"I would like to give a word of caution here. Though your (insurance brokers) share is very high in group health insurance, the loss ratio in group health insurance is also very high. Probably, it is not very sustainable at present," he said at an event organised by Insurance Brokers Association of India.
An eight-member evaluation committee headed by IIIT Bangalore director S Sadagopan was in charge of scrutinizing these applications. ET had earlier reported that the rejection rates for these applications would be on the higher side due to the high-risk factor of testing these products on a live audience.
Life insurers such as ICICI Prudential, HDFC Life and SBI Life are set for a quarter of strong new business growth driven by increasing margin gains in protection business, expanding distribution network and robust premium even as some insurers may see increased stress in certain portfolios due to a slowing economy.
Of all the insurers, 25 general insurance firms reported a rise of 4 per cent in their combined premium during December at Rs 14,037.51 crore, as against Rs 13,502.48 crore in the year ago period.
On the quantum of dividend payable, it said: "The dividend payout ratio shall not exceed 75 per cent. Dividend payout ratio shall be calculated as a percentage of 'dividend payable in a year' (excluding dividend tax) to 'profit after tax during the year'.
In its order against Hero Insurance Broking India Ltd (HIBIL), Irdai said it received complaints from some general insurance agents association of the apparent conflict of interest in the role of MISPs in selling insurance policies and servicing and repairing motor vehicles under the insurance policies sold by it.
Break-up wise, of the total non-life insurers, the 25 general insurers registered an increase of 11 per cent in their premium income at Rs 12,723.61 crore during the month, as against Rs 11,508.67 crore in the year-ago same period, showed the Insurance Regulatory and Development Authority of India (Irdai) data.
The issues of underpenetration, which at less than 4.5% of the GDP is low compared to advanced economies, stems from problems of outreach rather than a shortage of demand, they said. "Demand is not as much an issue. There is a huge market. The problem is reach," said Vipin Anand, MD Life Insurance Corporation (LIC), while sharing a panel with Vibha Padalkar, MD and CEO, HDFC Life.
The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.
DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management. DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group.
The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added.
Bathwal said the penetration is still low in individual health insurance in the country. Around 50 crore people have been covered by health insurance of which 36 cr are by Ayushman Bharat scheme of the govt while around 9 cr are covered by corporate health insurance. `` The number of people who have taken individual insurances is only about 4 cr.’’
