insurance companies — ✅ خرید وی پی ان ❇ ip ثایت vPn آی پی اختصاصی ◐

آگوست 8, 2022

New business premiums of life insurance companies jump 91% in July

New business premiums (NBP) of life insurance companies jumped 91 per cent year-on-year (YoY) in July, thanks to strong premium growth of state-owned Life Insurance Corporation (LIC).

According to data released by the Insurance Regulatory and Development Authority of India (Irdai), life insurers reported NBP of Rs 39,078.90 crore in July. While LIC’s NBP jumped 142 per cent to Rs 29,116.68 crore year-on-year, private insurers’ NBP grew 18.5 per cent to Rs 9,962.22 crore. In June, the life insurance industry grew 4.15 per cent in NBP, mainly due to the contraction in LIC’s premiums.

NBP is the premium acquired from new policies for a particular year. It is the sum total of first year premium and single premium accounted for during the year.

LIC’s strong premium growth in July is primarily on the back of a jump in group single premium and non-single premium. Private insurers have also reported sound growth in group single premiums and group renewal premium.

Among the top life insurers in terms of market share, SBI Life’s NBP was up 29 per cent in July, while ICICI Prudential Life’s NBP rose by 16.20 per cent, and Max Life’s increased by just 1.67 per cent. On the other hand, HDFC Life reported a contraction of 6 per cent in NBP during the same period.

In FY23 so far, life insurers’ have reported a 54 per cent YoY increase in premiums to Rs 1.12 trillion, with LIC’s premium witnessing 62 per cent growth and private insurers growing 39 per cent YoY. In the April-June quarter (Q1FY23), life insurers saw their NBP rise by 40 per cent over the same period a year ago, on account of lower base.

LIC has gained over 315 basis points in market share from June to July. Since March, LIC has gained over 500 basis points in market share in NBP terms.

The general consensus is that the premium growth of life insurers will remain healthy this year, given it’s the first year without any restrictions. While it is expected that demand for term, annuity, and guaranteed products will remain robust, unit-linked products may take a hit, given the volatility in equity markets.

جولای 24, 2022

Insurance companies made Rs 40,000 cr in 5 years under PMFYB scheme

Under the central government’s flagship scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), insurance companies had made around Rs 40,000 crore between 2016-17 and 2021-22, according to a media report on Saturday.

According to the Times of India report, Narendra Singh Tomar, Union minister for agriculture, said the companies paid claims worth Rs 119,314 crore to farmers against the total premium collection of Rs 159,132 crore under PMFBY.

For the implementation of the scheme, the government roped in 18 general insurance companies, aimed to provide financial support to farmers suffering crop loss or damage arising out of natural calamities.

“Since inception of the scheme till Kharif 2021- 22 season, Rs 4,190 per hectare has been paid as claims to farmers under the scheme,” Tomar said in a written response to Rajya Sabha, accessed by the Times of India.

Launched six years ago, the scheme was revamped in 2020, enabling voluntary participation of the farmers. It also made it convenient for the farmer to report crop loss within 72 hours of the occurrence of any event — through the Crop Insurance App, CSC Centre or the nearest agriculture officer — with claim benefits getting transferred electronically into the bank accounts of the eligible farmer.

Under PMFBY, farmers pay 2 per cent of the sum insured as their share of premium for kharif crops, 1.5 per cent for rabi crops and 5 per cent for horticulture and commercial crops. If the actuarial premium is lower than this rate, the lower of the two would apply. The difference between the actuarial premium rate and the premium paid by farmers is the subsidy shared equally by the Centre and states.

Integration of land records with the PMFBY’s National Crop Insurance Portal (NCIP), Crop Insurance mobile app for easy enrollment of farmers, remittance of farmer premium through NCIP, a subsidy release module and a claim release module through NCIP are some of the key features of the scheme.

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جولای 22, 2022

Irdai gives indicative premium growth targets to non-life insurers

The Insurance Regulatory and Development Authority of India (Irdai) has prescribed aspirational targets for non-life insurance industry, days after doing the same for life insurance companies. The aim is to increase the general insurance penetration to 2.52 per cent by FY27 from the current 1 per cent as of FY21, people aware of the development said. The regulator wants to increase the general insurance premiums to Rs 11.7 trillion by FY27 from Rs 2.2 trillion as of FY22. In FY22, the non-life insurance industry premiums grew by just 11 per cent over the previous year, data put out by the regulator showed. According to the Irdai’s annual report, as of FY21, non-life insurance penetration in the country is just 1 per cent (see box). Insurance penetration is measured as a percentage of GDP. “The regulator has a vision to see the general insurance market growing from Rs 2 trillion to over Rs 11 trillion, and as a result increase the general insurance penetration. To achieve this, they are looking at making a lot of regulatory changes. The regulator has given individual targets to companies based on their growth and various parameters. The only reason to prescribe targets is to increase penetration. The idea is that coverage should be improved substantially,” said a private sector general executive, who is aware of the development. Email sent to Irdai did not elicit a response till the time of going to press. All non-life insurance companies, including private sector general insurers, public sector general insurers, standalone health insurers, and specialised general PSU insurers, have been growth targets for the next five years. Large traditional non-life insurance companies such as ICICI Lombard, HDFC Ergo, Bajaj Allianz General, have been given premium growth targets of 40 per cent, 38 per cent, and 38 per cent, respectively, for the next five years. Some companies have got growth targets of over 100 per cent. While public sector insurers have been asked to increase their premiums by 25 per cent every year, private sector general insurers have been given a premium growth target of over 40 per cent every year. On the other hand, standalone health insurers have been given premium growth targets of over 48 per cent every year. “The aspirational targets are like a road map for companies as the regulator is seriously looking at increasing the penetration. In five years, the regulator is asking the sector to reach premiums worth Rs 12 trillion from Rs 2.2 trillion. They have also asked companies to own up certain states and districts and work towards increasing penetration in those places,” said another senior insurance executive aware of the development. These are aspirational targets so there will be no repercussions if the companies fail to achieve the target. There will be regular reviews on where the companies have reached, the person quoted above said. Earlier, Irdai had proposed premium growth targets over a five-year period for life insurance companies, in a bid to double insurance penetration in the country. In an e-mailed communication to MDs and CEOs of life insurance companies, the insurance regulator suggested a gross written premium (GWP) growth target for each insurer. For top-tier companies, it proposed a target of 30 per cent compound annual growth rate (CAGR) in GWP over five years and for smaller companies it suggested 50 per cent CAGR growth. In the last few months, Irdai has brought in a number of changes to ease the regulatory environment in which the companies operate. It has introduced “use & file” procedure for almost all non-life insurance products and some life insurance products. It has also reduced the capital that needs to be blocked in respect of certain products so that the freed up capital can be utilized in a better way to increase coverage. Low market penetration

1% Non-life insurance
3.2% life insurance
4.2% Overall insurance

Source: Irdai annual report for FY21

مارس 16, 2022

A premium on execution: Meet Debasish Panda, chairman of Irdai

When the Covid-19 pandemic ravaged India, insurance companies were delaying and even denying claims, including cashless health insurance ones. The government stepped in, and asked them to clear claim settlements under the Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance Scheme for health workers, as well as the Centre’s flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The bureaucrat leading these consultations with the Insurance Regulatory and Development Authority of India (IRDAI) was Debasish …

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مارس 5, 2022

Motor third-party premium rates to be revised after two years

The ministry of road transport and highways in consultation with the insurance regulator on Friday released a draft notification for revising the motor third party premium rates for the financial year 2023.

The proposed revision in motor third party premiums will take place after two years as the premium rates were not revised for FY21 and FY22 because of the pandemic.

According to the revised rates, private cars with 1,000 cubic capacity (cc) will attract rates of Rs 2,094. Similarly, private cars with 1,000 cc to 1,500 cc will attract rates of Rs 3,416 while above 1,500 cc private cars will see a premium of Rs 7,897. Two-wheelers over 150 cc but not exceeding 350 cc will attract a premium of Rs 1,366 and for two-wheelers over 350 cc the revised premium is Rs 2,804.

For public goods carrying commercial vehicles, the premium will range from Rs 16,049 to Rs 44,242 depending on the gross vehicle weight while for the private ones the premium will range from Rs 8,510 to Rs 25,038.

Further, the draft notification has proposed a 15 per cent discount for electric private cars, electric two wheelers, electric goods carrying commercial vehicles and electric passenger carrying vehicles. The proposed discount is expected to incentivise usage of environmentally friendly vehicles. Electric private cars will attract a premium of Rs 1,780 to Rs 6,712 depending on their capacity expressed in kilowatts. Similarly, two-wheeler electric vehicles will attract premiums in the range of Rs 457 to Rs 2,383. Further, hybrid electric vehicles will attract a discount of 7.5 per cent on the motor third party premiums.

The three-year single premium for new private cars and five-year single premium for new two-wheelers has also been revised and will attract premiums in the range of Rs 6,521 to Rs 24,596 and Rs 2,901 to Rs 15,117, respectively, depending on their cubic capacity.

The insurance executives are not very enthused with the proposed revision and termed it as a pro-policyholder move. The claims burden in the motor segment had gone down because of the pandemic but the increased claims on the health segment more than offset the dip in claims in the motor segment, an insurance executive said.

The insurance industry was expecting a decent increase from the regulator’s side after two years of no revision in premiums because there have been some court judgments, which have increased the claims severity on insurance companies.