Insurance sector

According to GIC Re, the net profit for the nine month period was Rs 3,749.15 crore as compared to Rs 210.34 crore logged during the corresponding period of the previous year. The company's gross premium for the nine months ended December 31, 2022 was Rs 29,221.85 crore as compared to Rs 32,904.65 crore for the period ended December 31, 2021.

Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium is over Rs 5 lakh will not be tax exempt. While, this will dampen the interest of individuals to buy high value traditional insurances, it will increase the focus on term plans and pure risk covers which is good.

To help you make a decision on whether to continue your relationship with your insurer or look for other options, we’ve come up with a list of the various advantages and disadvantages that you get to experience by staying with your current car insurance company.

Will there be another lobby body for composite insurers or one company will have to be a member of both the Councils paying handsome annual subscription fees? These were the questions a senior industry official posed citing the amendments proposed to the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999.

Teicke told CNBC he is "a little disgusted by statements like, 'never miss a good crisis' or 'we have to cut the fat'" "These are people that have maybe quit other jobs to join your business. These are people that have maybe moved to other places because of you. These are people that have maybe ended romantic relationships," the Wefox CEO stressed.

According to LIC, for the period under review (July to September), the company earned a net premium of Rs 132,104.13 crore, as compared to the corresponding period the previous year, which stoot at 104,331.53 crore, and a net profit of Rs 15,952.49 crore, as compared to Rs 1,433.71 crore in the year-ago period. According to LIC, the net profit increased by Rs 14,271.80 crore owing to change in accounting policy.

"While motor (vehicle insurance) was muted at 12 per cent, retail health was higher at 19 per cent yoy (year-on-year). With a single-digit base ahead, we expect the motor business to pick up (20 per cent year to date- YTD). Retail health, up 14 per cent YTD, is also catching up," the report notes.

The companies are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.