The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
'$125 million for the hull and the remaining of over $350 million for liability.'
'India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.'
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
'It is difficult to write business internationally, without an 'A-' rating. It becomes more expensive.'
'Because it is the only public sector company in this sector, currently.'
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.
Global investors have cited the ongoing war and high valuations of Indian equity markets as a reason to skip the IPO.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
Because of the slowdown, GIC's housing loan disbursement had been 'static', but it would pick up by the second half of this fiscal. Till september this year, the disbursal was Rs 290 crore (Rs 2.9 billion), M Sivaraman, managing director, told reporters in Kochi on Monday night.
Though General Insurance Corporation of India has a majority stake of 40 per cent as the re-insurer, the rest was re-insured with global reinsurers.
LIC and GIC employees will go on strike on Tuesday to lodge their emphatic protest against the 'ill-advised' two Bills the Government of India introduced in Parliament on Monday. The office bearers of Insurance Employees' associations said the increase in FDI limit under external pressure results in increased access to private foreign capital over domestic savings, thereby weakening the public sector LIC of India.
The move opens a debate on the role of independent directors nominated by institutions.
Life Insurance Corporation of India and General Insurance Corporation of India are planning to take exposure in Maruti Udyog from the secondary market once the shares in the automaker drop below Rs 115.
It will help in reducing the turnaround time.
The pool was formed by non-life insurance cos in India in Apr '02.
While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Foreign reinsurance companies are now allowed to do business in India.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
The Indian Nuclear Energy Pool, meant to insure risks from nuclear reactors, may take longer to be set up. While the idea of forming a pool was mooted earlier this year, it has reached a deadlock owing to differences among the stakeholders on certain clauses.
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