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Health insurance eating into PSU companies’ profits: CAG

State-run general insurance companies may have to raise the group health insurance premium to remain viable as the Rs. 43,000 crore market faces the prospects of state-run companies losing market share. Without a rise in health insurance premium, it could erode profits from other segments, said an audit of

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CAG report: PSU general insurers logged ₹26k cr loss between FY17 & FY21

All four public sector general insurers posted an aggregate loss of ₹26,364 crore between 2016-17 and 2020-21, according to an audit report by the Comptroller and Auditor General of India (CAG). The losses of health insurance business of PSU insurers either wiped out or decreased profits of other lines of

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58,000 public general insurance staffers to go on a two-day strike from July 27

To highlight wage revision woes and lack of Central government support to the industry, as many as 58,000 employees of public sector general insurance companies will go on a 2-day strike from July 27-28. Mainly, staff of the New India Assurance Co. Ltd., (Mumbai), the Oriental Insurance Co. Ltd., (New

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Govt looking at new selection body for PSU financial entities

The government is looking to set up a new body, Financial Institution Bureau, for the selection of key executives in state-owned insurance companies and other state-run financial institutions, and guide them to make business and human resource (HR) strategies. "The government is actively considering setting up of a new institution

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New India Assurance, GIC Re at odds over Kudankulam Nuclear Power Plant insurance cover

Insuring the nuclear power units at Kudankulam, one of the largest insurance contracts from India in recent years, has hit an impasse due to a disagreement over the premium between the nation's largest state-run general insurance firm and its only re-insurer. The insurance cover of more than ₹43,200 crore is

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Irdai red-flags one chairman for 2 insurers

The insurance regulator has raised corporate governance concerns over the government's move to appoint one person as chairman of two state-run insurers. The government had sought Insurance Regulatory and Development Authority of India's (Irdai) approval to appoint Anjan Dey as acting chairman of New India Assurance, a charge he already

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Anjan Dey likely to be named acting chairman of New India Assurance

The government is likely to appoint Anjan Dey as acting chairman of the country's largest general insurance firm New India Assurance. Incumbent chairman Atul Sahai is set to retire later this month. Dey is currently chairman of Oriental Insurance Company. The government could later confirm Dey as full-time chairman the Mumbai-based

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LIC, GIC and New India are “too big to fail”, says IRDAI

Insurance Regulatory and Development Authority of India (IRDAI) has identified three insurance companies as Domestic Systemically Important Insurers (D-SIIs) for the fiscal year, 2020-21. The move is an extension of the same stature. Those are state-backed entities including Life Insurance Corporation of India, and , the insurance regulator said

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Over half of FY21 Covid mediclaims filed in just six weeks

(This story originally appeared in on May 17, 2021)Health insurance claims due to Covid reported since April 1, 2021 are 57% of the claims filed in the year ended March 2021. Non-life insurance companies are seeing a sharp spike in claims, which could impact their balance sheets if

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