Insurance sector

According to a report by Naukri JobSpeak, the insurance sector continued to grow in hiring over the last year for the seventh time in a row. "After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilisation, and it would be interesting to see how the trend continues in the coming months," Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.

Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others - including to a company whose licence was revoked by the sectoral regulator - and not to their own. The strange ways of the four government-owned insurers - The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd - have been frowned upon by the Comptroller and Auditor General of India (CAG).

The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. The four companies have hired Ernst & Young (EY) as the consultant for the assignment called "Organisational Efficiencies and Performance Management in Public Sector General Insurance Companies.

According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore. The growth would have been higher but for the negative premium growth posted by Agricultural Insurance Company of India Ltd and ECGC Ltd.

Eden had asked Finance Minister Nirmala Sitharaman whether the government is aware of the 'cut and pay' system practiced by some private non-life insurers in the case of vehicle third party insurance? The cut and pay system is one where the insurers collect a lower sum than what is stipulated but print the actual premium figure on the policy.

The net interest income of the housing finance company rose by 26 per cent to Rs 1,610.19 crore, as compared to Rs 1,275.31 crore for the same period in the previous year. Net interest margin for the quarter stood at 2.54 per cent, as against 2.20 per cent the previous year. Total revenue of the company grew 9 per cent to Rs 5,285.46 crore in the current quarter.

The Insurance Regulatory and Development Authority of India (IRDAI) has also proposed curbing of variable pay of the CEO/MD, Whole Time Directors and key management persons, if there is a deviation of over 10 per cent of actual expenses over projected one and additional solvency is not maintained as stipulated.

Studying the results of corporates tracked by it, Motilal Oswal said that the BFSI sector has driven 124 per cent of the incremental year-on-year (YoY) earnings growth during the 1QFY23 which was largely subdued. Loan growth has spiked fueled by continued momentum in retail and small and medium enterprises (SME) segments.

"With an objective to cater the evolving needs of the investors, we have introduced ETFs & index funds in the factor investing segment. These new funds are based on the Quality and Value factors. We aspire to build a unique brand positing by establishing ourselves as a fund house to drive the factor investing category in India," Navin Agarwal, MD & CEO, Motilal Oswal Asset Management Company, was quoted saying in a release.

In the case of banks, the unclaimed amount is over Rs 48,200 crore at the end of FY22, according to a Reserve Bank of India (RBI) report. The unclaimed deposits in the banks - deposits-SB/CA/fixed, not claimed for 10 years, was over Rs 48,200 crore last year, up from about Rs 39,200 crore in 2021 and about Rs 24,000 crore in 2020, as per the report.