Latest news with #GoDigitGeneralInsurance
Mint
2 days ago
- Business
- Mint
Digit Insurance disburses parametric claims to Noida migrant workers as heatwave hits 42°C
Go Digit General Insurance (Digit Insurance), a leading digital full stack insurance company, has announced that it has settled claims for migrant labourers in Noida under parametric insurance as temperature in the city breached the threshold of 42°C (Celsius), triggering the first pay out. The threshold temperature for each city has been set differently and is in the range of 42°C-43.7°C. The claim payouts are structured into two tiers, the company said. The first payout automatically kicks in if the temperature of a specific city crosses the threshold for five consecutive days, it said. 'If the temperature exceeds the threshold for ten consecutive days, the exit strike will kick in, leading to an additional payout,' Go Digit said. Under the 'Digit Parametric Insurance' policy, the insured migrant labourers will be paid up to ₹ 3000, allowing them to protect their health and afford daily necessities. The parametric cover also comes along with a hospitalisation cash allowance of up to ₹ 5000 in case of any accidental bodily injury or illness. The allowance is applicable even if no temperature breach has occurred and applies to any type of hospitalisation, ensuring additional support to workers during extreme weather conditions. Bajaj Allianz General Insurance recently launched 'Climate Safe', which is also a parametric insurance policy wherein pay outs are triggered when certain specified parameters are met. It covers increased living costs due to extreme weather. ICICI Lombard, in collaboration with Swiss Re, launched the first parametric-based weather insurance in the country, covering 'High Heat' events to women labourers associated with 'Self Employed Women's Association (SEWA)' in Gujarat, Rajasthan and Maharashtra in May 2023. Go Digit Insurance has partnered with K.M. Dastur Reinsurance Brokers (KMD) and Jan Sahas Foundation to offer heat index-based parametric insurance to migrant labourers across Delhi, Noida, Ghaziabad, Gurgaon, Faridabad, and Lucknow. 'Many migrant labourers rely on their daily wages and work under extreme heat conditions during peak summers exposing them to severe heatstroke, which can also be life threatening. In 2024, India reported 67637 cases of suspected heatstroke and 374 deaths,' Go Digit Insurance said. Unlike traditional insurance, which requires loss assessment, parametric insurance triggers immediate pay outs when predefined thresholds are breached. The pay out is triggered by a specified parameter that is described as a strike point. The strike point is defined as the moment when the insured weather parameter (measured in milli meters of rainfall or degrees of temperature) exceeds the predefined threshold specified in the policy. If this strike point is reached within the policy period, a proportionate percentage of the sum insured is paid to the policyholder. The policy also has something called the exit point that is triggered when the thresholds are breached for several consecutive days. A higher pay out is made when the exit point is reached. The strike and exit points are unique to each policy, depending on the selected risk, risk location, and risk period. 'Digit's heatwave parametric insurance is a crucial step in providing migrant labourers with a much-needed safety net, ensuring their financial resilience amidst extreme heat,' said Adarsh Agarwal, chief actuary and product officer, Digit Insurance. 'The timely pay out in Noida reaffirms parametric insurance has the potential to address many environmental challenges,' he stated. 'So, while there is parametric insurance to provide transparent, timely support when the mercury consistently crosses a defined threshold, the migrant labourers also have a defined benefit hospital cash cover for their heat-related illnesses running parallelly without any triggers,' said Ayandev Saha, Executive Vice President, K.M. Dastur Reinsurance Brokers. 'We feel especially positive about this heat stress cover since it brings complementarity between the benefits of traditional and parametric insurance,' he said. The premium for this cover, on behalf of the identified migrant labourers, is being borne by Jan Sahas Foundation. 'Parametric insurance has significant potential to strengthen the financial resilience of informal workers against income and health shocks caused by climate-related events,' said Rajpal Panwar, Director, Jan Sahas Foundation. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Mint
09-06-2025
- Business
- Mint
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 9 June 2025
Breakout stocks buy or sell: Indian equities ended Friday with notable gains, fueled by the Reserve Bank of India's twin policy moves—a 50 basis point cut in the repo rate and a 100 basis point reduction in the cash reserve ratio (CRR). These measures boosted optimism for increased credit uptake and a revival in domestic economic growth. Both the Nifty 50 and Sensex posted strong finishes, each rising over 1%. The Nifty 50 gained 252 points, or 1.02%, to close at 25,003, while the Sensex rose by 443 points, or 1%, ending the session at 82,188. Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned positive as the Nifty 50 index has breached above 25,000 decisively. Speaking on the outlook of Indian stock market, Bagadia said, ' Once the benchmark index breaks above Friday's high decisively, we can expect the 50-stock index to touch 25,600 and 26,000 respectively. One should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option." Sumeet Bagadia recommends five shares to buy today — Go Digit General Insurance, Godrej Properties, Aditya Birla Real Estate, Gujarat Mineral Development Corpn, and UTI Asset Management Company. 1] Go Digit General Insurance: Buy at ₹ 351.25, target ₹ 385, stop loss ₹ 334; 2] Godrej Properties: Buy at ₹ 2467, target ₹ 2720, stop loss ₹ 2340; 3] Aditya Birla Real Estate: Buy at ₹ 2355.80, target ₹ 2600, stop loss ₹ 2240; 4] Gujarat Mineral Development Corpn: Buy at ₹ 401.05, target ₹ 440, stop loss ₹ 380; 5] UTI Asset Management Company: Buy at ₹ 1223.90, target ₹ 1360, stop loss ₹ 1160. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
05-06-2025
- Business
- Time of India
Irdai chief post vacant since March, reforms stall
MUMBAI: Plans to revamp the insurance sector are in limbo, with key reforms stalling after Irdai chairman Debashish Panda left office in March. The post remains vacant, leaving the sector without regulatory leadership at a time when several major initiatives are awaiting rollout. Tired of too many ads? go ad free now The most ambitious among them is Bima Sugam, a unified digital marketplace for policy comparison, purchase, and servicing. With each insurer having invested a few crore in the platform, its launch plan is yet to be finalised. Bima Vistaar, aimed at rural bundled coverage, and Bima Vahaak, a women-led distribution model, are also facing technical and operational delays. Moves to shift to a risk-based capital framework and align insurance accounting with IFRS remain incomplete. These efforts, meant to modernise regulatory oversight and financial disclosures, have not progressed due to a lack of industry readiness and clarity on implementation. Proposals to allow 100% FDI, issue composite licences, and introduce differentiated capital norms have yet to be legislated. Plans to list state-run insurers have also not advanced amid resistance from within the public sector. At the same time, regulatory scrutiny of mis-selling and poor distribution practices has increased. RBI and the finance ministry have flagged concerns over banks and auto dealers forcing customers to buy bundled insurance. Regulatory audits have revealed issues such as opaque claim rejections, sharp premium hikes, and poor portability in retail health insurance. "If the insurance industry is to grow the way mutual funds did after 2010, we need greater transparency, lower costs, and rebuilt trust," said Kamesh Goyal, co-founder of Go Digit General Insurance. Tired of too many ads? go ad free now "Sebi introduced direct plans and standard charges. Insurance could adopt similar guidelines-such as mandating refunds with interest when loss ratios fall below a certain level." Goyal added that small retail customers are often subsidising large corporate groups. "We're not saying distributors shouldn't earn, but loss ratios at 10% are unsustainable. A level of 60-65% is more realistic, accounting for costs and investment income. Once a fair value proposition is in place, mis-selling naturally comes down," he said. Public sector insurers are also under pressure, with three of them breaching solvency norms. While insurance premiums have increased, the number of individual policies has remained flat, limiting its impact on financial inclusion. Another area needing regulatory attention is surety bonds. Though these now substitute bank guarantees, insurers say they carry higher risk due to a lack of protection under bankruptcy laws-unlike banks. The delay in appointing a new chairman has slowed reform at a time when the sector needs urgent regulatory clarity.
News18
29-04-2025
- Business
- News18
Go Digit Shares Fall 2% Despite 118% Net Profit Jump In Q4
Last Updated: Go Digit General Insurance shares fell 2.75% despite strong Q4 FY25 results. Premiums rose 14% to Rs 10,282 crore, and profit after tax increased 133.5% to Rs 425 crore. Go Digit Share Price: On Tuesday, Go Digit General Insurance's shares were trading in red despite strong quarterly performance in Q4 FY25. The scrip was trading at Rs 301 apiece with a fall of 2.75 per cent at the time of writing this report. Go Digit has demonstrated significant growth in its financial performance for the fiscal year 2024-25. The company's profitability, gross written premium, and assets under management have all seen substantial increases. Go Digit's Gross Written Premium Income In Q4 2025, Go Digit recorded a gross written premium of Rs 2,576 crore, up from Rs 2,336 crore in Q4 2024, marking a growth of 10.3%. For the entire FY 2024-25, the company achieved a gross written premium of Rs 10,282 crore, a 14.0% increase from Rs 9,016 crore in FY 2023-24. Without the 1/n basis, the gross written premium for Q4 2025 reached Rs 2,652 crore, a growth of 13.5%, and for FY 2024-25, it was Rs 10,419 crore, reflecting a 15.6% increase. Go Digit's PAT Go Digit's profit after tax for Q4 2025 stood at Rs 116 crore, compared to Rs 53 crore in Q4 2024, showing an impressive growth of 118.9%. For FY 2024-25, the profit after tax was Rs 425 crore, up from Rs 182 crore in FY 2023-24, a growth of 133.5%. The return on average equity (ROAE) for FY 2024-25 was 13.0%, up from 7.5% in FY 2023-24. As of March 31, 2025, Go Digit's assets under management were Rs 19,703 crore, a 25.0% increase from Rs 15,764 crore as of March 31, 2024. The combined ratio for Q4 2025 was 111.3%, compared to 108.8% in Q4 FY25. For FY 2024-25, the combined ratio stood at 109.3%, slightly higher than 108.7% in the previous fiscal year. Without the 1/n basis, the combined ratio for Q4 2025 was 109.7%, and for FY 2024-25, it was 108.6%. As of March 31, 2025, Go Digit's solvency ratio was 2.24x, compared to 1.61x as of March 31, 2025. This is well above the minimum regulatory requirement of 1.50x. Go Digit's financial performance in FY 2024-25 reflects strong growth and improved profitability. The company has successfully increased its premium income, assets under management, and solvency ratio while maintaining robust profitability. First Published:
Business Standard
28-04-2025
- Business
- Business Standard
Go Digit General Insurance standalone net profit rises 119.54% in the March 2025 quarter
Sales rise 13.38% to Rs 2246.87 crore Net profit of Go Digit General Insurance rose 119.54% to Rs 115.61 crore in the quarter ended March 2025 as against Rs 52.66 crore during the previous quarter ended March 2024. Sales rose 13.38% to Rs 2246.87 crore in the quarter ended March 2025 as against Rs 1981.79 crore during the previous quarter ended March 2024. For the full year,net profit rose 133.89% to Rs 424.94 crore in the year ended March 2025 as against Rs 181.68 crore during the previous year ended March 2024. Sales rose 13.38% to Rs 8045.96 crore in the year ended March 2025 as against Rs 7096.40 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 2246.871981.79 13 8045.967096.40 13 OPM % -9.30-20.96 - 1.24-4.04 - PBDT 115.6152.66 120 424.94181.68 134 PBT 115.6152.66 120 424.94181.68 134 NP 115.6152.66 120 424.94181.68 134
