finance…
Insurance sector needs Rs. 50000crore each year; Insurers need to plough back profit: Panda
India's insurance industry will need to infuse Rs 50,000 crore of capital every year in order to double penetration in the country, IRDAIchairman Debasish Panda said. He also implored corporate…
Insurers get IRDAI nod for FRN auto-renewal of cross-border reinsurers
In order to conduct reinsurance arrangements with Global reinsurers, which do not have an office in India (called "Cross border Reinsurers or CBR"), the IRDAI (Reinsurance) Regulations 2018 specifies the…
Insurers want GST cut to 5% on health cover
Reduction of GST on health cover to 5 percent, hike in 80D limit and tweaking of norms on pension/annuity products to make them more attractive to people top the wishlist…
Health Insurers hopes for better health infrastructure to support growth
The Covid pandemic brought with it greater awareness regarding the need for health insurance boosting business for such insurers in 2022 even as they battled higher claims, technological disruptions and…
Insurers seek hike in tax deduction limit
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income…
Life insurers’ premium growth eases to 10%
The life insurance companies reported moderation in new business premium (NBP) growth in December. From a 30 per cent uptick in November, NBP growth last month slowed down to 10…
Insurers to get flexibility in allocating commissions
IRDAI said that removal of cap on commission of insurance intermediaries like agents and brokers will make insurance policies more affordable for people. Further, the insurance regulator said that the…