Business
Public sector general insurance firms collect Rs 1.06 lakh crore premium in FY25

New Delhi, May 29: The total premium collected by public sector general insurance companies (PSGICs) has witnessed a notable rise from around Rs 80,000 crore in FY19 to nearly Rs 1.06 lakh crore in FY25, the government has said.
The overall general insurance industry also reported growth, with total premium collections reaching Rs 3.07 lakh crore in FY2024–25.
In a meeting with PSGICs here, Finance Minister Nirmala Sitharaman reviewed key performance indicators including premium collections, insurance penetration and density and incurred claims ratios.
The meeting was attended by Secretary, Department of Financial Services (DFS), M. Nagaraju, and the managing directors of New India Assurance, United India Insurance, Oriental Insurance, and National Insurance, General Insurance Corporation of India (Reinsurance), Agriculture Insurance Company of India Limited, along with other senior officials of the Finance Ministry.
While general insurance penetration in India remains relatively low at 1 per cent of GDP — compared to a global average of 4.2 per cent in 2023 — insurance density has steadily improved, increasing from $9 in 2019 to $25 in 2023.
The Finance Minister underscored the need for PSGICs to work towards improving both penetration and density to ensure wider financial protection.
Officials also presented a five-year analysis of the health insurance segment, showing consistent premium growth across Private Insurers, Standalone Health Insurers (SAHI), and PSGICs. Incurred claims ratios, which had peaked during the Covid-19 pandemic in FY21 (PSGICs at 126 per cent and private insurers at 105 per cent), have since declined.
By FY24, these ratios had moderated to 103 per cent for PSGICs, 89 per cent for private insurers, and 65 per cent for SAHI.
The PSGICs have witnessed a significant turnaround with all of them having become profitable again.
While Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits from Q4 of FY 2023-24 and Q2 of FY 2024-25, respectively, United India Insurance Company Ltd. (UIICL) posted profit in Q3 of FY 2024-25 after a gap of 7 years.
Notably, New India Assurance Company Ltd. (NIACL) has consistently maintained its position as a market leader and has been making profits regularly.
Finance Minister emphasised the urgent need for digital transformation across all PSGICs to improve service delivery and efficiency. This includes the adoption of AI-driven claim settlement systems, particularly for Motor Own Damage and Health insurance products, to ensure faster and more accurate claim resolution.
The minister also emphasised the importance of leveraging advanced data analytics and artificial intelligence to develop precise pricing models and efficient claims modelling, which are essential for improved risk assessment and long-term sustainability.
International
20 South Korean families evacuate Iran amid escalating Israel-Iran conflict

Seoul, June 19: Twenty South Korean nationals and their family members have evacuated Iran via a land route and arrived safely in Turkmenistan amid escalating tensions between Israel and Iran, the foreign ministry said.
Eighteen South Koreans and two Iranian family members crossed the border into the Central Asian country by transportation provided by the South Korean government Tuesday morning (local time) and arrived in the capital, Ashgabat, the next day, the ministry said.
The eastern border land route chosen by the government is about 1,200 kilometres, and it takes around 16 hours to travel by bus without breaks, a ministry official said.
A rapid response team from Seoul was in Turkmenistan to assist with the evacuation efforts.
About 110 South Koreans had been estimated to be in Iran as of last Friday, when the Israelis initiated an attack on Iranian nuclear and military facilities.
The official also indicated that preparations are underway for an additional evacuation.
The government has been weighing options to ensure the safety of South Korean nationals in the Middle East, amid the escalating tensions following massive airstrikes between Israel and Iran.
“Given the continued exchange of military strikes between the two sides this week, growing concerns over the safety of our citizens, and the ongoing closure of Iranian airspace, we have decided to assist our nationals in evacuating Iran via land routes,” the ministry said.
The operation comes as countries are closing their embassies and evacuating their citizens from the region, either to return home or relocate to nearby nations, media reported.
The South Korean government has also provided transportation and assistance to 23 South Korean nationals to leave Israel via a land route to Jordan.
Earlier in the day, an Iranian ballistic missile struck Soroka Hospital in Israel’s Beersheba, seriously injuring several patients, doctors, and staff as the conflict entered its seventh day.
“Soroka Hospital in Beersheba — where Jews, Muslims, Christians, and Arab Bedouin receive care — was just hit by an indiscriminate Iranian ballistic missile. Israel will continue to do what must be done to protect all its people, from all walks of life,” the Israel Foreign Ministry said in a post on X.
According to the Israeli Defence Forces (IDF), Iran fired around 30 ballistic missiles at Israel on Thursday, and one of them struck the hospital in Beersheba.
International
Israeli military announces killing Hezbollah commander in Lebanon

Tel Aviv, June 19: The Israel Defence Forces (IDF) on Thursday announced that it had eliminated Yassin Abdel Menam Ezz al-Din, the commander of the artillery in the Litani sector of Hezbollah in Lebanon.
“Yesterday, the IDF attacked and eliminated, using aircraft, in the Barish area in southern Lebanon, the terrorist, Yassin Abdel Menam Ezz al-Din. The terrorist had launched numerous firing lines toward the north of the country during the war and engaged in attempts to rehabilitate the artillery forces of the terrorist organisation Hezbollah. Yassin Abdel Menam Izz al-Din’s actions constituted a blatant violation of the understandings between Israel and Lebanon,” the IDF said in a post on X.
The IDF asserted that it continues to monitor and thwart attempts by the “terrorist organisation Hezbollah to promote readiness to harm the State of Israel under the auspices of the war with Iran,” and will continue to work to eliminate any threat to the citizens of the State of Israel.
In a separate development, the IDF also mentioned that it had demolished the home of Samer Hussein, who carried out a shooting attack at the Gitti Avishar intersection in November 2024 in Ariel (West Bank).
“Engineering forces from the Samaria Brigade operated last night in the village of Einabus to demolish the home of terrorist Samer Hussein, who carried out a shooting attack at the Gitti Avishar intersection in Aerial. The attack injured 5 Israeli civilians and 4 soldiers,” the IDF posted on X.
The military reports that Samer Hussein was associated with Hamas. In November 2024, he opened fire on a bus and a bus stop where several soldiers were present. The attack resulted in injuries to nine individuals: three suffered serious injuries, one was moderately injured, and five had minor injuries, including four soldiers.
“The security establishment, with the backing of legal authorities, decided to demolish the terrorists’ home as part of the deterrence policy, according to which anyone who carries out an unusual terrorist attack, even if no one is killed, will have their home demolished. The IDF will continue to act to thwart terrorism in Judea and Samaria and to bring to justice terrorists who have acted to harm civilians or security forces,” the post added.
International
Iran ballistic missile hits hospital in Israel, dozens injured

Tel Aviv, June 19: An Iranian ballistic missile struck Soroka Hospital in Israel’s Beersheba, seriously injuring several patients, doctors, and staff as the conflict entered its seventh day on Thursday.
“Soroka Hospital in Beersheba — where Jews, Muslims, Christians, and Arab Bedouin receive care — was just hit by an indiscriminate Iranian ballistic missile. Israel will continue to do what must be done to protect all its people, from all walks of life,” the Israel Foreign Ministry said in a post on X.
According to the Israeli Defense Forces (IDF), Iran fired around 30 ballistic missiles at Israel on Thursday, and one of them struck the hospital in Beersheba.
President of Israel, Isaac Herzog, took to his social media to narrate the horrific scenes in the hospital after the attack on the civilians.
“A baby in intensive care. A mother by their bedside. A doctor rushing between beds. An elderly resident in a nursing home. These were some of the targets of Iran’s missile attacks on Israeli civilians this morning. Soroka Hospital, located in Be’er Sheva, is one of Israel’s finest — serving the entire Negev region, caring for Israelis of all faiths and our neighbours the Palestinians who come especially to be treated there. Its devoted staff — Jews and Arabs — work side by side in extraordinary harmony, united by the mission to heal,” the President posted on X.
“I send strength and support to the medical teams, to the patients, and to the residents of Be’er Sheva and all cities attacked across Israel this morning. In moments like these, we are reminded of what’s truly at stake and the values we are defending,” the post added.
Condemning the attack on the hospital, Israeli Prime Minister Benjamin Netanyahu said, “This morning, Iran’s terrorist tyrants launched missiles at Soroka Hospital in Beersheba and at a civilian population in the centre of the country. We will exact the full price from the tyrants in Tehran.”
Israeli Foreign Minister Gideon Sa’ar criticised the Iranian regime, stating that it intentionally attacks the civilian population.
“The Iranian regime fired a ballistic missile at a hospital. The Iranian regime deliberately targets civilians. The Iranian regime is committing war crimes. The Iranian regime has no red lines,” the Foreign Minister said in a post on X.
Israeli Deputy Foreign Minister Sharren Haskel slammed Iran’s “deliberate” and “criminal” activities and posted, “Iran just hit Soroka Hospital in Be’er Sheva with a ballistic missile. Not a military base. A hospital. This is the main medical centre for Israel’s entire Negev region. Deliberate. Criminal. Civilian target. The world must speak out.”
The conflict erupted last Friday when Netanyahu announced the launch of ‘Operation Rising Lion’ against Iran, a targeted military operation to roll back the Iranian threat of nuclear weapons to Israel’s survival.
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