Insure
IRDAI imposes penalty of Rs 2 Cr on HDFC Life for violating regulations
IRDAI imposed a Rs 2 crore penalty on HDFC Life due to regulatory violations identified during an inspection of financial years 2017-2020. Rs 1 crore was for issues related to policyholders' interests, and Rs 1 crore for outsourcing irregularities. Additional directions were issued to ensure compliance with regulatory standards.
Chola MS General Insurance clocks GWP of Rs 1,945 cr in Q1
Cholamandalam MS General Insurance Company Ltd reported a Gross Written Premium of Rs 1,945 crore for Q1 2024, showing a 14.3 per cent growth compared to the industry average. The company, a joint venture of Murugappa Group and Mitsui Sumitomo Insurance Group, achieved a profit before tax of Rs 179 crore, settling 1.3 lakh claims. It invested in Data Analytics and Artificial Intelligence for motor insurance claims through the SAHAI mobile app. Managing Director V Suryanarayanan emphasised the company's commitment to growth and technology transformation.
Life insurers tweak products, incentives to protect margins after IRDAI's new surrender rules
Private life insurers in India have strategized to adhere to new IRDAI regulations requiring surrender value from the first year on non-participating policies. Companies like HDFC Life, ICICI Prudential Life, and SBI Life are adjusting their commission structures and product mixes to protect margins and maintain growth despite the regulatory changes.
Microsoft outage likely to expand insurance coverage, pricing
The outage, caused by a cyber incident involving CrowdStrike, is expected to have had a limited impact on insurance claims due to existing policy constraints. A majority of claims related to the outage fall under business interruption coverage, which typically includes a waiting period. This means for the initial few hours of disruption, coverage does not activate, restricting the overall impact of the event.
Economic Survey flags misselling, claims issue in insurance sector
While referring to financial products misselling, the survey said that misselling and misrepresentation need acknowledgment, with firms compensating for consequential losses. This practice is important for stockbroking, fund management, banking, and insurance firms, the survey said.
Crop insurance to see growth from 2024 onwards, govt tech push to boost sector: Economic Survey
"Agriculture premiums will likely rise from 2024 onwards, with an average real premium growth of 2.5 per cent over the medium term, supported by improvements in insurance infrastructure such as mobile applications and remote sensing for crop loss monitoring," the survey said.
A Swiss company cheered up Kotak Mahindra Bank amid RBI's glare
Kotak Mahindra Bank's Q1 FY25 profit surged nearly 80% due to Zurich Insurance's acquisition of a 70% stake in Kotak General Insurance. The deal, completed in June 2024 for Rs 4,095.8 crore, added Rs 3,013 crore to the bank's consolidated profit. Kotak now holds a 30% stake in the insurance venture.
Tata AIG partners with Mahindra Finance to distribute motor, health insurance products
Tata AIG General Insurance has partnered with Mahindra Finance to distribute non-life insurance products across Mahindra Finance's extensive customer base of over 10 million. This collaboration aims to enhance accessibility to general insurance solutions including motor, health, and personal accident coverages, reinforcing financial services in rural and semi-urban India.
At least 33 major health insurance companies join govt's centralised claims-related info exchange
This new system aims to expedite the insurance claims process and make it more transparent, with real-time access to claims settlement status by the Insurance Regulatory Development Authority of India (IRDAI). Citizens will also be able to monitor their insurance claim status through their mobile devices.
IRDAI puts Care Health Insurance on notice over ESOPs to Saluja
India's insurance regulator, IRDAI, has issued a show cause notice to Care Health Insurance, a subsidiary of Religare Enterprises, regarding the grant of stock options to Rashmi Saluja, who serves as the chairperson of Religare. The notice alleges that Care Health Insurance violated IRDAI directions by issuing stock options to Saluja despite prior refusal in May 2022. Saluja, an executive chairperson at Religare, was granted these options as an employee, though she is a non-executive director at Care.
Must Watch
Gross written premiums of general insurers up 13.3% in Q1
India's general insurance sector saw strong growth with an 8.76% increase in premiums for June and a 13.33% rise for the first quarter, driven by higher demand for motor and health insurance. Companies like ICICI Lombard and Star Health Insurance reported significant gains, especially in retail health and motor segments. However, New India Assurance faced slower growth, losing market share. Overall, the industry's gross premiums reached ₹72,757 crore, reflecting steady expansion and shifting consumer preferences towards comprehensive insurance coverage.
Narayana Hrudayalaya's 'Aditi' - the latest experiment in Indian healthcare
Bengaluru-based hospital chain Narayana Hrudayalaya (NHL) has introduced the Aditi insurance scheme, offering a Rs 1 crore cover for surgeries and Rs 5 lakh for medical treatments at NHL hospitals for an annual premium of Rs 10,000 for a family of four. The managed care model aims to provide affordable healthcare with controlled costs.
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
LIC launches agency transformation initiative 'Jeevan Samarth'
LIC launched 'Jeevan Samarth' with a global consulting firm to transform its agency framework. The project will review and revamp operations at all levels. CEO Siddhartha Mohanty emphasized aligning with industry changes and providing insurance solutions. Agents will gain tools and skills. Young people are encouraged to join LIC and shape the industry's future.
LIC partners with AT Kearney for agency transformation initiative
LIC, in partnership with A.T. Kearney, launches 'Jeevan Samarth' to transform itself with global practices. CEO S Mohanty emphasized future-proofing 1.4 million agents. The project reviews branch, division, and zonal levels, addressing customers' evolving needs in savings, health insurance, ULIP, and pensions.
Star Health launches home healthcare initiative; to cover 50 cities & towns in phase one
Star Health's groundbreaking Home Health Care Service, led by Anand Roy, in partnership with Care24, Portea, and CallHealth, expands to 50 cities, ensuring affordable and prompt medical assistance. Dr U Hari Hara Sudan highlights the cost-effective treatment packages, while the company reports substantial financial growth in FY2024, with a gross written premium of Rs 15,254 crore and a net profit of Rs 845 crore.
INSURE STOCKS
NSEBSE
| Company Name | Latest | Change | %Change | Volume |
|---|---|---|---|---|
| HDFC Bank Ltd. | 1659.15 | 20.36 | 1.25 | 22059619 |
| ICICI Bank Ltd. | 1196.55 | -13.55 | -1.12 | 10735395 |
| State Bank of India | 847.85 | -14.8 | -1.72 | 12609331 |
| Axis Bank Ltd. | 1160.85 | -11.46 | -0.98 | 10581445 |
| Kotak Mahindra Bank Ltd. | 1803.45 | 10.8 | 0.61 | 3242589 |
