Gross Direct Premium of General Insurance Companies Grows by 35% in June

The Insurance Regulatory and Development Authority of India (IRDAI) has released data which shows that the gross direct premium of General Insurance companies in the country has increased by 35%. The increase can be attributed to the good performance of segments like motor, health and fire insurance. The data also shows that the gross direct premium in the first three…

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Government’s Crop Insurance Companies Helped Insurance Companies, Not Farmers

The Comptroller and Auditor General (CAG) has announced in its report that the insurance schemes pushed by the government have not achieved much, and have only helped the insurance companies. The same has also been confirmed by another report issued by the Centre for Science and Environment (CAS). As compared to the premiums charged by the insurance companies, the claims…

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Max and HDFC Life Merger: A New Plan Under Process

Since last year, Max India Life Insurance has been working hard on its planned merger with HDFC Life for its insurance business. HDFC Life is India’s top mortgage-financier company and it recently announced to sell its shares in an Initial Public Offering (IPO). Max is now hoping to come up with a new workable plan in the coming 12 days….

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SBI Life Looking at Raising $1million after filing for IPO

Like several other insurance companies, SBI Life too on Monday issued its red herring prospectus for its IPO. No primary capital is being raised by SBI. As a part of the offer for sale, BNP Paribas and SBI will sell 40 million and 80 million shares respectively, which will amount to a 12% stake. With the IPO, it is the…

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No More Insurance Mis-Selling

It is a common practice in India that agents miss-sell a policy. It is also seen that insurance companies reject genuine claims. There are many such malpractices in the industry which leaves the insured helpless. In order to safeguard the interests of the policyholders, IRDAI (Protection of Policyholders’ Interest) 2017 which are major changes to the last reforms introduced in…

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Incredibly High Claim Ratio of 170% for Government Backed Insurance Policies

The 2015 Budget Speech by Finance Minister Arun Jaitley mentioned about a couple of government backed life insurance schemes. Currently, about 20% of the entire population of the country has any life insurance and the intent of these was to increase that number. Two years down the line, both the schemes Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) and Pradhan…

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Crop Insurance Can Be Provided by State Set Up Insurance Firms: Govt

Many concerns have been raised that private insurers are making huge profits from the Pradhan Mantri Fasal Bhima Yojan (PMFBY), the crop insurance scheme. Radha Mohan Singh, the agricultural minister, said in the Rajya Sabha, that the states have been now allowed to set up insurance companies to provide crop insurance. Presently, 13 private and 5 public insurance companies are…

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