Top Indian Insurance Industry News & Updates - 25 Oct 2024,Friday
🏭 Industry
End-users hail insurance policy changes but seek clarity on guidelines and pricing
The IRDAI has undertaken several changes and reforms over the past year. Are these helping the end user and is it making a difference? Speaking at the FE Insurance Summit industry stakeholders hailed the changes but expressed concerns about the lack of guidelines on pricing.
Assessing risk, balancing books
The insurance business is no doubt all about assessing risk but it is also important to understand how much risk is too much. This is exactly what CFOs of some of India’s leading insurance companies deliberated at the FE Insurance Summit 2024. In a panel discussion themed, “Managing economic challenges in insurance”, industry veterans highlighted the need to keep a close eye on risk and identify opportunities amidst adversity.
To insure or not? Cyber insurance helps recover losses from cyberattacks
In 2023, India ranked third globally in terms of the number of phishing attacks after USA and the UK. About 33 per cent of all phishing attacks in India were targeted at the critical infrastructure industry.
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🗎 Life Insurance
Cut in FY25 estimates likely to keep SBI Life stock under pressure
📝 Nippon Life India PAT Rises 47%
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🗎 General Insurance
Go Digit receives IRDAI show cause notice over excessive expenses
Go Digit General Insurance on Thursday reported that it has received a show cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) after its expenses for the six months ending September 2024 exceeded regulatory limits.
📝 Go Digit posts 3x jump in Q2 net profit; gross premium collected at Rs 2,368 crore
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🏦 SEBI
AIFs grapple with land bordering rules even as SEBI eases norms
Mumbai: SEBI’s recent circular on investments from land bordering countries through alternative investment funds (AIFs) may add another layer of complexity in the manner in which Press Note 3 (PN3) norms are interpreted for such funds. PN3, issued in 2020 by DPIIT, necessitated prior government approval for foreign direct investment (FDI) by entities based in any country sharing a border with India. Legally, the PN3 framework was only applicable to Schedule 1 investments, which covers FDI in unlisted equity of Indian companies. Foreign investments into AIFs is governed by Schedule 8, which has nothing to do with PN3, said experts. While an AIF can take foreign money without any PN3 restrictions, funds so far have been reluctant to do the same because of lack of clarity on the matter.
The Sebi exam that PE pros find hard to pass
India's private equity and venture capital fund sector is staring at an embarrassment with 60 out of 100 executives failing in an exam mandated by the stock market regulator.
SEBI chief skips Parl panel meet
Ravi Shankar objects to PAC chief deferring meet on SEBI chief
📝 SEBI chief Buch 'unable' to attend, PAC meet pushed; chairperson Venugopal under fire
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🗎 Mutual Funds / AMCs
Nippon AMC Q2 profit jumps 47% to ₹360 crore
MF investors bet over Rs 17K crore on key equity schemes amid selloff
📝 NFO Update : Edelweiss Mutual Fund launches Nifty500 Multicap Momentum Quality 50 Index Fund
📝 NFO Alert: Zerodha Mutual Fund launches Gold ETF FoF
📝 Banks' CASA ratio drops as clients opt for equity, MFs
📝 Multi-asset funds have multiple points of appeal, inflows rise over two-fold
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🗎 Equities, Pvt. Equity / Hedge Funds
PEs must embrace ESG
The investment landscape is rapidly evolving as Environment, Social and Governance (ESG) become integral to private equity (PE) strategies. ESG considerations are no longer just a check-the-box, risk-mitigation exercise; they are now recognised as key drivers of value creation. A Deloitte US report projects that by 2027, around $1.6 billion in new fundraising will incorporate ESG commitments, highlighting this shift in mindset. Integrating ESG principles into the core of PE is a complex endeavour. However, developing a holistic ESG strategy and guiding policies helps PE firms make the right investment decisions. Developing a clear long-term value narrative and embedding it throughout the portfolio is crucial.
📝 Tata Power, Keppel team up for cooling market foray
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🗎 Govt Securities / Bonds
📝 Softer yields, cash reserves help RBI mop up bonds in Oct buyback
📝 Indian bond ETFs to draw billions as Amundi to BlackRock join race
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