Thursday, October 08
The non-life insurance industry reported a 6.5% year-on-year increase in gross direct premiums to Rs22,257 crore in May with growth in standalone health insurers (SAHI) beating that of general insurers, data from the General Insurance Council showed.The growth in May slowed compared to 14.9% YoY reported in the same month last year. The slowdown in premium growth is largely attributed to the 1/n rule, which kicked in October, experts said.Under the 1/n rule, IRDAI has mandated non-life insurers to report premiums annually even if the policy term is longer than one year. Accordingly, the reported premium is calculated by dividing 1 by the number of days the policy is in effect. “The flash numbers for May reported a modest growth indicating that the industry is still adjusting with the 1/n
Apple Inc. and its main manufacturing contractor Hon Hai Precision Industry Co. are still betting on India. When Hon Hai — better known as Foxconn — revealed through an exchange filing last week that it was putting another $1.5 billion into its operations there, it will have calmed a few nerves in New Delhi.Worries about the future of Apple in the country had been set off by President Donald Trump, who said last month that he had told the company’s Chief Executive Officer Tim Cook that “I don’t want you building in India.” This seemed to contradict hopes, shared by both Cupertino and New Delhi, that most iPhones for the US market would come from India by the end of 2026.Also Read: Trump wants Apple to stop moving iPhone production to IndiaBut on the ground, Apple’s turn to th
