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The Hindu
3 days ago
- The Hindu
SBI hands over ₹1 crore insurance to deceased constable's family
State Bank of India (SBI) has processed the insurance claim of ₹1 crore to the kin of Assistant Sub Inspector of Police Y. Guruswamy who died while on duty in a road accident in March this year. He had sustained severe injuries on his head which led to his death. As Mr. Guruswamy had an SBI salary account under the Police Salary Package (PSP) scheme, his wife Y. Chittemma was entitled to an accidental death insurance claim of ₹1 crore. Oriental Insurance, which has tied up with SBI, processed the claim, said SBI's Regional Manager Venkateswara Rao, who lauded the efforts of the bank's Yerpedu branch manager Girija and A.P. Police Association President Somasekhar Reddy for hastening the claim process.
Indian Express
20-07-2025
- Business
- Indian Express
Premium mobilisation: PSU non-life insurers outperform private players in June quarter
Public sector general insurance companies outperformed their private sector rivals in the first quarter ended June 2025, recording a 14.6 per cent increase in gross premiums underwritten—well above the industry average of 8.84 per cent. They also succeeded in expanding their market share during this period despite an overall slowdown in the growth in health insurance premium. The four PSU general insurers reported a premium mobilisation of Rs 27,787 crore for the June 2025 quarter as against Rs 24,233 crore a year ago, according to figures available with the General Insurance Council. Industry leader New India Assurance posted a growth of 15.2 per cent at Rs 12,299 crore, Oriental Insurance showed a growth of 21.4 per cent, National Insurance 14.93 per cent and United India 7.17 per cent growth. New India Assurance also increased its market share from 14.67 per cent in June 2024 quarter to 15.51 per cent in the June 2025 quarter. Oriental Insurance also increased its market share from 6.46 per cent to 7.34 per cent during the same period and National Insurance from 4.78 per cent to 5.04 per cent. At the same time, among private players, ICICI Lombard showed a growth 0.61 per cent at Rs 7734.86 crore in premium underwritten for the June quarter. Bajaj Allianz General Insurance posted a growth of 9.63 per cent and Reliance General Insurance 1.60 per cent. ICICI Lombard's market share declined from 10.57 per cent to 9.75 per cent in June 2025 quarter. The overall industry premium underwritten increased by 8.84 per cent to Rs 79,301 crore for the June quarter, according to the GI Council. Total health premium underwritten increased by 8.12 per cent to Rs 32,343 crore in the June 2025 quarter as against a growth of 16.58 per cent in the June 2024 quarter. In June 2025, the non-life insurance industry reported a premium of Rs 23,422.5 crore, representing a 5.2 per cent growth compared to the 8.4 per cent growth reported in June 2024. 'The industry's transition to the 1/n rule, slowing health, and subdued PV growth have affected the industry's performance, partially offset by renewals in the fire and engineering segment,' said Saurabh Bhalerao, Associate Director of CareEdge Ratings. The '1/n rule' in insurance refers to an accounting method where commissions for long-term insurance policies are recognized evenly over the duration of the policy, rather than being recorded entirely at the outset. This represents a shift from earlier practices that allowed full commission recognition upfront. As a result, this change affects how insurers report their premiums, often leading to a lower reported premium in the initial period — particularly impacting public sector general insurers. Insurance industry sources say that premium collections from government-backed health schemes have dropped sharply, as many state and central programs have shifted from insurance-based models to trust-based funding. This change has reduced the overall premium inflow for insurers. At the same time, steep hikes in health insurance premiums — driven by rising medical costs, an 18 per cent GST, and higher hospital expenses — have put pressure on household finances. As a result, consumer demand has declined, and retail health insurance growth has slowed to around 10–13 per cent in FY25, compared to 20–25 per cent in earlier years. Non-life insurance premiums crossed the Rs 3-lakh crore mark in FY25, driven by supportive regulations, rising Insurtech adoption, accelerating digitalisation, and an expanding middle class. The government's Bima Trinity push is poised to accelerate growth in the non-life insurance sector. Standalone health insurers are expected to maintain their dominance in the retail health space. 'At the same time, the trajectory of motor insurance will closely follow vehicle sales and the upcoming revisions to third-party tariffs. The proposed rollout of composite licences could reshape the competitive landscape in the medium term. However, rising competition and global geopolitical uncertainties will remain crucial watchpoints for the sector,' it said.
Time of India
18-07-2025
- Sport
- Time of India
Maharashtra government expands insurance coverage for Dahi Handi participants to 1.5 Lakh
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Chief Minister Devendra Fadnavis on Thursday directed the state's sports department to extend insurance coverage to 1.5 lakh govindas (participants) taking part in Dahi Handi celebrations this year, with Janmashtami scheduled for August now, the Maharashtra government has been insuring around 75,000 govindas annually. The decision to expand coverage followed a meeting between the Dahi Handi Samanvay Samiti and Fadnavis, accompanied by culture minister Ashish Shelar. The delegation urged the CM to double the number of insured participants for 2024. Responding to the request, Fadnavis instructed the department to take the necessary Jadav, chief regional manager at Oriental Insurance—the company responsible for the coverage—confirmed that over one lakh govindas from 1,200 mandals across Maharashtra had already been insured this year.'A major contributor to this figure was the Maharashtra Rajya Dahi Handi Govinda Association through whom the state govt insured more than 75,000 govindas in Maharashtra,' he state had previously classified Dahi Handi as an adventure sport, resulting in increased participation. However, the Dahi Handi Samanvay Samiti has also expressed concerns over the higher risk of injury for govindas due to the growing competitiveness of the event.[With TOI inputs]
Time of India
18-07-2025
- Health
- Time of India
Maharashtra govt doubles insurance cover for 1.5 lakh govindas at Dahi Handi
MUMBAI: Chief minister Devendra Fadnavis on Thursday instructed the sports department of the state government to provide insurance cover to 1.5 lakh govindas participating in Dahi Handi this year. The Janmashtami festival falls on 16 August. For the past two years, the state government has been insuring 75,000 govindas annually. On Thursday, a delegation from the Dahi Handi Samanvay Samiti, accompanied by culture minister Ashish Shelar, met the Chief Minister and requested that the number be doubled to cover 1.5 lakh participants this year. Fadnavis directed the sports department to take appropriate action. Meanwhile, Dinesh Jadav, chief regional manager of Oriental Insurance, which has been entrusted with the task, said they had already insured over one lakh govindas from 1,200 mandals across Maharashtra in 2024. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai 'A major contributor to this figure was the Maharashtra Rajya Dahi Handi Govinda Association through whom the state govt insured more than 75,000 govindas in Maharashtra,' he said. The state government has accorded Dahi Handi the status of an adventure sport, leading to a rise in participation. However, the Dahi Handi Samanvay Samiti claims that this has also increased the risk of injury to govindas.
New Indian Express
16-06-2025
- Health
- New Indian Express
MEDISEP govt insurance scheme to continue in present form till new deal
THIRUVANANTHAPURAM: The MEDISEP insurance scheme for government employees and pensioners will continue in its current format for the time being. The government's agreement with Oriental Insurance, which ends on June 30, 2025, has been extended until a new arrangement is finalised. Recently, an expert committee submitted major recommendations to make the scheme more attractive. At present, Oriental Insurance is the service provider and the annual premium for a beneficiary is Rs 5,664 including 18% GST. The government makes advance payment of the premium amount to the insurance company in four installments a year. This amount will be recovered from the salary or pension of beneficiaries in 12 installments. The agreement with the insurance company is from July 2022 to June 30, 2025. It is learnt that the expert committee has recommended to hike the monthly premium amount from Rs 500 to Rs 750 and to enhance the coverage to Rs 5 lakh. Another recommendation is to collect premiums from only one person in a family having more than one government employee. Employees should be given the option to stay away from the scheme. The package should be revised to attract more private hospitals, especially speciality hospitals, to join the scheme, it said. At present, the scheme is mandatory for employees and pensioners. The government has directed Additional Chief Secretary (Finance) K R Jyothilal to take further steps on the report. The health secretary will also be asked to submit recommendations. New scheme to offer better packages, says minister Finance Minister K N Balagopal said the MEDISEP's second edition will be more attractive. 'We want more hospitals, especially major private institutions, to join the scheme. The treatment packages will be revised for this,' he told TNIE. On whether the premium would see an increase, he said: 'The present rates were fixed some three years ago. A decision on increasing the premium would be taken after consultations with stakeholders.' The minister said the insurance provider for the next edition will be selected through a fair and transparent bidding process. At a glance Claims approved (From Jan 1, 2025 to June 6) Total claims: 10.18 lakh Amount: Rs 1,863.22 crore Private hospitals Claims: 9.43 lakh Amount: Rs 1,745.36 crore Government hospitals Claims: 74,000 Amount: Rs 117.86 crore Total beneficiaries covered Employees and pensioners: 11.44 lakh Dependents: 19.49 lakh
