Tag: Insurance

Amazon to start offering insurance to UK businesses: Broker

Amazon.com Inc is to start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country, broker Superscript said on Monday. Members of Amazon’s Business Prime program will be able to buy cover from Superscript such as contents insurance, cyber insurance, and professional indemnity insurance, which a Superscript […]

IRDAI asks insurers to come out with new title insurance policies

NEW DELHI: In a bid to protect property buyers against defective title deeds, regulator IRDAI has asked general insurers to launch title insurance policies under a revised format at the earliest. Title insurance is a form of indemnity insurance that protects the potential owner of a property against financial loss from defects in title to the real property. The Insurance Regulatory and Development […]

Private life insurers grow 36% on year on low base, tracking month-on-month trends

Private life insurance companies’ grew 36% on year due to low base, and tracking month-on-month numbers, Kotak Institutional Equities said in a report. The annual premium equivalent for private players rose 39% on year in August, 31% on year in July, and 16% on year in June. A year ago, the APE fell 6% in August and […]

PhonePe receives insurance broking licence from Irdai

BENGALURU: Payments major PhonePe has received an insurance broking licence from the Insurance Regulatory and Development Authority of India (Irdai), the Bengaluru-based company on Monday said. Last year, PhonePe entered the insurtech sector with a limited insurance ‘corporate agent’ licence, which restricted the company to partner with only three insurance companies per category. Now, with […]

Comprehensive insurance cover may make new vehicles costlier by up to 10%

Purchasing new vehicles could cost up to 10% more in the coming months as India’s insurance industry — on the back of an order by Madras High Court last week — is being forced to revamp policy designs and existing risk models of motor covers. As per a Madras HC landmark judgment, vehicle owners now have to purchase mandatory […]

Finance Ministry exploring insurance bonds as alternative to bank guarantees

The government is considering, introducing insurance bonds as an alternative to bank guarantees, Finance Secretary T V Somanathan said here on Tuesday. Somanathan made the announcement during a meeting between industry captains and Finance Minister Nirmala Sitharaman, who is on a two-day visit to the financial capital. “Government is exploring on instituting insurance bonds as alternatives to bank […]

Insurance as % of GDP spikes

Mumbai: The pandemic has increased the potential for health and life insurance in India. According to Swiss Re’s Sigma report on World Insurance, insurance contribution to GDP has risen to 4.2% in FY21 from 3.76% in FY20. Insurance penetration (premium as a percentage of GDP) for both life and non-life insurance has seen an increase during the pandemic. While life penetration has increased from […]

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