Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI … Read more
Warren Buffett‘s Berkshire Hathaway has struck an $11.6 billion deal to buy Alleghany Corp, the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire’s already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major … Read more
Life insurers’ collective new business premium income stayed nearly flat from a year ago at Rs 24,466.46 crore in December 2021, data from Irdai showed on Friday. The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020. IPO-bound insurance behemoth LIC, however, … Read more
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed … Read more
I have a ICICI Lombard Car insurance policy coming up for renewal. and here is my experience – Tried renewing it on ICICI Lombard’s website and it was just not responding. I tried for straight two days. Tried to do it on Coverfox – ICICI Lomard’s quoted premium was 3x of others I didn’t bother … Read more
ICICI Lombard has launched BeFit,  a service provided through its ILTakeCare app that gives customers benefits of complete OPD services—that is, doctor consultation, pharmacy, diagnostics services, etc.—on a cashless basis. “The solution empowers customers to benefit from a host of wellness services. As good health and immunity gain importance, this comprehensive solution will come in … Read more
Exide Industries today informed that it has decided to divest it’s entire life insurance business stake to HDFC Life Insurance Company. Key points to note – Total transaction value is Rs 6,687 crore. Of this Rs 726 crore is upfront cash and balance as shares in HDFC Life Insurance at Rs 685/ share. Post the … Read more
The government may not initially sell a 10% stake in Life Insurance Corp. of India (LIC) through an initial public offering (IPO), choosing instead to sell 5-6%, followed by a similar second public offering, given the mammoth size of the state-run insurer, four people aware of the development said. Although the valuation exercise of LIC … Read more
Mark Cuban and Chamath Palihapitiya are challenging Warren Buffett in the car-insurance market. The “Shark Tank” star and Social Capital chief are part of a group investing $160 million into Metromile, which offers pay-per-mile insurance and personalized pricing to drivers. Buffett’s Berkshire Hathaway owns Geico, one of the biggest US auto insurers and a key … Read more