Latest news with #SBIGeneralInsurance
Time of India
4 days ago
- Automotive
- Time of India
State consumer commission directs SBI insurance to pay Rs 11.16 lakh over delayed claim settlement
State consumer commission directs SBI insurance to pay Rs 11.16 lakh over delayed claim settlement (Photo: ANI) RAIPUR: The Chhattisgarh State Consumer Disputes Redressal Commission has directed SBI General Insurance Company Limited to pay Rs 11,16,801 to a Raipur-based firm for deficiency in service and unfair trade practice in settling a vehicle insurance claim. The commission also awarded Rs 50,000 for mental agony and Rs 5,000 towards litigation costs. The order, passed by President Justice Gautam Chourdiya and Member Pramod Kumar Varma, set aside an earlier ruling by the District Consumer Disputes Redressal Commission, Raipur, which had dismissed the complaint as premature. The commission noted that keeping the claim pending for an extended period, especially after the damaged vehicle was handed over as per the insurer's instructions, amounted to deficiency in service and unfair trade practice. "After accepting the surveyor's assessment, instructing disposal of the damaged vehicle, and its actual disposal, it was improper for the insurer to raise further objections. Keeping the claim pending despite receiving the wreck value amounts to deficiency in service and unfair trade practice. The insurer is liable to pay the remaining Rs 11,16,801, along with compensation for mental agony and litigation costs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรดทองCFDs ด้วยค่าสเปรดที่ต่ำที่สุด IC Markets สมัคร Undo The District Commission erred in holding the claim premature, making its order unsustainable and liable to be set aside," remarked the Consumer Commission. The firm's car, insured with SBI General Insurance, met with an accident on November 8, 2019. The insurance company assessed the loss at Rs 11,16,801 and instructed the complainant to hand over the damaged vehicle to a salvage buyer, who paid Rs 13,30,000. The firm alleged that despite these actions and assurances of payment, the remaining amount of Rs 11,16,801 was not disbursed. A complaint was filed before the District Commission seeking the balance amount and compensation. SBI General Insurance, in its defence, stated that the claim was pending as the complainant had not provided clarifications and relevant documents regarding the incident. The State Commission, however, observed that the insurer had already acted upon the surveyor's settlement recommendation and instructed the disposal of the vehicle's wreckage. The commission noted that after proceeding towards settlement and the disposal of the wreckage, it was improper for the insurer to raise further objections. The insurance company has been directed to pay the remaining assessed loss of Rs 11,16,801 with 6% annual simple interest from the date of filing the complaint until realisation, along with the compensation and litigation costs. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
&w=3840&q=100)
Business Standard
14-05-2025
- Business
- Business Standard
Home insurance must: Loss of rent for landlord, liability cover for tenant
Insuring contents is critical if a property being rented is furnished; declare valuable items to insurance company Himali Patel Mumbai Listen to This Article Home insurance policies nowadays are highly modular. In SBI General's Flexi Home Insurance, for instance, only fire cover is mandatory. Customers can thereafter select whatever covers they need. To do this, however, landlords and tenants must be aware of the covers that are relevant to them. Must-have covers for landlords Landlords must insure their buildings. 'It should be insured against perils such as fire, earthquake, storm, flood, landslide, riot, terrorism, and so on,' says Subramanyam Brahmajosyula, chief product and marketing officer, SBI General Insurance. Contents insurance is essential if the property being rented is furnished. 'The cover could include furniture, appliances, and
&w=3840&q=100)
Business Standard
08-05-2025
- Business
- Business Standard
Will travel insurance cover you if war breaks out abroad? Check terms
Worsening ties between India and Pakistan has hit commercial aviation, forcing rerouting of flights and cancellations. Indians planning to travel to politically unstable places of the world are likely asking: Does travel insurance cover war-like situations? 'Standard travel insurance policies generally do not cover war-like situations,' said Adhil Shetty, chief executive officer of 'Events such as armed conflict, civil war, rebellion, or military uprisings are typically excluded from coverage. This is a long-standing norm in the insurance industry, as these situations present extremely high and unpredictable risks.' According to Bajaj Allianz 's website, its international travel plans do not cover 'losses due to war, rebellion, or terrorism.' Similarly, SBI General Insurance's website says claims arising from 'war, invasion, acts of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power' are excluded. Even if a traveller is unintentionally caught in a conflict zone which means if one get caught in war zone/ war like sitution unforseen, 'claims arising from such scenarios are often rejected unless specifically covered by a rare exception or special arrangement,' said Shetty. Limited protection can be availed of through add-ons. 'There are a few specific riders or add-ons that may offer limited protection,' said Shetty. 'These are not standard and must be added to a base travel insurance policy separately. Such add-ons may include coverage for political risk, emergency evacuation, or repatriation in the event of sudden political instability.' Add-ons/riders are rarely offered for destinations under active travel advisories or those already designated as conflict zones at the time of travel. What should travellers do From an insurance perspective, travellers to risky destinations should prepare carefully. 'Read the policy documents thoroughly to understand what is excluded, especially clauses related to war, terrorism and civil unrest,' said Shetty. 'Consult the insurer directly to ask whether any riders are available for high-risk destinations and what conditions apply.' People should check travel advisories of the Indian government or reputed global sources. 'Traveling against these advisories can void insurance claims,' he warned. Additionally, registering with the Indian embassy at your destination and keeping emergency contact plans ready is strongly advisable. Cautious insurers As geopolitical risks rise, insurers are becoming more cautious. 'With geopolitical tensions rising, insurers in India are more cautious,' Shetty said. 'Many are explicitly excluding coverage for civil unrest, strikes, and war-related damages, and some have even withdrawn certain covers for specific high-risk countries.' While a few narrow riders for political risk or evacuation exist, Shetty noted that 'the industry trend is toward limiting exposure rather than expanding coverage in conflict zones.' If you're planning to travel to a high-risk region, don't assume your travel insurance will come to your rescue in case of war or civil unrest. Understand your policy, ask your insurer about rider options, and always heed travel advisories. As Shetty puts it, 'Insurance is a tool for preparedness, but not a blanket cover for every geopolitical risk.'
Mint
03-05-2025
- Business
- Mint
Warburg Pincus may double its returns from its six-year-old investment in SBI General Insurance
Mumbai: Global private equity firm Warburg Pincus is looking to sell its 10% stake in SBI General Insurance in a deal expected to fetch it more than double the value of its six-year-old investment, two people with knowledge of the development said. The sale is likely to fetch the US-based Warburg Pincus about $350 million, they said. Warburg Pincus and Premji Invest, the family office of Wipro Ltd's founder Azim Premji, bought a 26% stake in SBI General Insurance for $432.38 million in 2019, valuing the insurer at $1.66 billion. They had acquired the stake from Insurance Australia Group Ltd, which had formed SBI General Insurance as a joint venture with State Bank of India (SBI) in 2010. Also read: How is packing for the road less travelled 'The investor has been around for more than six years and now they are looking to exit," said one of the persons cited above. '(SBI General Insurance) plans an IPO later next year and Warburg is looking to exit via a stake sale before that." SBI owns about 69% of SBI General Insurance, while Napean Opportunities Llp, an entity owned by Premji Invest, holds around 15.8%, and Honey Wheat Investment Ltd, a Warburg Pincus vehicle, about 9.9%. 'Warburg Pincus is expecting around $350 million for its 10% stake, valuing (SBI General Insurance) at $3.5 billion, more than doubling its investment in the last six years," the second person added. Warburg Pincus, which has been active in India for more than two-and-a-half decades, has invested about $10 billion into the country so far. India accounts for over 10% of the US private equity firm's global investments. Over the past 18 months, Warburg has sold entire or partial stakes in portfolio companies CarTrade, Kalyan Jewellers and MedPlus Health Services. Warburg Pincus and SBI General Insurance did not reply to queries emailed on Thursday. SBI General Insurance is India's 11th largest general insurer overall, with a 4.3% market share based on gross direct premiums written in the first half of 2024-25, Investment Information and Credit Rating Agency said in a report in December. Among private insurers, it ranks 7th with a 4.4% market share. According to Crisil , SBI General Insurance has maintained a relatively diverse mix when compared with the domestic insurance industry's reliance on traditional segments such as motor and health. 'During fiscal 2024, (SBI General Insurance's) motor insurance portfolio clocked a healthy growth rate of 31% thereby retaining its share in the gross premium. The health insurance segment, outpaced by motor in the past few quarters, is the second largest segment for the company based on the gross premium written in fiscal 2024," Crisil said in a December report. 'For the first half of fiscal 2025, motor formed 30% of the overall premiums, whereas crop accounted for 24%, followed by health insurance at 19% and fire insurance at 14%," it added. SBI General Insurance's gross direct premiums stood at ₹ 6,586 crore at the end of September 2024, up from ₹ 5,691 crore a year earlier, according to the Crisil report. Profit after tax in the first half of 2024-25 improved to ₹ 414 crore from ₹ 60 crore in the corresponding year-earlier period. Combined ratio, a key metric reflecting an insurer's underwriting profitability, stood at 110.8% as on 30 September 2024, and the solvency margin at 2.26 times, Crisil added. All insurance companies are required to maintain a solvency ratio—which reflects an insurer's ability to meet its debt obligations—of 1.5. The combined ratio is calculated by adding the loss ratio and expense ratio. Also read | Global investors see India as key market for PE investments: Coller Capital India's non-life insurance sector, despite its low market penetration , saw premium income increase by 19.5% year-on-year to ₹ 1,14,972 crore ($13.8 billion) in 2023-24 on strong demand for health and motor policies. This high growth and low market penetration makes the domestic insurance segment attractive for long-term investors such as private equity firms. 'Globally, private equity investments in the insurance sector have been rising," said Sudip Mahapatra, partner at law firm S&R Associates. 'Funds see an opportunity in value accretion through operational enhancements, such as use of AI and expansion of distribution. For insurers, private capital allows them to expand products and distribution." Among recent high-profile deals in India's insurance sector is Bajaj Finserv's decision to acquire German insurer Allianz SE's 26% stake in its insurance business —Bajaj Allianz General Insurance Co. Ltd and Bajaj Allianz Life Insurance Co. Ltd—for ₹ 24,180 crore, breaking a 24-year partnership. Also, Piramal Enterprises Ltd plans to sell its stake in Shriram Group's insurance ventures for ₹ 4,000-5,000 crore . Last year, Central Bank of India bought a 24.91% stake in Future Generali India Insurance. Also read | Heath insurance in India ought to cover preventive care as well
&w=3840&q=100)
Business Standard
30-04-2025
- Business
- Business Standard
SBI General launches custom home insurance: How it compares to others
SBI General Insurance has launched Flexi Home Insurance policy, aimed at both homeowners and tenants. This flexible insurance product is designed to protect not only the structure of homes but also contents and additional risks, all customizable to suit individual needs. A flexible approach to home protection According to the SBI General's statement the Flexi Home Insurance policy allows customers to design their own plan with a basic mandatory 'Fire' cover at its core, while offering a suite of add-ons including: Natural calamity coverage Burglary and theft protection Valuable item protection Alternative accommodation expenses Policyholders also benefit from discounts for opting for multiple optional covers, making the product both versatile and economical. Speaking on the launch, Subramanyam Brahmajosyula, chief product & marketing officer at SBI General Insurance, said, 'Every home is unique, and so are its protection needs. With Flexi Home Insurance, we empower customers to choose the level of protection that suits them while ensuring financial security against unforeseen events.' Key features of SBI General Flexi Home Insurance One of the standout features of this policy is its long-term tenure, with a one-time premium payment offering coverage for up to 20 years, a rare option in the home insurance market. This is especially attractive to homeowners looking for uninterrupted protection and peace of mind over the long term. Backed by strong performance This product launch comes on the back of a strong performance year for SBI General. According to the company's statement in FY 2024-25, it recorded an impressive 112 per cent growth in Gross Written Premium, reaching Rs 14,140 crore. Its accolades include awards for Best Claims Settlement ratio and General Insurance Company of the Year. Similar home insurance products in the market HDFC ERGO Home Shield Policy Comprehensive protection against fire, flood, burglary, and electrical/mechanical breakdown No depreciation on contents up to 10 years old Optional cover for portable electronics and automatic inclusion of new assets Add-ons include hotel stay and rent for temporary accommodation Discounts up to 30 per cent for home safety features ICICI Lombard Complete Home Protect Policy Covers owned and rented homes including appliances, furniture, and jewelry Insures against natural disasters, terrorism, and water damage Covers alternate accommodation costs Long-term policy tenure up to 5 years Claims settled within 7 days with proper documentation Bajaj Allianz My Home Insurance All Risk Policy
