Commenting on the financial performance, Shriram General Insurance Company Ltd MD and CEO Anil Aggarwal said, "The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008. Our Gross Written Premium rose to 34 per cent exceeding the industry growth of 12.8 per cent."
Policybazaar's latest initiative, the Claim Assurance Program, targets expediting motor insurance claims in over 1000 PIN codes across India. Focused on metro cities and tier 2 and 3 regions, this program seeks to elevate claims assistance and elevate overall customer experience, it said.
Aditya Birla Capital on Monday reported a two-fold rise in profit to Rs 1,245 crore on a consolidated basis for the fourth quarter ended March 2024. The company posted a net profit of Rs 609 crore in the same period a year ago.
Insurtech major, Go Digit has announced its plans to launch its IPO with a price band ranging from ₹258 to ₹272 per equity share. The IPO comprises a fresh issue of ₹1,125 crore and an offer-for-sale (OFS) of over 54 million equity shares. Here are the key details like issue size, key dates & more:
Go Digit IPO News: Insurtech major, Go Digit has announced its plans to launch its IPO with a price band ranging from ₹258 to ₹272 per equity share. The IPO comprises a fresh issue of ₹1,125 crore and an offer-for-sale (OFS) of over 54 million equity shares. Here are the key details like issue size, key dates & more:
Insurers expect to see a pickup in alternative asset classes like AIFs, Pvt equity and real estate as the market opportunities expand. While for some, equity continues to be the main focus area, others are bullish on sovereign G-Sec and SDL. Here is how general insurance companies earn their investment income.
Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.
Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.
While the non-life insurance industry maintained double-digit growth in gross premium in FY24, it fell short of touching the Rs 3 trillion mark amid a slowdown in several segments, as per the General Insurance Council data. Particularly Agriculture Insurance Company (AIC) contributed the most to the sluggish growth this year.
While health insurance premiums are on the rise for most general insurance companies, slower growth in segments like motor is holding back their overall performance, officials revealed. The industry is yet to publish detailed data for the entire year. Specialized insurance sectors, particularly Agriculture Insurance Company and ECGC, have contributed to the non-life industry's sluggish growth this year.
Standalone health insurance companies outpaced general insurance growth in FY24, with an annual premium of nearly Rs 2.9 lakh crore. They offered high-value policies and expanded coverage, while new players entered the health insurance market.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
