insurance banking

Mis-selling of life insurance policies at alarming level, says Irdai

According to Satyajit Tripathy, Member-Distribution of Irdai, life insurance grievances are often related to the product, while non-life grievances usually concern claim payments and exclusions

LIC launches project 'Jeevan Samarth' to meet customers' evolving needs

The life insurance giant has partnered with A T Kearney to undertake the transformation project by reviewing the existing agency framework of LIC on an end-to-end basis

May enter into health insurance, explore inorganic options: LIC chairman

LIC chairman Siddhartha Mohanty has said that the insurer would enter into the health insurance segment and can explore inorganic options if such an opportunity arises. There are expectations that composite licences may be permitted by amending the Insurance Act. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India (IRDAI), composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. LIC is not an expert in general insurance like fire and engineering but it can do health insurance, he said while sharing financial numbers for FY24. "Internal work is going on...we will explore inorganic growth in health insurance," he said. In February, a parliamentary panel suggested the introduction of a composite licence for an insurer to undertake life, general, or health insurance under one entity to increase the penetration of insurance in the country. The panel headed by BJP leader

Aon completes transaction to acquire Global Insurance Brokers in India

The process is expected to be completed later this year. In the meantime, Global Insurance Brokers will operate independently as an Aon company

Player insurance premiums up 25% this IPL amid rise in players' brand value

Increased player value, susceptibility to injury drive premiums

Bank held liable for delay in insurance purchase

The National Commission observed that procrastination by the bank in deducting the premium, despite having obtained authorisation, had led to a delay in policy issuance

Bad air quality may breathe fresh life into health insurance business

Most of the metro cities in India are battling acute air pollution with the Air Quality Index (AQI) readings being around "poor", "moderate" and "severe" levels for most of them

Non-compliance of safety issues may lead to trade barriers: Labour secy

The secretary also mentioned the use of software in Employees' State Insurance Corporation (ESIC) hospitals to detect and respond to occupational health issues

BFSI sector saw highest rise in data science, analytics jobs in 2023: Study

The report also noted a decline in the overall number of data science and analytics jobs over the past year

Sale of high-value policies picked up from mid-Mar: Kotak Life Insurance MD

With the financial year (FY23) having drawn to a close, Mahesh Balasubramanian, Managing Director, Kotak Life Insurance, spoke to Subrata Panda on a range of topics

Indian govt portal upgrade may halt new debt issues, says merchant bankers

According to a notification from the Ministry of Corporate Affairs, the website companies use for electronic filings will not be available from January 7 to January 22

FinMin's special campaign in seven districts to deepen financial inclusion

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

Online players, agents may have to disclose insurance commission

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

More capital support to IDBI Bank may have adverse impact on LIC: DRHP

LIC had infused Rs 4,743 crore into IDBI Bank on October 23, 2019 using policyholders' funds while the bank further raised Rs 1,435.1 crore in Dec. 2020 by way of a qualified institutional placement

Banks, insurance firms to work as usual in new guidelines for Lockdown 2.0

Bank branches are allowed to work as per normal working hours till disbursal of DBT cash transfers are complete

Irdai rejects general insurers' call for blanket easing of solvency margins

However, it said specific cases would be considered on merit

Hike in deposit insurance cover will not hit banks' balance-sheets: RBI

The Reserve Bank does not see any major impact on the balance-sheets of banks due to the five-fold hike in deposit insurance to Rs 5 lakh. Following the failure of a number of cooperative banks, with the city-based PMC Bank being the latest and the largest last year, the budget allowed the Deposit Insurance and Credit Guarantee Corporation (DICGC) to raise deposit insurance coverage to Rs 5 lakh from Rs 1 lakh. "The premium is something, which we consider, will increase from 10 paise to 12 paisa per Rs 100 for the time being. So, the impact on banks' balance sheets is not likely to be much," RBI Deputy Governor B P Kanungo told reporters during the post-policy presser. The hike in deposit insurance coverage has been a long pending demand from bank depositors and it recently came to fore after the crisis at Punjab & Maharashtra Cooperative (PMC) Bank. It can be noted that in 2019 alone more than 30 cooperative banks went belly up in Maharashtra alone. The DICGC, a wholly-owned ...

Lower bonuses for domestic insurance bankers as firms' revenues take a hit

Revenues of investment banking firms have been hit by a drop in activity