Are People Buying More Life and Health Insurance Policies After Covid-19? Know Here
2 years, 9 months ago

Are People Buying More Life and Health Insurance Policies After Covid-19? Know Here

News 18  

After a muted show in December 2021 and January 2022 due to the third wave of the COVID-19 pandemic, life insurance companies reported impressive growth of 22.47 per cent in new business premium to Rs 27,464 crore in February, according to a report by SBI Research. “NBP of life insurers rose 22.47 per cent to Rs 27,464.76 crore in February, with LIC’s NBP recording a jump of 35.4 per cent to Rs 17,849.34 crore, and private insurers reporting a growth 5 per cent to Rs 9,975 crore,” the report, titled ‘Ecowrap’, said. The report said the growth in February was mainly driven by IPO-bound LIC’s sharp jump in NBP in the same period, fuelled by 40 per cent growth in group single premiums. Death Claims Death claims paid by the life insurance industry has increased by 40.8 per cent to Rs 41,958 crore in FY21.

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History of this topic

Claims ratio of non-life insurers dips to 82.52 pc in FY24: Irdai report
1 day, 20 hours ago

Claims ratio of non-life insurers dips to 82.52 pc in FY24: Irdai report

Live Mint  

New Delhi, Dec 23 Net incurred claims to net earned premium of non-life insurance industry stood at 82.52 per cent during 2023-24 as against 82.95 per cent in the preceding fiscal year, as per the Irdai's annual report. "The incurred claims ratio of the non-life insurance industry was 82.52 per cent during 2023-24 as against 82.95 per cent of the …

Record Year For Life Insurance Sector: Policies Jump, 31% Increase In Premium, Check Latest Details
6 months, 1 week ago

Record Year For Life Insurance Sector: Policies Jump, 31% Increase In Premium, Check Latest Details

News 18  

The Life Insurance Council has released updated industry business numbers for May 2024. New business premiums expanded from Rs 23,448 Crs in May 2023 to Rs 27,034 Crs in May ’24, with YTD collections growing even more from Rs 36,043 Crs to Rs 47,293 Crs this year. According to data released by the Life Insurance Council, the life insurance industry …

Life Insurers Grew 2%, Non Life 13% in FY24
8 months ago

Life Insurers Grew 2%, Non Life 13% in FY24

Deccan Chronicle  

Mumbai: Life insurers grew by 2 per cent for FY24, with a new business premium of nearly Rs 3.8 lakh crore, compared to Rs 3.7 lakh crore in FY23 largely due to the high base effect of the previous financial year. 2.9 lakh crore growing at 12.8 per cent compared to the 16.3 per cent growth reported in FY23,” said …

LIC shares jump 9.7%, logs biggest intraday gain since listing; here’s why
1 year, 1 month ago

LIC shares jump 9.7%, logs biggest intraday gain since listing; here’s why

Live Mint  

Shares of Life Insurance Corporation, India's largest life insurer, experienced a robust intraday surge of 9.7% during Friday's trade, hitting a 10-week high of ₹677.65 apiece and also marking the largest intraday gain since listing in May 2022. This notable upswing followed LIC's target of achieving double-digit growth in new business premiums for FY24. 2-3 more policies will be launched …

LIC targeting double digit growth, plans to launch 3-4 new products for FY24: Chairman
1 year, 1 month ago

LIC targeting double digit growth, plans to launch 3-4 new products for FY24: Chairman

Live Mint  

Insurance behemoth Life Insurance Corporation is set to unveil 3-4 new products in the upcoming months, aiming a double-digit increase in new business premiums during the current fiscal year. Mohanty further added that 2-3 additional policies will be introduced throughout the year to attain a double-digit growth in new business premiums. In the initial half of the ongoing financial year, …

SBI Life Q2 Results: Net profit jumps to ₹380 crore, income rises 21.7%
1 year, 1 month ago

SBI Life Q2 Results: Net profit jumps to ₹380 crore, income rises 21.7%

Live Mint  

India's SBI Life Insurance Co Ltd reported a near-flat quarterly profit on Friday as higher expenses offset a surge in premium income. SBI Life, one of India's largest life insurers, reported profit after tax of 3.8 billion rupees for the three months ended Sept. 30, compared with 3.77 billion rupees a year earlier. Net premium income rose 21.7% to 200.5 …

How general insurers fared in FY22, in charts
2 years, 8 months ago

How general insurers fared in FY22, in charts

Live Mint  

Financial year 2021-22 was a mixed one for the non-life insurance industry. While Acko’s latest growth in gross premiums is on a small base, Go Digit is already ranked 13th out of 25 full-stack non-life insurers. Twin mainstays In 2021-22, the health and motor segments accounted for 65% of the gross premiums collected by the non-life insurance industry. In spite …

Insurers tighten rules, raise rates
2 years, 11 months ago

Insurers tighten rules, raise rates

Deccan Chronicle  

Mumbai: Saddled with a large number of death claims in the last two Covid waves, life insurance companies are increasing the prices of term plans, introducing tighter medical underwriting and longer waiting periods, besides increasing their reserves to combat the impact of the ongoing pandemic. While a large number of death claims continued to be reported during the first two …

Term insurance premium set to rise up to 40% from December 2021 | Know why
3 years, 1 month ago

Term insurance premium set to rise up to 40% from December 2021 | Know why

India TV News  

Term insurance policy premiums are set to hike anywhere between 25 per cent to 40 per cent as reinsurers tightened underwriting norms in the wake of the Covid-19 pandemic. About 140,000 Co­vid-related claims have been made so far, amounting to Rs 12,948.98 crore, of which 93.57 per cent by volume and 85.42 per cent by value were settled, a Business …

Indians more inclined towards life insurance during Covid's second wave
3 years, 6 months ago

Indians more inclined towards life insurance during Covid's second wave

India Today  

The deadly second wave of Covid-19 in India has claimed more than 3.83 lakh lives so far. The individual life insurance rose by 27.06 per cent during the first two months of the current fiscal year. “There has been a rising awareness about insurance, more so during the current pandemic times,” Bikash Choudhary, Appointed Actuary and Chief Risk Officer, Future …

Union Budget 2021: Liberalisation of FDI in insurance should be given top priority
3 years, 10 months ago

Union Budget 2021: Liberalisation of FDI in insurance should be given top priority

Firstpost  

The first-ever paperless fiscal Budget will be presented by Finance Minister Nirmala Sitharaman on 1 February 2021. Considering the importance of insurance to the infrastructure sector and overall economy, the sector is hopeful that the finance minister will take the following measures in the upcoming Budget to help increase insurance penetration: Increase in FDI limits The finance minister in her …

Policybazaar sells sum insured of ₹7 lakh crore in 9 months
3 years, 10 months ago

Policybazaar sells sum insured of ₹7 lakh crore in 9 months

Live Mint  

Online insurance aggregator Policybazaar on Wednesday said it has sold four lakh health insurance policies amounting to a total sum insured of over ₹7 lakh crore during the first nine months of the ongoing financial year. During the period, Policybazaar sold four lakh health insurance policies, covering 10 lakh lives, the company added. According to the company, the rise in …

‘Life insurance to see flat growth in FY21’
3 years, 11 months ago

‘Life insurance to see flat growth in FY21’

The Hindu  

The life insurance industry’s growth in the current fiscal is likely to stay flat amid sharp traction seen in the protection business and the ₹5 lakh income tax exemption will have a short-term negative impact, a top official said. “The industry is likely to remain flattish,” said Kotak Mahindra Life Insurance MD & CEO G. Murlidhar. However, companies remain unsure …

Insurance Scheme for Frontline Covid-19 Health Workers: Govt Says Payment Made in 95 Cases
4 years, 2 months ago

Insurance Scheme for Frontline Covid-19 Health Workers: Govt Says Payment Made in 95 Cases

News 18  

Under its Rs 50 lakh insurance scheme for frontline healthcare providers engaged in COVID-19 duty, payment has been made in 95 cases of death of such workers while 176 claims are being processed, the Union Health Ministry said on Tuesday. He said payment has been made in 95 cases of deaths of frontline healthcare workers engaged in COVID-19 duty under …

COVID-19: Life and health insurances are must for ’safeguarding future’, shows survey
4 years, 2 months ago

COVID-19: Life and health insurances are must for ’safeguarding future’, shows survey

Live Mint  

At least 80% Indians purchase life and health insurance products to safeguard future, a survey reveals. The survey shows life insurance followed by health insurance are the top-most financial products bought with an intention to safeguard the family’s future. The top three reasons for stress are attributed to Financial Security against critical illness, Family member getting infected by any lifestyle …

Life insurers post 7% rise in new business after dismal Q1
4 years, 4 months ago

Life insurers post 7% rise in new business after dismal Q1

The Hindu  

For the first time this fiscal monthly new business or the first-year premium of life insurers turned positive in July, with an almost 7% increase as India accelerated the reopening of the pandemic-hit economy. Collectively, the first-year premium of the 24 insurers stood at ₹22,986.10 crore, 6.87% more than the ₹21,509.25 crore they reported in July 2019, as per the …

Opinion | It’s better to link insurance amount to your objective
4 years, 5 months ago

Opinion | It’s better to link insurance amount to your objective

Live Mint  

Your life, health and home have a value that must reflect in the amount of insurance you buy. The challenge in this approach is that the sum assured turns out high and most are not willing to buy that much insurance. Another shift is in health insurance’s sum insured. In these conditions, a sum insured of ₹20 lakh-30 lakh rather …

Life insurers report decline in new business
4 years, 6 months ago

Life insurers report decline in new business

The Hindu  

The first year premium or the new business mobilised by life insurance companies in May was 25.39% less compared to their achievement in the same period last year. For April and May, the first year premium collected by the insurers totalled ₹20,466.76 crore or a decline of 27.92% compared to the ₹28,395.90 crore in the corresponding period of 2019. According …

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