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The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

New Delhi, Jan 12 () Finance Minister Nirmala Sitharaman may announce second-round capital infusion for public sector general insurance companies in the upcoming Budget to improve their financial health.
 The government infused Rs 2,500 crore in the three insurers -- National Insurance, Oriental Insurance and United India Insurance -- through first supplementary demands for grants for 2019-20 last month.
 However, these companies would require additional Rs 10,000-12,000 crore capital dose to meet the prescribed solvency margin, sources said.
 The sources further said that announcement to this effect can be made in the Budget 2020-21 that is scheduled on February 1.
 Infusion will not only improve their financial health but facilitate merger announced in the Budget 2018-19.
 In the Budget 2018-19 speech, then Finance Minister Arun Jaitley had announced that the three companies would be merged into a single insurance entity.
 However, the process of merger could not be completed due to various reasons, including poor financial health of these companies. According to the sources, after the merger, the combined entity will be listed on the bourses.
 Initial estimates suggest that the combined entity formed by merging the three insurers will be the largest non-life insurance company in India, valued at Rs 1.2-1.5 lakh crore.
 As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent.
 Their combined net worth was Rs 9,243 crore, with total employee strength of around 44,000 spread over 6,000 offices.
 In 2017, state-owned New India Assurance Company and General Insurance Corporation of India were listed on the bourses. DP HRS

FM may announce second round of capital infusion for non-life insurers in Budget

New Delhi, Feb 16 () India's non-life insurance companies registered a 7.2 per cent rise in their combined new premium collection at Rs 17,225.75 crore in January this fiscal, Irdai data showed. The 35 insurers' gross premium collection stood at Rs 16,076.28 crore in the same month a year ago. Among these, the 25 general insurance providers had a collective premium of Rs 14,643.26 crore during the month, up 2.2 per cent from the same period of 2019, as per the Insurance Regulatory and Development Authority of India's (Irdai) data. The seven stand-alone private sector non-life insurers registered a 28 per cent jump in their collective premium income at Rs 1,530.75 crore in January. The rest of the specialised PSU insurers -- Agricultural Insurance Company of India and ECGC Ltd -- reported 92 per cent spurt in total premium at Rs 1,051.73 crore during the month. Cumulatively, the premium during April-January of this fiscal for non-life insurance companies rose 14.52 per cent to Rs 1.59 lakh crore. KPM RSNRVK

Non-life insurers register 7.2 pc rise in Jan premium income at Rs 17,226 cr

New Delhi, Jan 29 () Non-life insurance companies reported a 15 per cent rise in their combined premium collection during April-December period of the current fiscal at Rs 1,42,119.65 crore, data from Irdai showed.
 The 34 non-life insurance companies had collected premium of Rs 1,23,061.14 crore during the same period of 2018-19 fiscal.
 Public sector insurers registered a 12 per cent growth in premium income at Rs 62,954.22 crore during nine months ended December as against Rs 56,233.98 crore in the corresponding period a year ago, as per the Insurance Regulatory and Development Authority of India (Irdai) data.
 For 21 insurers in the private sector, the collective premium income during April-December rose 18 per cent to Rs 79,165.43 crore from Rs 66,827.16 crore in the year-ago period.
 The seven standalone health sector players saw 32 per cent increase in premium to Rs 9,677.02 crore as against Rs 7,314.41 crore in the year-ago period.
 Two specialised non-life companies -- Agricultural Insurance Company of India Limited and ECGC -- witnessed a 31 per cent rise in their premium income at Rs 8,571.10 crore during the nine months to December as compared with Rs 6,535.51 crore in the year-ago period. KPM RVK

Non-life insurers' Apr-Dec premium up 15 pc to Rs 1.42 lakh crore

Mumbai, Jan 30 () Share India Insurance Brokers, which recently received insurance broking licence from Irdai, on Thursday said it is in talks with leading insurance players such as LIC, HDFC Ergo General Insurance and HDFC Life for selling their products.
 The company, which has already tied up with ICICI Prudential Life, is targeting a premium collection of Rs 500 crore over the five-year period. 
 It will be focussing on providing insurance to the underinsured segment and will offer tailored-made life and non-life products, the company's CEO and principal officer Ajay Patel said.
 "There is a huge potential for growth in this business as insurance market is still underpenetrated in the country," Patel said.
 The company received direct licence for selling life and non-life insurance products from the Insurance Regulatory and Development Authority of India (Irdai) in December.
 Share India Insurance Brokers is the insurance broking arm of Share India Securities, which is engaged in the business of equity and commodities broking and trading activities. HV MR
MR

Share India Insurance Brokers in talks with leading players for policy sale

<keyword id="6391022" type="ORGANIZATION" weightage="100" keywordseo="Insurance-Regulatory-and-Development-Authority">Insurance Regulatory and Development Authority</keyword>, the insurance regulator of the country, said today that the final regulations for commission of insurance brokers will most likely be released by next month. 
 "A sub-committee has been formed which will decide on the quantum of cap on commission... though the cap on commission and other remunerations for insurance brokers cannot be removed," said IRDAI Chairman <keyword id="484854" type="PERSON" weightage="100" keywordseo="T-S-Vijayan">T S Vijayan</keyword>. 
 
"...discussion is a continuous process... sub-committee is discussing all this. I hope to bring the final regulation by March," he said on being asked if IRDAI was ready to discuss the quantum of cap with the brokers. 
 Vijayan was in Hyderabad to release the report 'Vision 2025: Broker-Driving customer centric growth' at the 12th annual summit of <keyword id="3240207" type="UNKNOWN" weightage="100" keywordseo="Insurance-Brokers-Association-of-India">Insurance Brokers' Association of India</keyword> (<keyword id="2049953" type="ORGANIZATION" weightage="100" keywordseo="IBAI">IBAI</keyword>). The report was published in association with Ernst &amp; Young. 
 "We have requested that lthe market forces decide what should be the remuneration depending on the value each market participant is adding," said IBAI president <keyword id="6439101" type="PERSON" weightage="100" keywordseo="Sanjay-Kedia">Sanjay Kedia</keyword>. 
 
As per the estimates of the report, the broking channel had the potential to contribute 40% of the gross direct premium in the non-life insurance business and 1.6% of the new business premium in the life insurance business in the coming years. 
 
"The brokers share of the total non-life insurance market is 27 per cent at around Rs 20,000 crore and is expected go to Rs 1,60,000 crore," Kedia added. 
 
As per the report, the total premium was Rs 83,048 crore in the non-life segment in FY15, and if progressive actions are taken, this is likely to rise to Rs 4,00,000 crore in FY25. 
 
Similarly, for the life insurance segment, a new business premium at Rs 1,13,327 crore in FY15 can rise to Rs 4,60,000 crore in the coming ten years. The non-life insurance segment will grow at 13 to 17% CAGR in the next 10 years, while the life insurance market will increase 11 to 15% in the same period. 
 
"…the need of the hour is to keep pace with the changing times, environment, economy and tune the responses to the best of the people, society and everyone else," Vijayan added. 
 
<a href="http://www.roblesins.com/wp-content/uploads/2015/04/dreamstime_m_10879387.jpg">Image source</a>

Commission of insurance workers likely to be regulated in March

<ul><li>There are a total of 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, so acquisition is bound to happen.</li><li><keyword id="75577" type="General" weightage="20" keywordseo="icici-prudential-life" source="Orion">ICICI Prudential Life</keyword> and <keyword id="80292" type="General" weightage="20" keywordseo="sbi-life" source="Orion">SBI life</keyword> are among top two gainers in the insurance segment.</li><li>Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space, say analysts at ICICI Securities.</li></ul>The insurance industry is likely to witness more mergers and acquisitions as the competition gets tougher. Recently, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword> <a href="https://www.businessinsider.in/searchresult.cms?query=exide&amp;sortorder=score">acquired </a>Exide Life to strengthen its operations while ICICI Lombard General Insurance has received final nod to acquire Bharti AXA General. So, mergers and acquisitions will be a crucial part of the growth journey as there are many insurance companies with less than 1% market share. There are a total 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, according to a report by ICICI Securities. In the listed space, SBI Life and ICICI Life have performed well with 36% and 43% returns in 2021, so far, respectively. Analysts at CLSA reportedly say SBI Life leads listed life insurers with strong growth and hence is their top pick among life insurers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listed insurance companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% year-to-date returns </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">The New India Assurance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> “When we look into all the life insurers, beyond the leading ones in the private sector, Exide actually had the largest agency new business premium in FY21 at ₹4.3 billion followed by Reliance Life (₹3.6 billion), Bharti Axa (₹2.9 billion) and Edelweiss Tokio (₹2 billion). Hence, if agency premiums and agent number is taken into consideration, Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space,” said a report by ICICI Securities. <div type="image" title="life chart" height="900" width="1200" msid="86035349" hostid="261"></div> The broking firm has given a positive call on the shares of HDFC Life, SBI Life and ICICI Prudential Life. It has recommended a ‘buy’ rating to HDFC and SBI while an ‘add’ rating to ICICI Prudential. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-market-experts-like-raamdeo-agrawal-of-motilal-oswal-group-and-biju-samuel-of-elara-capital-say-that-the-benchmark-index-will-continue-to-rise/slidelist/86030450.cms">Some of India’s biggest investors are nervous but not everyone wants to leave the party</a>

More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

Mumbai, Mar 5 () The General Insurance Council, the apex industry lobby of the 44-member strong non-life insurers, on Thursday said almost all health insurance policies cover epidemics, including coronavirus. The statement comes after the regulator Irdai on Wednesday asked insurers to cover coronavirus cases in their existing policies and also to ensure that they expeditiously attend to the coronavirus claims. "Almost all the existing health policies cover almost all epidemics, which includes the coronavirus too. What the regulator (Irdai) said was not to frame a new policy but asking the industry to treat coronavirus cases expeditiously," A V Girija Kumar, chairman of the General Insurance Council, told here on the sidelines of an industry event to launch an awareness campaign to increase adoption of general insurance policies. There are 30 confirmed cases of coronavirus infection in the country as of Thursday, of which 16 are Italian tourists. On Wednesday, the Insurance Regulatory and Development Authority of India (Irdai) asked insurers to expeditiously settle hospitalisation claims related to coronavirus disease under health policies. It also instructed insurers to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide. "For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus," Irdai said in a circular. He said the campaign is funded by the 44-strong industry -- 25 general insurance companies, six standalone health insurance and two specialised insurance companies, along with 11 reinsurers -- to drive awareness about the importance of non-life insurance. Kumar, who is also chairman of the state-run Oriental Insurance Company Ltd, said the industry is on course to close the current financial year at Rs 2 lakh crore and the industry is eyeing to double the size to Rs 4 lakh crore by 2024-25. He also said the industry has set a target of increasing the adoption of non-life insurance policies to 2.5 per cent from the current 1 per cent by 2029-30. He said that over the past two decades -- since the privatisation of the industry -- the non-life insurance industry has grown at a compound annual growth rate of about 17 per cent and the premium is expected to be Rs 2 lakh crore this year, up from about Rs 10,000 crore in 2000-01. Though the penetration in this period has increased from about 0.5 per cent of gross domestic product (in 2000) to around 1 per cent now, this is far below the penetration of 1.85 per cent and 2.8 per cent in Asia and globally, respectively. According to the latest Irdai data, only about 4.2 crore individuals have a retail health policy, leaving out-of-pocket spends at about 65 per cent as compared to global average of 18 per cent. BEN HRS

General insurers say existing health policies cover coronavirus

New Delhi, Jan 21 () Private non-life insurer Bharti AXA General Insurance on Tuesday said it has received nod from the Insurance Regulatory and Development Authority of India (Irdai) for its two products under the regulatory sandbox framework.
 The two proposed products, usage-based motor insurance in the non-life insurance category and short-term health insurance in the health segment, have been shortlisted by the regulator for its sandbox framework, the company said in a statement.
 Irdai has selected only 33 out of 173 applications under health, non-life and distribution segments for the regulatory sandbox, which allows insurers and technology companies to collaboratively experiment with new products along with unique customer proposition on a live audience under the supervision of the regulator, it said.
 "As customers' needs are ever-evolving, there has always been a demand for flexible and 'Do It Yourself' coverages from partners and customers alike.
 "We are cognisant of this and always put their needs at the forefront of our innovations. Our proposed products for the sandbox project cater to this requirement, and they are recent examples of our commitment towards customer centricity," said Sanjeev Srinivasan, chief executive officer, Bharti AXA General Insurance.
 The proposed 'usage-based motor insurance' product charges premium based on pre-declared or promised vehicle usage distance along with the standard parameters, thus benefiting those who drive less, it said.
 The company said the proposed 'short-term health insurance' product will provide short-term health insurance cover to customers, covering customisable waiting periods, and includes both indemnity and benefit.
 While traditional health insurance is generally offered for the longer duration starting from a year, this product offers coverage for sachet (shorter) periods, and includes both indemnity and benefit, it added.
 The insurance sandbox project has been launched mainly to help the regulator gauge and measure real-life acceptance of new customer propositions before giving them the regulatory nod for commercial launch. It also has immense potential to facilitate innovation and securely experiment with ideas to solve unmet customer expectations and raise efficiency levels in processes or manage risk better. DP SID HRS

Bharti AXA General gets Irdai nod for two products under regulatory sandbox framework

Chennai, Aug 22 (IANS) In a share swap deal, non-life insurer ICICI Lombard General Insurance Company will acquire the business of Bharti AXA General Insurance Company Ltd. In a regulatory filing late Friday, ICICI Lombard said the boards of the two companies -- ICICI Lombard and Bharti AXA General -- had met on Friday and approved entering into definitive agreements for demerger of Bharti AXA's non-life insurance business into ICICI Lombard through a Scheme of Arrangement. According to ICICI Lombard, the shareholders of Bharti AXA General will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA General held by them as on the date on which the Scheme of Arrangement is approved by the Board of Directors of the two companies. The share exchange ratio was recommended by independent valuers and accepted by the boards of the two companies, ICICI Lombard said. Under the terms of the agreement, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard on closing, which would represent 521 million euros, at current market value - the closing price of ICICI Lombard shares on August 21, AXA said in a statement. According to ICICI Lombard, the proposed transaction would enable it to consolidate its market and become the third largest non-life insurer in the country with a market share of about 8.7 per cent. As a result of the deal, ICICI Lombard shall be able to augment its distribution strength with Bharti AXA General's existing distribution partnerships. Employees of the combined business will also benefit via greater opportunities across functions and geographies, ICICI Lombard said. The closing of the proposed transaction is subject to various conditions, including regulatory approvals from the Insurance Regulatory and Development Authority of India, Competition Commission of India, The Securities and Exchange Board of India, Stock Exchanges, Reserve Bank of India, National Company Law Tribunal and approval of shareholders of both ICICI Lombard and Bharti AXA General, amongst others. "This is a landmark step in the journey of ICICI Lombard and we are confident that this transaction would be value accretive for our shareholders. "We are excited by the capabilities and strengths that Bharti AXA will add to our franchise. The company has a talented employee base with a strong cultural fit, and we look forward to welcoming them to the ICICI Lombard family. "We would also like to reassure Bharti AXA's policyholders and channel partners of seamless business continuity and maintaining highest standards of customer service," Bhargav Dasgupta, MD &amp; CEO of ICICI Lombard General said. Rakesh Bharti Mittal, Chairman of Bharti AXA General said, "We are delighted that the partnership between Bharti and AXA has been successful in laying down a solid foundation in the domestic insurance landscape. Over the past few years, our business demonstrated consistent growth, forged productive partnerships and increased the distribution footprint significantly. We are confident that the proposed amalgamation of our business with ICICI Lombard will bring greater business synergies and create value for all stakeholders." According to ICICI Lombard, the Implementation Agreement contains customary terms for a transaction of this nature, including representations, warranties, indemnities and non-compete covenants from the relevant parties. Post deal, the promoter holding in ICICI Lombard will be 48.11 per cent and public will be 51.89 per cent. Both Bharti and AXA will be public shareholders. In a communication to colleagues, Bharti AXA General's MD &amp; CEO Sanjeev Srinivasan said once the regulatory approvals are obtained, an interim committee with representation from both the companies will be set up for successful completion and transition of the business. Till such time regulatory approvals are obtained both the companies - ICICI Lombard and Bharti AXA General- will function independently. --IANS vj/rs/bg

ICICI Lombard to acquire Bharti AXA General Insurance business

New Delhi, Jan 15 () Private sector Max Life Insurance Wednesday said it has completed the process of implementing changes across its entire individual product portfolio in line with the product regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
 This makes Max Life one of the first life insurers to offer a full range of restructured individual product portfolio, including linked products, non-linked products and retirement/pension products, to its customers before the Irdai stipulated deadline, the company said in a statement.
 The regulator has directed all life insurance companies to implement the product changes before January 31, 2020, it said.
 For its linked products, Max Life Insurance has revised the revival period from 2 years to 3 years.
 Bringing greater convenience to the consumers, the linked products will now be available with a risk cover equal to 105 per cent of the total premiums paid along with the ability to switch fund portfolio, during settlement period, said Max Life Insurance Chief Marketing Officer Aalok Bhan.
 As part of the changes to non-linked products, Max Life has increased its revival period from 2 years to 5 years.
 "It has also introduced guaranteed surrender value after 2 full years' premium payment for policies irrespective of the payment paying term (earlier was applicable after 2 full years for term lesser than 10 years and after 3 full years for paying term of greater than or equal to 10 years)," it said. DP DP HRS

Max Life completes process of implementing changes across individual product portfolio

<ul><li>As part of the government’s <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword> for 2018-19, National Insurance Co, United India Assurance Co, and Oriental India Insurance Co will be merged and partially privatised. </li><li>The move is a part of the government’s plan to raise ₹800 billion this fiscal year by selling its holdings in public-sector enterprises. </li><li>The combined entity is expected to command nearly 35% of the non-life insurance market in India.</li></ul> In his Union Budget speech this year, finance minister Arun <keyword id="6390789" type="PERSON" weightage="20" keywordseo="jaitley">Jaitley</keyword> announced that the government was planning to raise ₹800 billion this fiscal year by selling its holdings in public-sector enterprises. A key component of that plan was the merger of the three-state owned general insurers - National Insurance Co, United India Assurance Co, and Oriental India Insurance Co - and the eventual initial public offering (IPO) of the combined entity. The idea behind the consolidation is to make all three firms stop competing with each other and achieve a certain size and scale by pooling in their collective assets. The combined entity boasts around ₹400 billion in premiums and will become the largest general insurer in India. It is expected to command nearly 35% of the non-life insurance market in India. That kind of market power is hard to contend with. This kind of size and the logistical advantages that come with it are essential, given that the combined entity will be responsible for operating a number of important government insurance schemes related to agriculture or health coverage. Result? More customers in underinsured areas will be reached. However, a lot of work needs to be done in the build-up to the merger and IPO. The government commenced preliminary talks on the process late April. It will need to appoint an external agency like a management consultancy to oversee the merger. A blueprint for the integration of all the branch, customer service, IT and HR operations of these insurers needs to be formulated. Staff in overlapping roles will have to be let go, similar products will have to be axed and branches will need to be shut. But first, an infusion It recently came to the light that it these insurers will need to improve their solvency margins, or the ability to meet their future debt obligations through a capital infusion. India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), recommends an infusion of around ₹100 billion, either by the government or through private investors. By improving the strength of the balance sheets of these companies, the IPO will become more attractive to future shareholders and fetch a better valuation. However, the government currently has its hands full with the recapitalisation of state-owned banks, so these insurers will have to raise the funds through private means. What if the investors steer clear of the offering? If there is a lack of interest in the IPO, then the government will have no choice but to take a stake in the entity through one of its companies. For example, when it partially sold off its stakes in two other insurers -- New India Assurance and <keyword id="6366282" type="DEFINITION" weightage="20" keywordseo="General-Insurance">General Insurance</keyword> Corporation of India -- last year, it made the <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) of India, a state-owned life insurer, take a sizeable stake in both to ensure the offering was fully subscribed. This defeats the purpose of privatisation in the first place. But an IPO is never a guaranteed success, so the government has to have a contingency plan in place. It will likely buy up a portion of the shares on sale through one of it’s large public-sector enterprises if investor demand for this IPO is low. As of now, the merger is expected to be completed by the end of the current fiscal year on March 31st, 2019.

The Indian government is moving ahead with a plan to create a mega-insurer with a 35% market share

<div class="KonaFilter image-container float_right"><div class="image"><a href="https://www.flickr.com/photos/svaboda/5286271830">Flickr / Nicoletta Ciunci</a></div></div>How much does <a href="http://www.businessinsider.com/do-children-need-life-insurance-2014-6" target="_blank">life insurance</a> cost?
Well, it depends. If you're a smoker, you can expect a steep price tag.
A new report from <a href="http://www.insurancequotes.com/press-room/men-pay-more-for-life-insurance-than-women" target="_blank">InsuranceQuotes.com</a> highlights how much the cost of a life insurance policy changes depending on age, sex, and lifestyle, and that the change is pretty significant.
Smokers see the most drastic price increase. On average, they pay 235% more than non-smokers of the same age and sex.
According to <a href="http://www.insurancequotes.com/life/smoking-life-insurance-rates" target="_blank">InsuranceQuotes.com</a>, a "smoker" isn't only a chain smoker - in this context, the term also includes recreational and social smokers, and even users of e-cigarettes.
When it comes to age, on average:
- 25-year-olds will pay 27% less than 35-year-olds - 45-year-olds will pay a staggering 120% more than 35-year-olds
No matter what their age, men will pay an average of 38% more than women for the exact same policies.
By that logic, it's most expensive to get life insurance as an older man who smokes. The chart below shows that he would pay nearly $11,000 more per year than his non-smoking counterpart. 
<div class="KonaFilter image-container display-table"><div><div class="image"><a href="http://www.insurancequotes.com/life/smoking-life-insurance-rates">InsuranceQuotes.com</a></div></div></div>
Locking in a better rate while you're young and healthy is one of the chief reasons insurance companies will use to convince younger people to sign up for life insurance, but it doesn't necessarily guarantee you'll pay less over the duration of your policy.
Ultimately, it comes down to running the numbers for your own individual estimates, seeing what your budget can handle, and asking yourself: Is it worth it?

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