Insurance sector

It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares. The portion set aside for policyholders has been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers has booked 2.83 times and that of non-institutional investors 2.8 times, as per reports.

According to ICRA, the growth will be led by health and commercial business segments owing to increased awareness of medical insurance and uptick in economic activity. The gross domestic premium income (GDPI) of government-owned insurers is expected to grow moderately at 4-6 per cent, while private insurers are expected to capture market share by growing at a higher rate of 13-15 per cent in FY23, ICRA said.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45, the sources said. The long-awaited Initial Public Offering (IPO) is likely to open for investors on May 4 and will remain open to subscription till May 9.

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According to it, the general insurance industry had earned a total premium of Rs 220,634.73 crore as against Rs 198,714.72 crore earned during 2020-21. Within the overall figure, the standalone health insurers earned Rs 20,880.08 crore in FY22 up from Rs 15,755.18 crore in FY21.

The insurance brokers complain that banks are exerting pressure on their borrowers to route all their insurance needs through them even when the sum insured or value of insurance exceeds Rs 5 crore "As per IRDAI regulations, a corporate agent cannot procure commercial insurance business from industries where the sum insured is Rs 5 crore or more per risk/policy," Sohanlal Kadel, Managing Director, Kadel Insurance Broker Pvt Ltd, told IANS.

In order to make the motor insurance market a level playing field, the insurance regulator should make third party insurance policies portable, industry experts said. Such a facility will also clean up the market, they added. The Supreme Court had ruled that a new two-wheeler or a private car should have a third party liability insurance cover for five and three years, respectively.

The US-based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling its agreement and non-payment of commissions for business it brought for the Indian reinsurer. According to AM Re, it had spent significant effort in negotiating reinsurance agreements on behalf of GIC Re for the year 2022, but the latter terminated the agreement and has not paid the commission as per the agreement.

The LIC in its Draft Red Herring Prospectus (DRHP) has said the Insurance Regulatory and Development Authority of India (IRDAI) has stipulated that pension, group and life annuity funds to be invested in "Approved Investments", which include Central government securities, state government securities and other approved securities.

In a written reply to a question raised in the Rajya Sabha, Karad on Tuesday said the central government on an application made by the LIC allowed the utilization of its free reserves for increasing its paid-up capital. "As a result, the paid-up capital of LIC increased to Rs 6,324.99 crore, as on 31.12.2021," he said. He said, LIC had paid a dividend of Rs 2,610.75 crore in 2019-20 to Government of India from the profits of 2018-19.