INSURANCE IN INDIA
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.
LIC raises stake in IDFC First Bank by 0.2% to 2.68% via private placement
IDFC First Bank has underperformed in the market over the past year, gaining only 3% and declining 8% year-to-date. The stock is currently trading 24% below its 52-week high of Rs 100.74.
Kotak Bank, Axis Bank among top 10 Nifty stocks trading at discount of over 15%
Fundamentally, India is witnessing its own mini-Goldilocks moment with excellent macros, robust corporate earnings (with Nifty ending FY24 with 25% earnings growth and FY25/26 earnings likely to post 14-15% CAGR), focus on manufacturing, capex and infrastructure creation, and valuations. Nifty, after consolidating in May 2024, touched a fresh high of 24,174 before ending with over 6% MoM gains at 24,011 in June 2024. Notably, the index was extremely volatile and swung around 2,893 points before closing 1,480 points higher. In such a market, domestic brokerage firm Motilal Oswal has analyzed that nearly half of the Nifty constituents are still trading at a discount to their historical average. Below is a list of top 10 Nifty50 stocks, as analyzed by Motilal Oswal, which are trading at a discount to their 10 year average:
India's June palm oil imports rise to 6-month high on lower prices
India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
Health insurer Niva Bupa, Sagility India files draft papers with Sebi for IPOs
The IPO, with each share having a face value of Rs 10, consists of a fresh issuance worth Rs 800 crore and an offer for sale totaling up to Rs 2,200 crore by the promoters and existing investors. As part of the OFS, Bupa Singapore Holdings and Fettle Tone will be divesting their stakes.
Bima Bharosa portal for insurance grievances: Step-by-step process to register an insurance-related grievance
Bima Bharosa has been launched by the Insurance Regulatory and Development Authority of India (Irdai) to serve as an online platform for grievance redressal of insurance policyholders. Here’s a step-by-step process to register an insurance-related grievance on the portal.
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M-cap of nine of top-10 most valued firms jumps Rs 2.89 lakh crore; Reliance biggest winner
Nine of the top-10 most valued firms together added Rs 2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36 per cent.
Get Rs 10 lakh insurance policy at Rs 555 premium: New accidental insurance cover launched; know features, where to buy
India Post Payments Bank (IPPB) has recently launched personal accident covers at an affordable premium. There are various variants of Health Plus and Xpress Health Plus. From coverage to premium to benefits — read all about the new accident covers before you invest.
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
Truecaller, HDFC ERGO tie up for insurance product to safeguard subscribers from digital frauds
Caller identification app Truecaller on Thursday said it has collaborated with general insurance company HDFC ERGO for an offering that aims to safeguard subscribers against digital communication frauds in India. Truecaller in a release said that amid rising cases of cyber fraud, the insurance offering underscores its commitment to combating fraud and ensuring user protection through advanced app features - before, during and after mobile communication.
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.
SBI General Insurance announces Naveen Chandra Jha as its new MD & CEO
Naveen Chandra Jha leads SBI General Insurance, overseeing operations, growth, and strategic initiatives with a focus on SME credit, HR, and retail banking. Under his leadership, the company expanded to 143 branches, achieving a 17% increase in gross written premium in FY24.
80% of marginal farmers in India affected by adverse climatic events: Report
According to the report, nearly 43 per cent of the surveyed farmers lost at least half of their standing crops. Rice, vegetables, and pulses were particularly affected by uneven rainfall. In the northern states, paddy fields often remain submerged for more than a week, destroying newly planted seedlings.
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
Zurich Insurance set to raise India headcount by 40% in next three years
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G20 for insurance,” Tulsi Naidu, chief executive officer for Asia Pacific, said in an interview.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
Mcap of three of top-10 most valued firms jumps Rs 1.06 lakh cr; HDFC Bank, ICICI Bank shine
The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per cent.
Indian deposit insurer way behind global peers in processing reimbursements: RBI Deputy Governor
RBI deputy governor Michael Patra highlighted that India's deposit insurer DICGC lagged behind international counterparts in processing reimbursements, taking over a month compared to IADI's target of seven days. Challenges such as data quality, identification issues, and lack of alternative bank accounts hinder quick payouts. India mandates deposit insurance for all banks, covering 1,997 institutions, with a coverage limit of Rs 5 lakh per depositor. Patra emphasised the need for improved risk management and crisis frameworks in light of evolving challenges, such as climate change impacting financial systems.
SOPs for faster sanction of loans, insurance in works
The Centre is collaborating with financial institutions to create a common application form and SOPs for faster sanction of financial services like loan disbursals and insurance under key schemes.
Insurers must offer a basic cover, strict claim deadlines
Regulator mandates 'pay as you drive' option in motor insurance. Customers to benefit from tailored products and roadside assistance services. Insurers bear salvage disposal burden, offer flexible 'fire' policy options.
Insurers lap up GSec derivatives to manage liabilities
Global funds and insurers are showing strong demand for Indian government bonds, particularly ahead of their inclusion in a JP Morgan index. Insurers are increasingly interested in Bond Forward Rate Agreements (Bond-FRA) to manage long-term liabilities, with significant trading activity reported by Clearing Corporation of India (CCIL).
Kotak Bank gets RBI nod to sell 70 pc stake in general insurance arm to Zurich Insurance
In November last year, Zurich Insurance Company announced plans to acquire a 51 per cent stake in Kotak Mahindra General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional stake of 19 per cent within three years from the initial acquisition for Rs 5,560 crore.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
DICGC posts 17% growth in insurance fund
The fund is collected by premiums received from insured banks, interest income from investments, and cash recoveries from failed banks. The deposit insurance limit in India is set at ₹5 lakh per depositor per bank.
Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
IRDAI introduces new corporate governance regulations for insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.
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