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In what would affect the businesses of bank-led insurance companies like ICICI Prudential and SBI Life, the insurance regulator is proposing to limit the insurers' bank tie-ups in big cities. The IRDA has suggested state-wise regulatory changes, dividing the country into three zones.   The draft norms have proposed to limit insurers to tie up with not more than nine states or union...

At a time when the country's life insurance industry is facing a downturn in premium collection, it has earned itself a dubious distinction of being one of the "least" profitable market across Asia.   According to a study by McKinsey, the returns and profit margins in India are one of the lowest in the region. The study shows, the return on reserves from the life ...

A renewed insurance policy means a new contract between the insurance company and the insured, ruled the National Consumer Disputes Redressal Commission. The commission ruled in favour of Life Insurance Corporation (LIC) of India and rejected the claim of a deceased insured's wife.   A two-member bench of president Ashok Bhan and member Vinita Rai was hearing an appeal filed by LIC...

Indian life insurance industry is likely to grow at 13-14% over the next four years and contribute 10% to total global premium income growth, according to a report by McKinsey.   Indian life insurers' total premium income is expected to reach 5,50,000 crore by 2015. The  insurance industry in Asia's third-largest economy will be one of the few major markets globally to grow at...

Its business as usual even after two months of the IRDA circular which asked insurers to not reject claims on technical grounds. With no warning or penalty for specific insurers, will the IRDA circular be taken seriously?   Two months ago the Insurance Regulatory and Development Authority (IRDA) issued a circular to life and non-life companies asking them not to reject claims on...