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Among key players, ICICIGI grew 22% YoY in July 23 (higher than the industry growth), whereas Star Health reported a GWP growth of 17% YoY. Bajaj Allianz clocked a GWP growth of 51% YoY (aided by exponential growth in government health business), whereas New India reported a YoY growth of 9%.
In the case of cars being swept away due to torrential rains, you will have to file an FIR for loss of vehicle. Typically, the vehicles will be located after a few days. If not, this will be treated as a total loss and insurers will pay out the insured declared value (IDV) of the car. If it is located and the cost of repairs is more than 75 percent of the IDV, again, amount equal to the IDV will be paid out.
In the fiscal year 2023, the combined ratio - an indicator of profitability, which is calculated by measuring the sum of incurred losses and operating expenses as a percentage of earned premium - rose for almost all general insurers.
The regulator has asked companies to disclose the discounts they can offer on direct purchases since they involve no commission. Direct modes exist even now. All that IRDAI has now mandated is a bit more transparency. That doesn’t mean insurers are mandated to offer direct plans, unlike MFs
In a press statement, Irdai said a total of three new insurers were added in the financial year 2022-23