Vikram Jeet Bhayana

#Generalinsurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year's Rs 2.6 lakh crore. #Five standalone #health #insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. #Standalone health insurance companies' growth can be credited to #larger #policy sizes, as they introduce #high-value #policies worth crores. Premium rates have been adjusted to match #medical #inflation, and coverage has expanded. #Irdai's FY23 report by Emkay Finance shows retail health insurance premiums grew steadily at 20% CAGR from FY12-19. However, between FY19-23, the premium growth rate slowed slightly to 19%, while coverage expansion was limited, with only a 5.9% increase in the number of #insured individuals. The growth was mainly driven by #price and #sum assured adjustments. In the 11 months leading up to Feb 2024, health insurance premium reached Rs 98,716 crore, a 20% rise from last year's Rs 81,997 crore. This figure encompasses health premium from general insurers and SAHI companies, with health insurance's share for this period increasing to 37.5% from 35.2% in the previous year. Two new players, #Galaxy Health and #Narayana Healthcare, enter the health insurance market alongside #Star Health, as per V Jagannathan and Surgeon Devi Shetty. While health insurance premiums are on the rise for most general insurance companies, #slower growth in segments like #motor is holding back their overall performance, #Specialized #insurance sectors, particularly #Agriculture Insurance Company #AIC and #ECGC, have contributed to the non-life industry's #sluggish growth this year. #Agriculture insurance witnessed a significant 32% decline in premiums, falling from Rs 14,619 crore last year to Rs 9,919 crore.

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Posting about the #hearandnowpodcast after a long time! We have reached episode 242 as narrated by Sanika Choure #insurance #generalinsurance #insuranceposcast Click below link to tune in 👇🎧 https://lnkd.in/dvSR75ts

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Discover the pre-budget expectations for the life insurance sector from Mr. Nitin Mehta, our Chief Distribution Officer - Partnership Distribution and Head Marketing, in the latest article in LiveMint. Read more: https://bit.ly/3LvBvrC #UnionBudget2024 #Budget2024

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Tata Digital launches Tata AIA Life Insurance products on Tata Neu app Link in the comments Amreesh Kher Jeelani Basha S A #mediabrief #TataDigital #TataAIALifeInsurance #TataNeu #digital #media

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**Importance of Life Insurance for a Family** **திருக்குறள்:** **"தன்னுயிர் தற்காத்தல் சார்ந்தது பிறருயிர் பொறுத்தல் அதுவே மிகும்."** - திருக்குறள் 312 **Thirukural Explanation:** Securing your own life is essential, but even more important is caring for the lives of others. In the context of modern life, this Thirukural emphasizes the significance of life insurance. Life insurance is a crucial safety net that ensures the financial stability of a family in the event of the unexpected. It provides peace of mind, knowing that your loved ones will be taken care of, covering expenses such as education, mortgage, and daily living costs. Investing in life insurance is an act of love and responsibility, safeguarding your family's future and ensuring their well-being. It allows your family to maintain their standard of living, even in your absence, demonstrating the highest form of care and protection. #LifeInsurance #FamilyFirst #FinancialSecurity #PeaceOfMind #Thirukkural #LoveAndResponsibility 💖🏠👨‍👩‍👧‍👦Bharti AXA Life Insurance

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ICICI Lombard General Insurance Company Limited Q1 PAT up at Rs 580 crore on motor, health insurance boost India's #ICICILombard General Insurance reported a nearly 49% jump in first-quarter #profit , helped by an increase in #premiums in its #motor and #health #insurance segments. #Profit after #tax rose to 5.80 billion rupees ($69.4 million) for the quarter ended June 30 from 3.90 billion rupees a year earlier. General insurance, especially the motor and health segments, has seen rapid #growth in the country in recent years with a rise in vehicle sales and improved awareness following the Covid-19 pandemic and resultant medical costs. Motor insurance, which accounts for half of ICICI Lombard's business, grew around 12%, while premiums from its retail health insurance and corporate health insurance units grew about 19% and 24%, respectively. #Combined ratio, a key profitability metric for an insurance firm's underwriting business, improved to 102.3% from 103.8% a year earlier. A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred.

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FirstHale hai toh har din hai perfect! ☀️✨ #FirstHale #Finance #Insurance #Retail #Social #Travel #Health #Automotive #Legal #Entertainment #LifeSimplified #RoadSideAssistance #Protection #Trending

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💡💡💡💡🧾🌐🧾🌐🧾🌐🧾🌐🧾🌐🧾💡💡💡💡 Life Insurance Corporation of India (LIC), led by its Chairman and CEO Siddhartha Mohanty, is preparing to acquire a stake in a standalone health insurance company within the current financial year (FY25). Mohanty stated during a post-results media briefing that groundwork and the search for a suitable health insurance company are ongoing. The final decision on the investment will depend on the company’s valuation and other factors. Once these preliminary steps are completed, LIC will seek board approval to formalize its entry into the health insurance segment. This move indicates LIC’s interest in expanding its offerings beyond life insurance, aiming to capture a share of India’s growing health insurance market. #insurance #Healthinsurance #unlimitedpotential

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I came across a thought-provoking article, which put me into a contemplative mode to understand the reality of farm labourers in India. While insurance and pension schemes like PM-SYM offer some security, they don’t address the deeper issues like low wages, seasonal unemployment, and job displacement due to mechanisation. With nearly 107 million agricultural workers in India, it’s clear that we need to focus on skill development to help these workers transition to other sectors like manufacturing or services. This would provide them with better-paying, more stable jobs, improving their overall well-being. The government’s initiatives like “Make in India” are a step in the right direction, but we need more targeted solutions, especially for those affected by farm mechanisation. It's crucial we invest in holistic upliftment, creating opportunities and ensuring the empowerment of workers, particularly women, in rural areas. Only then can we build a more resilient, prosperous rural India. https://lnkd.in/g5Xnn3p5 #Agriculture #RuralIndia #SkillDevelopment #JobCreation #SocialWelfare #EconomicDevelopment #SustainableAgriculture #FarmerWelfare

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Excited to announce the launch of our podcast series - ‘Conversations around life lessons’. In each episode, our leaders will dive deep into conversations with key influencers, thought leaders, innovators, and changemakers who will share their personal stories and their highs and lows, and the life lessons that shaped their journeys. Whether you’re looking for career inspiration, leadership insights, or just a fresh perspective on life, this podcast will have something for you! 🎧 Episode 1 drops this week, and I can’t wait for you to hear it! Stay tuned for more updates. Watch out for an exciting episode with Rishi Mathur in conversation with Swati Bhargava #PromisesKaPartner #DependOnInsurance

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🌟Empowering the Indian Insurance Sector through Expert Business Consultancy🌟 At Invinlife Technology, we offer specialized consultancy services designed to navigate the complexities of the Indian insurance market. With 25 years of individual industry experience, we bring unparalleled expertise to help you thrive in a dynamic environment. 📊 Our Core Strengths: 20+ Years of Individual Expertise: Drawing from extensive experience to provide insightful consultancy. Specialization in Indian Insurance Sector: Tailored services specifically for the Indian insurance market. Adapting to Dynamic Market Landscapes: Skilled at adjusting strategies to align with ever-evolving market dynamics. Navigating Regulatory Shifts: Proficient in guiding clients through regulatory changes in the insurance landscape. Partner with us to leverage our deep industry knowledge and navigate the challenges and opportunities in the insurance sector. Let's work together to transform your business! 🌐 #BusinessConsultancy #InsuranceSector #MarketNavigation #InvinlifeTechnology #IndustryExpertise

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OPD coverage can reduce the large ticket hospitalisation claims being received/ handled by Insurers in the country. May be India is an exceptional country where the importance of OPD and Family Doctor (General Physician) is not being apprecaited. My views on BT Money Today (on Aug 07, 2024) will result in beginning of new era in Indian Health Insurance industry . The views are: If OPD (Outpatient Department) services are allowed liberally by insurers then individuals can visit doctors (family doctor or general physician), take necessary medications, and receive treatment without the need for hospitalization. Read the full article also available on https://lnkd.in/gUpmEVYU & https://lnkd.in/gHt-w_ug #OPDinsurancecoverage #OPDhealthinsurnace #healthinsurnacecompanies #increaseinsurancecoverage #hospitalisationIndia #healthinsuranceindia

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Insurance Awareness Day 2024 As we mark Insurance Awareness Day, it's crucial to recognise the significant role insurance plays in safeguarding our lives, health, and assets. At Bajaj Allianz General Insurance, we're committed to spreading awareness about the importance of being insured and making informed choices. 🔹 Why is insurance important? Insurance acts as a safety net, providing financial protection and peace of mind during unforeseen circumstances. It ensures you and your loved ones are prepared for life's uncertainties. 🔹 Our Commitment: At Bajaj Allianz General Insurance, we strive to educate and empower our customers with the knowledge they need to make the best insurance decisions. From health insurance to motor insurance, home insurance, to all types of general insurance, we offer comprehensive solutions tailored to your needs. 🔹 Get Involved: On this Insurance Awareness Day, I urge everyone to take a moment to review your insurance policies, understand your coverage, and explore new insurance options that can offer better protection for your future. Let's spread the word and ensure that everyone understands the value of being insured! Bajaj Allianz General Insurance #InsuranceAwarenessDay #FinancialSecurity #insurance #lifeinsurance #generalinsurance

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"Insure Smart" with Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance. In conversation with Nidhi Sinha, Editor, Outlook Money, Singhel reveals how wellness incentives like gym discounts and mental health coverage lower claims and benefit everyone. Healthy living truly pays off! #BajajAllianz #Insurance #Health #InsureSmart

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Big Changes at LIC of India! ( commission) As of October 1, Life Insurance Corporation (LIC) of India has introduced significant updates to its commission structure and policy requirements! *Key Changes:* - _First-Year Agent Commission Reduced_: From 35% to 28% - _Renewal Premium Commission Increased_: From 5% to 7.5% - _Minimum Sum Assured Increased_: From ₹1 lakh to ₹2 lakh These changes follow the revision of surrender value norms by the Insurance Regulatory and Development Authority of India (IRDAI) . The new norms aim to ensure better payouts for customers who exit their policies prematurely. #LIC #Insurance #FinancialServices #IndustryUpdate https://lnkd.in/gZt6bY8h

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#Three state insurers may get Rs 5,000-cr infusion for revival The government may delay a planned #privatisation of state-run general insurers, focusing instead on strengthening the three insurers-#Oriental Insurance Co. Ltd, #National Insurance Co. Ltd, and #United India Insurance Co. Ltd-through #capital #support and business revival plans. It is expected to infuse about ₹5,000 crore into the three insurers, shelving any privatisation plan this fiscal, said officials aware of the development. "Deliberations have been held with all stakeholders, and an announcement regarding capital support is expected in the upcoming budget," one of the officials said. He said the final amount may vary but the government is committed to supporting the general insurers to further strengthen their balance sheets. #Solvency ratio for the three insurers remained at about 0.58 as of December 2023, compared to the regulatory requirement of 1.50 times. The solvency ratio is the excess of capital and the value of assets over the insured liabilities. It indicates the buffer an insurer has to settle all claims in extreme situations.

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