Latest news with #nonlifeinsurer
Arab News
2 days ago
- Business
- Arab News
Pakistan grants first digital-only license to non-life insurer in regulatory first
KARACHI: Pakistan's top financial regulator has issued the country's first-ever digital-only license to a non-life insurer, allowing Karachi-based Digi Insurance Limited to operate entirely without a physical branch network, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday. The license enables Digi Insurance to sell general insurance products — such as motor, health and travel coverage — through a fully digital platform, with no in-person interaction or branch infrastructure required. The approval marks a regulatory milestone for Pakistan's insurance industry as it seeks to modernize and improve accessibility. 'This development reflects SECP's broader objective of enabling financial inclusion through responsible innovation and encouraging customer-centric, tech-enabled insurance solutions,' the commission said in a statement. The SECP said the approval was granted under a revised regulatory framework aimed at supporting new business models and encouraging the use of technology in insurance distribution, policy issuance and claims processing. The Pakistani financial regulator said it expects the move to promote competition, expand access to underserved markets and encourage further innovation across the sector. It also maintained digital models offer a scalable, cost-effective alternative that could help close Pakistan's insurance gap.
Reuters
15-07-2025
- Business
- Reuters
India's ICICI Lombard reports Q1 profit rise on higher retail health premium income
July 15 (Reuters) - India's ICICI Lombard General Insurance ( opens new tab reported a nearly 29% higher first-quarter profit on Tuesday, driven by higher premium income in its retail health insurance and motor segments. The non-life insurer reported a profit after tax of 7.47 billion rupees ($87.04 million) for the quarter ended June 30. Demand for health insurance has surged in India in recent years, driven by soaring medical costs and heightened awareness, particularly in the wake of the COVID-19 pandemic. ICICI Lombard reported solid growth in both retail and corporate health insurance premiums, rising 44% and 10% from a year ago, respectively. Motor insurance premiums rose 13.5%, higher than the 12% growth in the year-ago quarter. These segments together helped lift the company's net premiums earned by 14% to 51.36 billion rupees in the quarter ended June 30. Profitability also improved as the combined ratio, a key metric that compares claims and expenses to premium income, improved to 102.9% from 102.3% a year ago. This indicates the company is earning more in premiums than it is spending on claims and operations. ICICI Lombard is backed by ICICI Bank ( opens new tab, one of India's largest private lenders. It also offers marine and crop insurance, among other services. ($1 = 85.8240 Indian rupees)
