OCTOBER INSURANCE REPORT
Pollution-linked health insurance claims rise 4.3 times in three years: Report
Health insurance claims related to pollution have increased markedly over the last three years. Cardiovascular and respiratory conditions constitute the majority of these claims, significantly affecting working professionals and senior citizens. Tier-2 and Tier-3 cities account for a substantial portion of these claims across India. A seasonal pattern indicates these claims peak during October to March, coinciding with worsening air quality.
Europe holidays face a confidence test as protests cloud winter travel outlook
As the year-end holiday season approaches, Indian tourists are less interested in traditional European destinations. Protests and unrest across several European countries have raised concerns about travel safety and convenience. Many travellers are considering shifting their plans to alternative destinations like Thailand and Malaysia. Travel companies report a notable decline in enquiries for multi-country European itineraries specifically. Overall, the evolving situation necessitates careful planning and consideration from holidaymakers.
General insurers clock 10.5% premium growth in October
General insurance companies in India saw a 10.5% increase in gross direct premium income in October. Standalone health insurers also reported significant growth, outperforming general insurers in several areas. HDFC ERGO and SBI General led the performance among private insurers with impressive increases in premium income. Public sector insurers like National Insurance also experienced growth, though some faced declines.
Jake Bauers contract: Boston Red Sox agrees to $58 million deal. Stats, achievements of Milwaukee Brewers breakout star Jake Bauers who almost quit 2 seasons back
Boston Red Sox contract: Two seasons after he nearly quit baseball, Jake Bauers has become a big hitter in the middle of the Milwaukee Brewers' lineup.
Life insurers thrive on group cover in Oct as retail APE lags
Life insurance firms in India experienced a noteworthy 26% rise in new business premiums year-over-year for October, thanks mainly to robust group insurance growth. On the other hand, retail annualised premium equivalent only saw a modest uptick of 5.2%, while individual policy sales declined by 3.7%. This scenario points to retail sector hurdles, although the increasing popularity of protection products could signal potential for future expansion.
SpiceJet reveals its comeback game plan as a turbulent battle to reclaim lost ground unfolds
SpiceJet is currently enhancing its operational capacity to address flight delays and cancellations. The airline has started adding leased aircraft to expand its network and restore services. According to reports, SpiceJet's on-time performance has significantly lagged behind competitors in the aviation sector. The Directorate General of Civil Aviation is closely monitoring the airline's operational performance.
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Senior citizen's ₹10 lakh health insurance policy cancelled despite disclosing pre-existing disease; here's why he fought and won
A 70-year-old doctor battled Care Health Insurance over the cancellation of his policy, which the insurer claimed was due to undisclosed pre-existing conditions. The Telangana Consumer Commission ultimately ruled in his favor, emphasizing the importance of following cancellation procedures and disclosing medical history accurately. This case highlights the delicate balance between insurer obligations and policyholder transparency.
MeitY flags physical AI data; US data centre woes may help India
Happy Friday! MeitY is examining how home services platforms collect household data to train physical AI models.This and more in today’s ETtech Morning Dispatch.
A $1.2 million Persian soldier bas-relief was stolen twice; later a 1936 archive helped bring it back
A 2,500 year old Persian soldier relief was stolen from Persepolis in the 1930s and again from a Montreal museum in 2011. After it surfaced at a New York art fair, valued at $1.2 million, archival records helped trace its history. A New York court ordered it returned to Iran in 2018.
Fairfax's Rs 52,878-crore IDBI Bank deal sets stage for a financial services powerhouse
Fairfax Financial Holdings has successfully acquired a controlling stake in IDBI Bank for Rs 52,878 crore. The investment aims to redefine IDBI Bank as a comprehensive financial services provider in India and abroad. Fairfax plans to integrate its existing insurance and capital market businesses into IDBI Bank to enhance its offerings. The acquisition reflects Fairfax's strategy of leveraging IDBI Bank's infrastructure for greater market competitiveness.
India’s Russian fossil fuel imports hit record €6.4 billion in October: CREA
India was the world’s second-largest buyer of Russian fossil fuels in October, with purchases hitting a record €6.4 billion, according to CREA, as crude oil imports rose across major Indian refineries. Higher global oil prices also lifted Russia’s overall fossil-fuel export revenues to their highest monthly level since December 2022, despite Western sanctions and price caps.
Stocks in news: Tata Power, Cupid, Garden Reach, ITC, Aurobindo Pharma and Vodafone Idea
Indian benchmark indices have extended their winning streak, closing positively after the Muhurat trading session. Key stocks such as life insurance companies and Tata Power reported notable quarterly earnings results. HDFC Life and LIC showed healthy premium growth, while Tata Power recorded a record profit in Q2 FY27. Other companies like Cupid and Mishra Dhatu Nigam also reported impressive profit increases during the quarter.
Tata Electronics in talks to raise $2 billion for expansion
The first tranche is likely to be up to $800 million, with initial pricing discussions around SOFR plus 180 basis points. The talks are at an early stage, with the final size, pricing and lender participation yet to be firmed up. The loan could be priced at around 6%, assuming SOFR remains at around 3.9%.
Trump's Iran war pause is as costly as new strikes
Gulf energy producers are facing higher operational costs due to the ongoing conflict with Iran. While crude oil exports have shown a recovery, incidents in the Strait of Hormuz remain frequent, increasing risk levels. The United States is building military forces in the Middle East but is refraining from direct action for now. Diplomacy efforts by other nations are ongoing, but significant issues remain unresolved.
Prosus widens India fintech play after years of consumer internet bets
The Amsterdam-listed technology investor is also close to investing in artificial intelligence-led credit management startup Oolka, people familiar with the matter said. Prosus evaluated credit-on-Unified Payments Interface (UPI) startup Kiwi in October and savings platform Jar in 2025 before deciding not to invest. Prosus declined to comment on specific deals.
Fed’s Christopher Waller opens door to 50-basis-point December rate hike after hot CPI
Federal Reserve Governor Christopher Waller has raised the possibility of a 50-basis-point December rate hike after US core inflation rose 0.3% in October. Persistent price pressures have intensified debate over tighter monetary policy and the Fed's inflation-fighting credibility.
LIC shares fall 3% as Q2 VNB misses estimates. Jefferies cuts target but lists 3 reasons to buy the stock
LIC reported a 20% year-on-year rise in Q2 consolidated net profit to Rs 12,115 crore, while net premium income grew 16% to Rs 1.47 lakh crore, supported by higher single-premium collections. Net investment income in the shareholders' account surged 38% to Rs 2,855 crore. Its solvency ratio improved to 2.35 from 2.13 a year ago, while the expense ratio declined to 10.26% from 12.05%.
Scripbox shareholders approve conversion into public company ahead of IPO
At an extraordinary general meeting on October 19, shareholders approved the change of the Accel-backed startup's name from Scripbox Wealth Managers Private Limited to Scripbox Wealth Managers Limited, along with amendments to its constitutional documents, according to regulatory filings reviewed by ET.
SoftBank credit default swaps hit 4-year high as AI profitability concerns mount
SoftBank Group’s five-year credit default swap spread climbed to a four-year high as investors grew increasingly concerned about the profitability of artificial intelligence investments. Rising borrowing costs, questions over returns from its OpenAI investment and uncertainty surrounding AI infrastructure spending have added to credit market concerns.
SoftBank credit risk jumps to 4-year high as AI fears roil market
The cost of insuring against a default for tech investor SoftBank Group jumped to its highest in four years on Friday as worries about AI profitability roiled the world's financial markets.
Stocks in news: Bharti Airtel, LIC, Titan, ONGC, Bharti Hexacom, Glenmark Pharma and Astral
Indian equity markets continued their upward trend, highlighted by the Nifty 50 gaining 576 points. Bharti Airtel, LIC, and Titan Company reported strong profit increases for the September quarter. ONGC also posted a substantial rise in consolidated profit compared to last year. In contrast, Glenmark Pharmaceuticals faced a significant decline in net profit this quarter. Overall, corporate developments are influencing investor sentiment as markets react to earnings reports.
Travel insurer says no to toenail injury treatment of 62-year-old woman injured during US visit; court orders company to reimburse over Rs 89,000 for treatment in United States and pay Rs 30,000 as compensation for mental harassment
A 62-year-old woman successfully challenged her travel insurer after it denied reimbursement for a toenail injury. She sustained the injury while closing a door during her visit to the US. After returning to India and submitting her medical bills, the insurer rejected her claim for lacking supporting records. The consumer commission ruled in favor of the woman, affirming her entitlement to partial reimbursement.
Persistent raises Rs 7,600 crore to wrap up funding for Nagarro SE deal
Persistent Systems has made waves in the financial market by securing ₹7,600 crore through non-convertible debentures aimed at funding its acquisition of Nagarro SE. This bold move saw bonds varying from two to three years issued, with demand soaring above ₹15,000 crore, attracting top investors. Additionally, the company successfully raised ₹600 crore with a one-year commercial paper at an impressive 8.75%.
New orders & robust demand lift India's October services growth to 4-month high
Growth in India's services sector increased to a four-month high in October due to strong domestic demand and business orders. The HSBC Services Business Activity Index rose to 55.8, reflecting improved business conditions. Conversely, manufacturing activity showed a slight decline, easing to a PMI of 54.7. While input prices continued to rise, the rate of increase was the slowest in over six years.
BharatPe taps former Bajaj Finance executive Mohit Mittal to lead investments
He was previously the business head of investment marketplace at Bajaj Finance, where he helped build a digital platform with more than 50 financial institution partners. Before that, he spent over 13 years at Bajaj Capital, where he led an investment business with Rs 40,000 crore in assets under management across fixed-income and mutual fund products. He has also worked at ICICI Bank and Genpact.
Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT Jaipur
Policyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexplained cash; he wins case in ITAT Jaipur.
India's services growth accelerates to 55.8 in October, cost pressures ease to six-year low
India's services sector activity expanded at its fastest pace in four months in October, with the HSBC India Services Purchasing Managers' Index (PMI) rising to 55.8 from 55.2 in September, while input cost inflation eased to its lowest level in more than six years, according to data released by S&P Global on Wednesday.
Institutional investors step up bets on private credit as insurers, pension funds and DFIs back new funds
Institutional investors are now allocating more funds to private credit, significantly from insurance companies and pension funds. Neo Alternative Asset Managers has seen its second fund receive 22-25% contributions from these investors. Ascertis Credit's fourth fund also attracted commitments exceeding $700 million from multiple institutional investors. With increased interest in private credit, annual investment opportunities are now estimated around ₹1 lakh crore.
Social security projected benefit cuts 2032: Millions of Americans may miss out 22 per cent of total retirement income. Check SSA-CoLA calculations
Social security projected benefit cuts 2032: At that time the fund's projected income will be sufficient to pay just 78 per cent of scheduled benefits, indicating beneficiaries will see a 22 per cent cut in monthly Social Security retirement income.
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