13-12-2023 WEDNESDAY

Key Executives Exit Following Change in Ownership.

Aditya Birla Insurance Brokers (ABIBL) witnesses a wave of resignations among its senior executives following the proposed takeover by Samara Capital. Notably, the current CEO and principal officer, Sandeep Dadia, along with the head of corporate business Irfan Shirwani and the head of reinsurance Mukul Bhatia, have resigned since the change in ownership. This mass departure extends to other key members of the existing leadership team, including Ajay Prabhu, Punit Pancholi, and Dhananjay Acharya. The resignations are reported to be in protest against the appointment of Sanjay Radhakrishnan from Samara Capital to lead the organization, marking an unprecedented leadership mutiny in India’s corporate history.

04-12-2023 MONDAY

IRDAI Intensifies Scrutiny on Share Transfers in the Insurance Broking Sector.

The Insurance Regulatory and Development Authority of India (IRDAI) has heightened its focus on identifying ultimate beneficiaries involved in share transfers within the insurance broking sector. This increased scrutiny has resulted in extended approval timelines for such transactions. The regulatory body is specifically examining the involvement of general partners (GPs), alternative investment funds (AIFs), and venture capital/private equity funds associated with these transfers. The move aims to ensure transparency and adherence to regulatory standards within the insurance industry.

16-06-2023 FRIDAY

Policybazaar Expands Revenue Share from New Business Lines, Diversifies its Offerings.

Policybazaar, the renowned insurance broker based in Gurugram, is undergoing a significant expansion in revenue through its new business lines, signaling a strategic shift from being solely a consumer-focused online insurance distribution platform. The company’s publicly listed entity, PBFintech, which owns Policybazaar and credit aggregator Paisabazaar, reported an impressive revenue of Rs 365 crore in the fourth quarter of the previous financial year, generated specifically from its new initiatives. With a well-established presence in the insurance distribution sector, Policybazaar is now actively diversifying its offerings to capture additional revenue streams. By venturing into new business lines, the company aims to tap into emerging market opportunities and cater to evolving customer needs.

12-05-2023 FRIDAY

Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA).

Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA) to extend life insurance coverage to the workforce of the Micro, Small, and Medium Enterprises (MSME) sector in Uttar Pradesh (UP). This collaboration aligns with Max Life’s objective to enhance accessibility and promote affordable insurance penetration throughout UP, in line with the recently introduced State Insurance Plan by the Insurance Regulatory and Development Authority of India (IRDAI).

17-03-2023 FRIDAY

Bharti AXA Life Insurance has entered into a tie-up with Unity Small Finance Bank.

In order to sell its life insurance products through the lender’s network of 111 branches and 206 offices across India, Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and the international insurance company AXA, has entered into a bancassurance tie-up with Unity Small Finance Bank (Unity Bank). Under this agreement, more than 1.5 million bank customers across 17 states will have access to the full line of life insurance plans from Bharti AXA Life, including protection, savings, investment, and retirement options.

13-03-2023 MONDAY

Premium exceeds Rs 5 lakh in a year to be subject to slab rate taxation.

Beginning on April 1, revenue from insurance plans (other than Ulips) whose premium (or aggregate premium for numerous policies) exceeds Rs 5 lakh in a year would be subject to slab rate taxation, according to the budget for 2023. Death benefits will continue to be tax-free. Many financial professionals anticipate that whole-life plans, particularly those with premiums over Rs 5 lakh, will be aggressively offered in the wake of this shift.

16-02-2023 THURSDAY

InsuranceDekho, owned by Girnar Insurance Brokers, has announced financing $150 million in a round that will include both loan and equity.

According to a statement made by the business, TVS Capital Funds and Goldman Sachs Asset Management led the Series A equity transaction. Investcorp, Avatar Ventures, and LeapFrog Investments are some of the other investors in the round. According to documents submitted to the Registrar of Companies in January 2023, $36.5 million of the round was declared. View Source.

14-02-2023 TUESDAY

Miller announced the hiring of Gary Stockley as its Account Executive.

Miller, one of the leading specialists in re-insurance broking has appointed Mr. Gary Stockley as their Account Executive for their Bermuda office. Having worked primarily as a retail insurance broker, Mr. Gary Stockley has over 35 years of expertise in the insurance industry. He has in-depth experience in financial lines, professional indemnity, directors and officers’ liability, cyber, crime, and malpractice insurance specialist around 20 years in Bermuda. Gary previously worked at Freisenbruch as the Vice President of Insurance Broking, where he was in charge of managing professional and financial risks in Bermuda and abroad. View Source.

20-01-2023 FRIDAY

Sibro Insurance Broking Software introduced a few amazing new features.

The Sibro insurance broking software has just introduced a few amazing new features that simplify insurance brokerage internal operations. It has been claimed that these recently introduced capabilities have evolved into a very useful tool for their current clients, enabling them to manage their insurance brokerage business in a more effective and productive manner. Check out the features here.

01-12-2022 THURSDAY

IRDAI approves adjustments to insurance companies’ capital, ownership, and solvency.

In its meeting last Friday, the Insurance Regulatory and Development Authority of India (IRDAI) approved a number of proposals, including allowing banks to partner with nine insurance companies, allowing private equity funds to invest directly in insurance companies, and allowing insurance companies to raise alternative investments like subordinated debt and preference shares without first obtaining regulatory approval.

29-11-2022 TUESDAY

Insurers with advanced technological support greatly benefit from higher tie-up limit.

The proposed rise in the maximum limits of tie-ups for corporate agents and insurance marketing firms is likely to be advantageous to insurance companies with technological solid foundations and product innovation. Industry experts claim that insurers with innovative goods and powerful technological platforms will have an advantage in attracting new clients who will choose their products and services over competitors’ more traditional offerings. The maximum number of tie-ups that corporate agents (CAs) may have with insurers has been increased from the current three for each category of insurance (general, life, and health) to nine for each category, with the approval of the IRDAI board. A proposal to expand the maximum number of tie-ups for insurance marketing firms (IMF) from two to six in each line of business has also been approved by the board.

28-11-2022 MONDAY

IRDAI’s 11-point reforms aim to attain “Insurance for all by 2047.”

The IRDAI recently announced reforms will serve to strengthen the ease of doing business and will aid in making the sector more investment-friendly, in line with its objective of “Insurance for all by 2047” and its goal of expanding insurance penetration in the nation. Additionally, a sizable amount of cash would be made available for insurance through the relaxing of the solvency standards for general and life insurers. Insurers will eventually get momentum to invest in the appropriate strategies thanks to this, which will also assist the entire insurance ecosystem is expanding quickly.

24-11-2022 THURSDAY

An important observation from Honorable Court on insurance contracts

Insurance contracts prepared by an insurer have the very little option or choice for a consumer, except to sign on the dotted lines, the Supreme Court said on Wednesday. A bench of Justices Surya Kant and M M Sundresh made this observation while setting aside an order passed by the National Consumer Disputes Redressal Commission in a case seeking compensation for a shop that was met with a fire accident recently. After a thorough assessment, the insurer decided to insure not just the appellant’s shop but also a second shop that was in a comparable location. The appellant filed a claim after the shop experienced a fire catastrophe. However, the exclusion clause was invoked in order to refute the claim. The highest court ruled that the contract’s stipulations, especially the exclusion clause, were unreasonable.

17-11-2022 THURSDAY

Check our the most latest directive from IRDAI on trading in sovereign securities

Trading in sovereign securities is only permitted on the anonymous trading screen, according to a recent IRDA order that has all insurers in a state of confusion. The IRDA has also stipulated that no broker may handle more than 5% of the entire volume of secondary market transactions when using intermediaries for trades in corporate bonds and stocks.

01-11-2022 TUESDAY

Hyundai Motor India enters into the insurance broking industry as a Direct Broker – General

The second-largest automaker in the nation, Hyundai Motor India (HMIL), has registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Direct Broker – General, allowing its subsidiary to consider entering the general insurance broking market. Hyundai’s intention to enter the general insurance market is unique despite the fact that automakers frequently have their own insurance-broking firms in India, including Tata Motors and Maruti Suzuki.

15-10-2022 FRIDAY

Shedden appointed head of analytics for Aon’s reinsurance solutions globally and in the UK

Paul Shedden has been named as the global and UK head of analytics by Aon’s reinsurance solutions division. He will become a member of the global leadership team and report to Andy Marcell, global CEO of reinsurance solutions.

13-10-2022 WEDNESDAY

Cincinnati Syndicate 318 obtains a 30% stamp price increase.

Cincinnati Global Underwriting Agency has received permission from Lloyd’s to enhance Syndicate 318’s stamp capacity by 29.3%, from £232 million ($259 million) to £300 million.

11-10-2022 MONDAY

Near the Mumbai airport, insurance company Turtlemint rents a 35,000 square foot office.

At the ORB complex near the Mumbai airport, Invictus Insurance Broking, which is funded by Sequoia Capital and runs the online insurance platform Turtlemint, has leased more than 35,000 square feet of office space. These businesses have a five-year contract with Chalet Hotels, a division of K Raheja Corp. Throughout the whole period of the lease, the tenants will pay rent in the amount of around Rs 28 crore.

20-09-2022 MONDAY

IBAI’s conducted its annual general meeting and elected new Directors to fill up the vacancies on IBAI Board.

On September 16, 2022, IBAI had its annual general meeting, during which new Directors were elected to fill open positions on the IBAI Board. Mr. Surender Kumar Tonk, representing M/S Advance Life Insurance Brokers Pvt. Ltd. Ghaziabad has been re-elected as Director from the North Zone. Mr. Anuraag Kaul, representing M/S J K Insurance Brokers Ltd. Noida was elected as the Director from North Zone. Mr. Sanjeev Gujral, representing M/S Goodx Insurance Brokers Pvt. Ltd., New Delhi, was elected as the Director from North Zone, and Mr.Pavinjit Singh Dhingra, representing M/S Prudent Insurance Brokers Pvt. Ltd., Mumbai, elected as Director from West Zone.