Insurers ask govt to sort ‘GST evasion lapses’
Under pressure in the 'GST evasion' issue, the insurance industry has approached the government to sort out the issue without burning its fingers. While a top representative team consisting of…
Premiums of Non-life insurers up 15.5% in Oct
The non-life insurance industry bounced back in October, as premiums grew at 15.51 per cent year-on-year (YoY) and marked a change from a disappointing number in September. The industry netted…
IRDAI proposes allowing insurers to invest in unlisted firms
India's insurance regulator has proposed to the government that insurers be allowed to buy over 10% of unlisted firms without approval, regulatory and industry sources said, a move that could…
LIC has edge over pvt insurers: Gains market share in FY23
Life Insurance Corporation (LIC) of India has gained almost 4.5 percentage points market share in the current financial year (2022-23, or FY23) in new business premium (NBP) from private players,…
New biz premiums of life insurers grow 15%
The new business premium income of India's life insurance companies rose by 15.3 per cent to Rs 24,916.58 crore in October 2022, data from the Life Insurance Council showed. All…
Dividend criterion may be eased for insurers’ equity investments
The IRDAI may allow equity investment even in non-dividend paying companies to be included in the approved investment category subject to some conditions. This would increase the eligible universe of…
PSU insurers may need up to Rs. 8000crore for higher wages
Public sector non-life insurance companies will need to raise around Rs 8,000 crore to meet statutory capital requirements after paying out the 12% wage increase notified by the government. Apart…
Insurers may pass on commission costs
Former members of the IRDAI fear that the regulator's proposal to grant flexibility to insurers on commissions might result in them passing on related costs to policyholders. Recently, IRDAI proposed…
IRDAI reduces number of returns to be filed by insurers for health insurance
In order to further cut compliance burden for insurance companies, regulator IRDAI rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed…
New premium income of life insurers up by 91%
New business premium income of life insurance companies witnessed a surge by 91 percent to Rs 39,078.91 crore in July as against Rs 20,434.72 crore during the corresponding period of…