Public Sector General Insurance Firms Report ₹1,066 Crore Profit in Q3 FY 2024-25: Finance Ministry
The Indian Public Sector General Insurance Companies (PSGICs) have reported a significant turnaround in their financial performance, achieving a profit of Rs. 1,066 crore in the third quarter of the financial year 2024-25. This marks a notable improvement from the collective loss of over Rs. 10,000 crore reported in 2022-23. The four PSGICs -...
Mohali: Insurer to pay ₹2 lakh for rejecting medical claim
The District Consumer Disputes Redressal Commission in Mohali has ordered HDFC ERGO Health Insurance Limited to reimburse ₹2 lakh to a policyholder, Kuldeep Singh Sandhu, who was wrongly denied a mediclaim. Sandhu had purchased a group mediclaim policy from Apollo Munich through Canara Bank, which provided a cover of ₹5 lakh for both him and his...
ManipalCigna Health Insurance conducted a health awareness drive and check-up camp in Neraluru, Karnataka.
ManipalCigna Health Insurance, a leading standalone health insurance company in India, launched an insurance awareness drive and health check-up camp at a government school in Bengaluru Urban. The initiative aimed to promote health insurance awareness and preventive healthcare among families in Tier 2-3 areas of Karnataka. Over 150 parents and...
Edelweiss ARC Issues EOI Seeking Investors, Developers For 1.7-Acre Khar Real Estate Project
Edelweiss Asset Reconstruction Company Limited (EARC) has issued an Expression of Interest (EOI) to invite investors and developers to take over and complete a stalled real estate project in Khar (West), Mumbai. The 1.7-acre project, known as Joy Legend, is located in a prime area, within less than 1 km proximity to Linking Road and 2-3 km from...
Public sector general insurance companies collected a total premium of Rs 1.06 lakh crore in the fiscal year 2024-25.
The Indian government has reported a significant increase in the total premium collected by public sector general insurance companies (PSGICs) over the past few years. The total premium collected by PSGICs has risen from around Rs 80,000 crore in FY19 to nearly Rs 1.06 lakh crore in FY25. The overall general insurance industry has also...
ICICI Lombard has collaborated with Clearspeed to identify and prevent fraudulent claims.
ICICI Lombard, a leading private general insurance company in India, has partnered with Clearspeed, a global leader in voice-based risk assessment technology, to address the issue of fraudulent insurance claims in the country. The partnership, facilitated by channel partner Aelius, aims to tackle the problem of motor theft claims, which is a...
Meet the woman who once headed a Rs 59,800 crore government firm, now works as a yoga instructor; she is the daughter of India’s oldest billionaire.
Meet Ananya Birla, the daughter of India's oldest billionaire, Kumar Mangalam Birla. Ananya, who once led a government firm worth Rs 598,000 crore, has now taken a different path in her career. As the chairperson of the Aditya Birla Group's microfinance arm, Svatantra Microfin, Ananya has been working tirelessly to empower women and promote...
LIC of India has been awarded the ISO 22301:2019 Business Continuity Management System certification by the British Standards Institution.
The Life Insurance Corporation of India (LIC) has achieved a significant milestone by receiving the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI). This certification is a testament to LIC's commitment to maintaining its operations and services during disruptions, ensuring...
LIC, Bajaj Allianz expedite claim settlement for Air India plane crash victims
In response to the recent Air India plane crash in Ahmedabad, two major life insurance companies, Life Insurance Corporation (LIC) and Bajaj Allianz Life Insurance, have announced measures to expedite the claim settlement process for the victims' families. Recognizing the immense hardship faced by the families of the deceased, the companies have...
Life Insurance Corporation has appointed a new Chief Information Officer.
The Life Insurance Corporation (LIC) of India has announced the appointment of Mr. Ramakrishnan Chander as its new Chief Investment Officer (CIO). This appointment was reported by the Business Standard, a leading Indian business newspaper. Mr. Chander will serve in this position until his superannuation, which is scheduled to take place on...
LIC rejects Telangana government’s plea regarding Rythu Bima
The Life Insurance Corporation (LIC) and the state government of Hyderabad are in a dispute over the payment of insurance premiums for the Rythu Bima scheme, a life insurance program for farmers. The scheme provides a life insurance cover of Rs 5 lakh to 45 lakh farmers, and the state government is responsible for paying the premium. However, due...
FSIB recommends R Doraiswamy as MD and CEO of LIC
The Financial Services Institutions Bureau (FSIB) has recommended R. Doraiswamy, the current Managing Director of Life Insurance Corporation of India (LIC), for the position of Chief Executive Officer and Managing Director (CEO & MD) at LIC. This recommendation was made after FSIB interviewed four candidates from LIC on June 11, 2025, for the top...
Life Insurance Corporation of India (LIC) has achieved a Guinness World Record for the ‘most life insurance policies sold in 24 hours’.
The Life Insurance Corporation of India (LIC) has achieved a Guinness World Record for selling the most life insurance policies in 24 hours. On January 20, 2025, the corporation's agents sold a record 5,88,107 life insurance policies across India. This feat was verified by Guinness World Records (GWR) and recognized the outstanding performance of...
Life Insurance Corporation (LIC) plans to acquire a stake in a health insurance firm by March 31, according to CEO Mohanty.
The Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to its Managing Director and CEO, Siddhartha Mohanty. The company is in the final stages of discussions, but the name of the potential investee has not been disclosed. Mohanty...
Star Health has introduced a complimentary healthcare initiative called Doc Kendra in Tiruppur.
Star Health and Allied Insurance Co. Ltd has introduced a community healthcare initiative called Doc Kendra in Tiruppur, Tamil Nadu. The primary objective of this initiative is to provide free primary healthcare services to the local community through its branches. Each Doc Kendra will be equipped with a doctor and a paramedic, and patients will...
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief...
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and...
Two insurance firms resume cashless facility at Ahmedabad’s Ahmedabad Nursing Home Association (AHNA) hospitals.
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has reinstated the cashless facility for policyholders of Star Health Insurance and Care Health Insurance. This decision was made after both insurance companies committed to resolving outstanding issues related to claim settlements and service delays. The suspension of cashless facilities...
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays...
AHNA Lifts Suspension on Care and Star Insurance
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has lifted its suspension on cashless facilities for policyholders of Care Health Insurance and Star Health Insurance. The decision comes after constructive dialogue between AHNA and the two insurance companies, which resulted in a commitment to resolve pending issues related to delayed...
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim...
A well-designed garden can serve as a natural barrier against extreme weather conditions, shielding your property from potential damage. Here’s how:
- Flooding: Strategically planting trees, shrubs, and other vegetation can help absorb excess rainwater, reducing the risk of flooding and preventing water from entering your home.
- Strong Winds: A garden with a mix of trees, hedges, and shrubs can act as a windbreak, Lessening the impact of strong gusts and preventing damage to your property.
- Drought: Drought-resistant plants and efficient irrigation systems can help conserve water and protect your garden from the effects of drought, reducing the risk of soil erosion and damage to your property’s foundation.
- Storm Surges: A garden with a slope or a retaining wall can help protect your property from storm surges by redirecting water away from your home and preventing erosion.
- Heatwaves: A garden with plenty of shade-providing trees and plants can help cool the air around your property, reducing the urban heat island effect and keeping your home cooler during heatwaves.
- Landslides: Planting deep-rooted trees and shrubs can help stabilize soil and prevent landslides, protecting your property from potential damage.
- Snow and Ice: A garden with a slope or a snow-melt system can help prevent snow and ice from accumulating on your property, reducing the risk of damage to your home andmaking it safer to access.
The growing trend of using artificial grass in residential areas may pose an environmental concern, according to Aviva, a leading insurer. While artificial lawns are often chosen for their convenience and low maintenance requirements, they can contribute to the problem of waste disposal and environmental degradation. The majority of artificial...
Aviva CEO states that government investment mandates are a red line for the sector.
The CEO of Aviva, a leading insurance company, has stated that government investment mandates are a "red line" for the sector. This comment highlights the tension between the insurance industry and governments over investment regulations. The CEO's statement suggests that imposing strict investment mandates on the industry could have unintended...
Cancer leads Aviva protection claims in 2024.
According to Aviva's Individual Protection Claims and Wellbeing Report for 2024, cancer remains the leading cause of individual protection claims across all product lines. The report highlights the significant impact of cancer on claimants, accounting for 58.4% of critical-illness claims, 32.4% of children's benefit claims, and 42.2% of...
Only half of mid-retirees are confident they are on track to make their private pension last for life
A new report by Aviva and Age UK has found that only 48% of mid-retirees aged 65-75 who do not pay for financial advice are confident that their pension savings will last for life. The report, "Retirement Reality: Managing money in mid-retirement," surveyed 1,000 mid-retirees and found that many are struggling to manage their finances in...
Former Aviva CEO joins Broker Insights in senior role alongside multiple other high-level appointments
Broker Insights, an insurtech company, has strengthened its executive team with several key appointments and promotions. The company has hired Stuart Spink as its new Chief Operating Officer, who brings a wealth of experience from his previous roles at Lloyd's and Aviva. Spink expressed his excitement about joining the company at a pivotal time...
Lloyd’s of London has named a former Aviva executive as its next chief executive officer.
Lloyd's of London, the 335-year-old insurance market, has named a new chief executive officer to lead the organization. Johnny Espinet, a former executive at Aviva Plc, has been selected to succeed John Neal as CEO. Espinet's appointment is seen as a significant move for Lloyd's, which has been working to modernize and expand its operations....
Aviva Life Insurance Recognized as ‘India’s Most Trusted Private Life Insurer’ for Seventh Consecutive Year
Aviva Life Insurance has been recognized as 'India's Most Trusted Private Life Insurer' for the seventh consecutive year, as per a recent survey conducted by the Trust Research Advisory (TRA). This prestigious award is a testament to Aviva's unwavering commitment to providing exceptional service and building trust with its customers. The TRA...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders of FY25
Bajaj Allianz Life Insurance has announced a significant annual bonus of Rs 1,833 crore for the financial year 2024-25, marking a 32% increase from the previous year's bonus of Rs 1,383 crore. This bonus will benefit over 1.17 million policyholders who hold traditional participating policies that were active as of March 31, 2025. The bonus is...
ICICI Prudential Life has achieved the highest claim settlement ratio of 99.04% in the second quarter of the fiscal year 2025. Here’s how other insurance companies rank in terms of claim settlement ratio:* ICICI Prudential Life: 99.04% * [Insert other insurers’ ratios] Note: The claim settlement ratio is a key metric that indicates the percentage of death claims settled by an insurer out of the total claims received. A higher ratio suggests a better track record of settling claims.
ICICI Prudential Life Insurance has achieved a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The company settled claims worth Rs 451.05 crore during this period, with an average claim settlement turnaround time of just 1.2 days. According to Amish Banker,...
Bajaj Group receives CCI approval to acquire Allianz’s 26% stake in insurance joint ventures for Rs 24,180 crore
The Bajaj Group has received approval from the Competition Commission of India (CCI) to acquire Allianz's 26% stake in their insurance joint ventures for a whopping Rs 24,180 crore. This deal marks a significant milestone in the Indian insurance industry, as it paves the way for the Bajaj Group to gain full ownership of the joint ventures. The...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders for FY25
Bajaj Allianz Life Insurance has announced a bonus of Rs 1,833 crore for its policyholders for the financial year 2024-25. This bonus is a testament to the company's strong performance and its commitment to rewarding its customers. The bonus will be distributed among the policyholders who have been with the company for a certain period, and it is...
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands...
Bajaj Allianz Life’s campaign showcases the benefits of a steady and consistent approach.
Bajaj Allianz Life, a private life insurer, has launched a new campaign film featuring cricketer Shubman Gill as its brand ambassador. The campaign aims to highlight the importance of a steady and consistent approach in achieving long-term financial security, whether it's navigating life's ups and downs or market fluctuations. The film showcases...
Hansa Research Releases Health Insurance Customer Experience Report
Hansa Research, a consumer insights firm, has released its first edition of the Health Insurance Customer Experience Score (CuES) 2025 report. The study, based on feedback from over 3,800 respondents, examines customer expectations, satisfaction levels, and insurer performance across 12 health insurance brands in India. The report highlights the...
Aditya Birla Sun Life Insurance has partnered with Equitas Small Finance Bank to increase access to life insurance products.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has partnered with Equitas Small Finance Bank to offer a range of life insurance products to the bank's customers. This collaboration aims to increase financial protection and inclusion by making insurance solutions more accessible to Equitas customers. Through this partnership, Equitas...
Which Insurance Company Has the Highest Claim Approval Rate? Find Out the Best Performers in This Report
When purchasing insurance, individuals trust that their insurance companies will provide financial support in times of need. However, a recent report by the Insurance Brokers Association of India (IBAI) revealed that the claim-to-settlement ratio in India dropped from 87% in FY22 to 86% in FY23. This means that out of all the claims filed, 86%...
Insurance companies are leveraging Artificial Intelligence (AI) to streamline hospital discharge and settlement processes, aiming to reduce the time and costs associated with these procedures. By implementing AI-powered systems, insurers can automate tasks, enhance data analysis, and improve communication with hospitals and policyholders. This can lead to faster and more efficient settlement of claims, reduced administrative burdens, and enhanced customer satisfaction. AI-driven solutions can also help identify potential issues and areas of inefficiency, enabling insurers to proactively address them and further optimize the discharge and settlement process.
Last month, Sampat Jain's family experienced a health scare when his sodium levels dropped, and he was hospitalized at Apollo Hospitals in Kolkata. Although he was ready to be discharged by 8:30 a.m., the process took nearly 12 hours to complete due to the lengthy discharge formalities and paperwork. This scenario is not uncommon in India, where...
Aditya Birla Sun Life Mutual Fund launches Aditya Birla Sun Life Choti SIP, a fully online service.
Aditya Birla Sun Life AMC Limited (ABSLAMC) has introduced a new initiative called Aditya Birla Sun Life Choti SIP, effective March 5, 2025. This innovative plan allows investors to participate in a Systematic Investment Plan (SIP) with a minimum investment of just Rs. 250. The Choti SIP is available for all schemes of the fund, except Debt,...
Aditya Birla Sun Life Insurance has partnered with Equitas Small Finance Bank to increase accessibility to life insurance products, enhancing its reach to a broader customer base.
Aditya Birla Sun Life Insurance ( ABSLI) has entered into a partnership with Equitas Small Finance Bank to expand the accessibility of life insurance products to a wider audience. This collaboration aims to leverage the bank's extensive network and customer base to offer a range of life insurance solutions to its customers. Through this...
Aditya Birla Capital has integrated its credit and insurance offerings on the Open Network for Digital Commerce (ONDC) platform.
Aditya Birla Capital Limited (ABCL) has become the first financial services company to integrate its three core services - lending, insurance, and investments - on the Open Network for Digital Commerce (ONDC). This move aims to simplify access to financial products on the platform and enhance user experience. ABCL's offerings will be available on...
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands...
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio,...
HDFC ERGO kicks off ‘Galat Raaste Pe Mat Jao’ road safety awareness campaign for National Road Safety Week.
HDFC ERGO General Insurance has launched a new campaign, #GalatRaastePeMatJao, to raise awareness about unsafe driving practices and promote responsible road usage during National Road Safety Week. The campaign aims to reach drivers across India and encourage them to rethink their unsafe actions behind the wheel. The initiative is a response to...
HDFC Ergo Launches Groundbreaking Cashless Claims Process for Post-Hospitalisation Expenses
HDFC Ergo, a leading non-life insurance company, is planning to introduce a cashless claims facility for post-hospitalization treatment. This move would make it one of the first non-life insurance companies to offer this service, which is not currently available in the industry. While some insurance companies provide reimbursement for...
Discover how you can enjoy the convenience of an Apple Watch at no additional cost with our exclusive HDFC Ergo plan.
HDFC Ergo and Zopper have collaborated to launch the "India Gets Moving" program, a unique initiative that encourages individuals to adopt a healthier lifestyle through technology and rewards. The program challenges participants to take 15,000 steps daily for a year, with a tempting reward: a free Apple Watch. To participate, customers must...
HDFC ERGO Ventures Launches ‘Drive Smart, Stay Safe’ Initiative to Promote Responsible Road Behavior
HDFC ERGO, a leading non-life insurance company in India, has launched a new initiative called "GalatRaastePeMatJao" to raise awareness about the risks associated with unsafe driving practices and promote responsible road usage. The campaign aims to educate individuals about the importance of not using mobile phones while driving, not exceeding...
HDFC Ergo Introduces a Cost-Effective Alternative to Its Best-Selling Optima Health Insurance Plan
HDFC Ergo General Insurance has launched Optima Lite, a more affordable health insurance plan with a base sum insured of Rs 5 and Rs 7.5 lakh. This new product is a variant of their flagship my:Optima Secure health insurance plan and offers a range of benefits including organ donor expenses, home hospitalization, and emergency ambulance services....
HDFC Ergo General Insurance has invited bids for its bond issue, according to sources.
HDFC Ergo General Insurance, an Indian insurance company, has accepted bids worth 3.25 billion rupees ($37.3 million) for subordinated bonds with a 10-year tenure. The bonds will offer an annual coupon of 8.20%. The issue will have a call option at the end of five years and every year thereafter. The company received bids from bankers and...
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and...
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays...
ICICI Lombard secures a Rs 175 crore tax reprieve from the Income Tax Department.
ICICI Lombard General Insurance, a leading general insurance company, has reported a significant increase in its net profit for the quarter ended September 30, 2024. The company's net profit for the period rose by 20% to Rs 693.95 crore, compared to Rs 577.25 crore in the same period last year. The insurer's gross direct premium income, which is...
ICICI Lombard’s #GameOfLife inducted into the Impact’s Hall of Fame.
ICICI Lombard, a leading general insurance company in India, is proud to announce that its innovative "Game of Life" campaign has been featured in Impact's "Hall of Fame" - Top 50 Ads of 2024. This prestigious recognition celebrates the most impactful campaigns across industries, with ICICI Lombard being one of the few BFSI (Banking, Financial...
ICICI Lombard anticipates a steady capital base in the medium term.
ICICI Lombard General Insurance Company Limited, a leading insurance firm, has been recognized by AM Best, a credit rating agency, for its strong financial performance and risk-adjusted capitalization. The company's risk-adjusted capitalization is expected to remain at the strongest level in the medium term, backed by its financial flexibility...
ICICI Lombard Unveils AI-Powered Anthem for TripSecure+, Its Revolutionary Travel Insurance Solution
ICICI Lombard has launched an AI-generated anthem for its travel insurance solution, TripSecure+, which is being played on RadioOne and on the company's social and digital platforms until March 31. This innovative move marks a new direction in the insurance industry, aiming to make insurance more immersive, relatable, and engaging for modern...
ICICI Lombard’s Caring Hands illuminates a brighter future for the young generation of India
ICICI Lombard's Caring Hands CSR initiative has launched a new campaign to highlight the often-overlooked issue of vision problems affecting millions of schoolchildren in India. The campaign, which is a 100% employee volunteering initiative, aims to raise awareness and encourage solutions to improve children's sight and future prospects. A...