Policy Sales (Apr - Nov 10):
Reliance Life Insurance has emerged as the leading private sector insurer in the country in terms of the number of policies it sold in the first eight months of the current financial year.
Reliance Life Insurance sold 13,12,389 policies between April and November, 2010, as against 12,61,668 in the corresponding period last year, according to IRDA data.
Insurance industry as a whole saw a 6 per cent dip in policy sales to 2,63,51,967 in April-November, 2010, from 2,78,91,082 in the same period last year
Premium Collection (Apr - Nov 10):
In terms of premium collections during the April-November period, ICICI Prudential was the top private player, mopping up Rs 4,053 crore, while SBI Life garnered Rs 3,952 crore.
Overall, the 23 life insurers in the country collectively mopped up Rs 76,990 crore as new first-year premiums during the period, a 39 per cent increase from Rs 55,357 crore in the year-ago period.
For more on this, read The Financial Express
Friday, December 31, 2010
Chola MS now eyes rural health insurance segment
Chola MS General Insurance, formerly known as Cholamandalam MS, is keen on expanding its presence in the rural health insurance segment by leveraging the reach of the Murugappa Group companies.
As part of its new pan-India identity with focus on its association with Mitsui Sumitomo Insurance of Japan, Chola MS intends to use the presence of Coromandel Fertilisers, EID Parry and Parry Agro to reach out to farmers with a rural health insurance product.
Health insurance segment, a vital ingredient of the general insurance segment, is growing at 40 per cent with a high scope for penetration in rural areas characterised by low awareness.
For more on this, read The Hindu
As part of its new pan-India identity with focus on its association with Mitsui Sumitomo Insurance of Japan, Chola MS intends to use the presence of Coromandel Fertilisers, EID Parry and Parry Agro to reach out to farmers with a rural health insurance product.
Health insurance segment, a vital ingredient of the general insurance segment, is growing at 40 per cent with a high scope for penetration in rural areas characterised by low awareness.
For more on this, read The Hindu
'Addressing multiple regulators issue a priority', says RBI
Pointing to the risk of regulatory arbitrage, the Reserve Bank of India (RBI) on Thursday said the issue of multiple regulators for non-banking entities needed addressing soon.
Because of the diverse profile of NBFCs, these entities come under multiple regulators. So, there arises a possibility of systemic risk from the various operations they undertake, including distribution of insurance products, mutual funds, investment in capital market.
With multiple regulators, RBI said there are chances of gaps in regulation, since a lot of activities taken up by merchant banks, portfolio managers and brokerages are not being subject to prudential regulation.
Bancassurance, for instance, a form of selling insurance products through banks and NBFCs, is one function that comes under the RBI, as well as the Insurance Regulatory and Development Authority. Capital market investments by banks and NBFCs are other common instances of regulatory arbitrage. Apart from the RBI, the Securities and Exchange Board of India (Sebi) comes into the picture, too.
The recent spat between SEBI and IRDA over ULIPs was another example of jurisdictional battle.
For more on this, refer Business Standard
Because of the diverse profile of NBFCs, these entities come under multiple regulators. So, there arises a possibility of systemic risk from the various operations they undertake, including distribution of insurance products, mutual funds, investment in capital market.
With multiple regulators, RBI said there are chances of gaps in regulation, since a lot of activities taken up by merchant banks, portfolio managers and brokerages are not being subject to prudential regulation.
Bancassurance, for instance, a form of selling insurance products through banks and NBFCs, is one function that comes under the RBI, as well as the Insurance Regulatory and Development Authority. Capital market investments by banks and NBFCs are other common instances of regulatory arbitrage. Apart from the RBI, the Securities and Exchange Board of India (Sebi) comes into the picture, too.
The recent spat between SEBI and IRDA over ULIPs was another example of jurisdictional battle.
For more on this, refer Business Standard
Thursday, December 30, 2010
Chola MS to cash in on the auto sector boom
Cholamandalam MS General Insurance Co (Chola MS), the joint venture between the Murugappa Group and Japan's Mitsui Sumitomo Insurance (MSIG), has planned to more than double its topline in next three financial years riding the on-coming waves of fresh Japanese and Korean investments in the automobile sector in India.
Chola MS eyes the growth opportunities in the vehicle insurance segment, particularly in the western industrial corridor spanning across Gujarat and Maharashtra.
Japanese, Korean links:
The insurance company has tied-up (formal and informal arrangements) with a number of Japanese and Korean vehicle manufacturers investing in India. It intends to extract maximum mileage out of such links to generate additional automobile insurance business here.
Vehicle segment has been the growth driver for Chola MS contributing 60 per cent to the company's topline.
MSIG, the largest insurer in Japan, has thrown its weight behind Chola MS to achieve the targets.
IFFCO Tokyo is the other insurer in the same space with a Japanese partner.
For more on this, read Business Line
Chola MS eyes the growth opportunities in the vehicle insurance segment, particularly in the western industrial corridor spanning across Gujarat and Maharashtra.
Japanese, Korean links:
The insurance company has tied-up (formal and informal arrangements) with a number of Japanese and Korean vehicle manufacturers investing in India. It intends to extract maximum mileage out of such links to generate additional automobile insurance business here.
Vehicle segment has been the growth driver for Chola MS contributing 60 per cent to the company's topline.
MSIG, the largest insurer in Japan, has thrown its weight behind Chola MS to achieve the targets.
IFFCO Tokyo is the other insurer in the same space with a Japanese partner.
For more on this, read Business Line
ICICI Lombard's new TV campaign on successful settlement of health claims
ICICI Lombard General Insurance Company Ltd. the country’s largest private sector General Insurer launched a television campaign to highlight the large number of health claims it settled in 2009-10. The company settled more than 50 Lakh claims last year across customer segments including corporate, retail and rural. The campaign features instances of real life claim experience of ICICI Lombard customers who honour the company as their “hero” for taking care of their families in the hour of need. The campaign emphasizes the customer-centric approach of the company.
ICICI Lombard realised the importance of owning the customer experience at the time of claims and set up “ICICI Lombard Healthcare”, its in-house claims settlement team in 2008. This has helped the company to streamline the process including its relationship with hospitals and effectively manage all claim requests.
The new campaign has been scripted by Ogilvy One and produced by Soda Films.
For more on this, read Business Standard
ICICI Lombard realised the importance of owning the customer experience at the time of claims and set up “ICICI Lombard Healthcare”, its in-house claims settlement team in 2008. This has helped the company to streamline the process including its relationship with hospitals and effectively manage all claim requests.
The new campaign has been scripted by Ogilvy One and produced by Soda Films.
For more on this, read Business Standard
Punjab National Bank looking for a JV in insurance
Punjab National Bank keeps alive its plans of foraying into insurance business and is looking for a joint venture partner.
It is looking for opportunities in both life and non-life business. It has invited expression of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies.
In June this year (2010), PNB had parted ways with two of its partners, US-based Principal and Berger Paints, in a planned life insurance joint venture. As part of agreement with the earlier partner, each of JV partner is free to undertake business of insurance brokerage or the business of life insurance independently.
The restructuring proposals have since received regulatory approvals, it said.
It was decided that PNB will buy the entire 26 per cent stake held by Principal Financial Group and 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd. PNB's stake that time stood at 30 per cent in the proposed joint venture, while the remaining 12 per cent is with Vijaya Bank.
Principal PNB Life Insurance was incorporated in 2005 with an authorised capital of Rs 110 crore to commence the life insurance business. The paid-up capital of the company stood at Rs 2 crore.
For more on this, read EconomicTimes
It is looking for opportunities in both life and non-life business. It has invited expression of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies.
In June this year (2010), PNB had parted ways with two of its partners, US-based Principal and Berger Paints, in a planned life insurance joint venture. As part of agreement with the earlier partner, each of JV partner is free to undertake business of insurance brokerage or the business of life insurance independently.
The restructuring proposals have since received regulatory approvals, it said.
It was decided that PNB will buy the entire 26 per cent stake held by Principal Financial Group and 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd. PNB's stake that time stood at 30 per cent in the proposed joint venture, while the remaining 12 per cent is with Vijaya Bank.
Principal PNB Life Insurance was incorporated in 2005 with an authorised capital of Rs 110 crore to commence the life insurance business. The paid-up capital of the company stood at Rs 2 crore.
For more on this, read EconomicTimes
Distribution tie-up - Star Union Dai-ichi Life insurance & Union Bank of India
Private insurer Star Union Dai-ichi Life insurance (SUD Life) has entered into a tie-up with Union Bank of India (UBI) for pan-India distribution of its Reverse Mortgage Loan-enabled Annuity Plan (RMLeA).
Reverse Mortgage Loan-enabled Annuity Plan targets senior citizens, who can reverse mortgage loan from UBI which will be utilised for purchasing a life annuity from SUD Life. The home owner's obligation to pay loan is deferred until his death, after which the home is either sold by the bank or the legal heirs reclaim the property by repaying the interest portion only because the principal will be returned by SUD.
UBI is one of the joint venture promoters of SUD Life and the other JV promoters are Bank of India and Dai-ichi Life, Japan.
For more on this, read EconomicTimes
Reverse Mortgage Loan-enabled Annuity Plan targets senior citizens, who can reverse mortgage loan from UBI which will be utilised for purchasing a life annuity from SUD Life. The home owner's obligation to pay loan is deferred until his death, after which the home is either sold by the bank or the legal heirs reclaim the property by repaying the interest portion only because the principal will be returned by SUD.
UBI is one of the joint venture promoters of SUD Life and the other JV promoters are Bank of India and Dai-ichi Life, Japan.
For more on this, read EconomicTimes
Wednesday, December 29, 2010
Birla Sun Life in a unique partnership with Career Launcher
Birla Sun Life Insurance Company Ltd. (BSLI) announced its partnership with Career Launcher, India’s leading education services provider, today. This tie-up is instrumental towards launching www.NotJobsButPassion.com, a comprehensive online property that aims to encourage parents to identify children’s innate strengths and help them find their real passion enabling them to pursue their career accordingly. The website acts as a one stop solution for parents to address career related concerns of their budding juniors.
This combined effort is intended at creating awareness about following one's passion as a career and is part of the latest 'Children’s Future Solutions' campaign of BSLI.
For more on this, read India InfoLine (IIFL)
IRDA's in-principle nod to Religare-Union Bank and Edelweiss-Tokio JVs
Insurance Regulatory and Development Authority (IRDA) gave its second stage approval to joint ventures of Religare and Union Bank for their health insurance venture and Edelweiss-Tokio for life insurance business.
IRDA has given R2 approval to these joint ventures. There are three stages of approval required for getting a licence for an insurance company. R1 is the preliminary approval, wherein the regulator evaluates the promoters. In the second stage (R2), Irda looks into the business model of the company and in the third (R3), at the formation of the company.
Religare is already present in the life insurance segment with Aegon and Bennett, Coleman and Company.
Tokio Marine is a Japan-based life insurance company.
For more on this, read EconomicTimes
IRDA has given R2 approval to these joint ventures. There are three stages of approval required for getting a licence for an insurance company. R1 is the preliminary approval, wherein the regulator evaluates the promoters. In the second stage (R2), Irda looks into the business model of the company and in the third (R3), at the formation of the company.
Religare is already present in the life insurance segment with Aegon and Bennett, Coleman and Company.
Tokio Marine is a Japan-based life insurance company.
For more on this, read EconomicTimes
Tuesday, December 28, 2010
Dai-ichi Life Insurance to take over Australia's Tower Group
Japan's Dai-ichi Life Insurance Co. plans to buy the shares it does not already own in Tower Australia Group Ltd for about 100 billion yen ($1.21 billion), as reported by Nikkei business daily.
It would be the first major acquisition by Dai-ichi Life, Japan's second-largest life insurer after Nippon Life Insurance Co, since it listed its shares on the Tokyo Stock Exchange in April after an $11 billion initial public offering.
At the time of its IPO, Dai-ichi Life pledged overseas expansion to erase concerns about its growth prospects in Japan, where the population is falling.
Dai-ichi Life also has minority stakes in Ocean Life Insurance Co in Thailand and Star Union Dai-ichi Life Insurance Co in India, and the move suggests it could raise its stakes in these companies.
Dai-ichi Life, the largest shareholder in Tower after buying a 29.7 percent stake in 2008, will take full control of the midsize Australian insurer through a tender offer next spring, aiming to boost its presence in the Oceania region.
Japanese companies have been actively seeking overseas acquisitions to secure growth outside their mature home market, while taking advantage of the increased purchasing power provided by the recently stronger yen.
For more on this, read Reuters
It would be the first major acquisition by Dai-ichi Life, Japan's second-largest life insurer after Nippon Life Insurance Co, since it listed its shares on the Tokyo Stock Exchange in April after an $11 billion initial public offering.
At the time of its IPO, Dai-ichi Life pledged overseas expansion to erase concerns about its growth prospects in Japan, where the population is falling.
Dai-ichi Life also has minority stakes in Ocean Life Insurance Co in Thailand and Star Union Dai-ichi Life Insurance Co in India, and the move suggests it could raise its stakes in these companies.
Dai-ichi Life, the largest shareholder in Tower after buying a 29.7 percent stake in 2008, will take full control of the midsize Australian insurer through a tender offer next spring, aiming to boost its presence in the Oceania region.
Japanese companies have been actively seeking overseas acquisitions to secure growth outside their mature home market, while taking advantage of the increased purchasing power provided by the recently stronger yen.
For more on this, read Reuters
Sunday, December 26, 2010
Temples seek insurance
Temples have been India's mainstay of culture, tradition and creativity, not to mention its association with wealth. With time, risk has not spared temples either.
With an intention to protect their riches, Indian temples are seeking insurance cover. Keeping in mind the valuable possessions of these cash-rich temples, re-insurance would be required to provide adequate cover to mitigate the risk.
Some of the temples which have sought cover already or contemplating are:
Insurers are also developing tailor-made products for religious institutions and events. For example, Haj pilgrims going to Mecca are increasingly buying insurance against loss of currency, apart from personal accident cover.
For more on this, read: Business Standard
With an intention to protect their riches, Indian temples are seeking insurance cover. Keeping in mind the valuable possessions of these cash-rich temples, re-insurance would be required to provide adequate cover to mitigate the risk.
Some of the temples which have sought cover already or contemplating are:
- Tirumala Tirupati Devasthanams temple in Andhra Pradesh
- Guruvayoor temple in Kerala
- Sabarimala Ayyappa shrine
- Vaishnodevi temple in Jammu & Kashmir
- Madurai Meenakshi temple
Insurers are also developing tailor-made products for religious institutions and events. For example, Haj pilgrims going to Mecca are increasingly buying insurance against loss of currency, apart from personal accident cover.
For more on this, read: Business Standard
LIC Premium Rises 95 percent
Life Insurance Corporation (International) registered a growth of 95 per cent in collection of new business premium over last year's performance.
LIC's latest product 'Fortune Builder New' has helped the insurance company collect more than $6 million premium.
For more on this, read: TradeArabia
LIC's latest product 'Fortune Builder New' has helped the insurance company collect more than $6 million premium.
For more on this, read: TradeArabia
IRDA insists strengthening actuarial departments; stresses hiring full time actuaries
IRDA has asked the 24 non-life insurers to strengthen their actuarial department and have it manned by full-timers.
Actuaries are experts in assessing the financial impact of future events. They enable financial decisions by analysing the past, modeling the future, assessing the risks and communicating what the results mean in financial terms.
As per IRDA regulations, every life and non-life insurer should have an appointed actuary. While life insurers should have a permanent official, non-life companies can have a part-timer.
Actuaries are experts in assessing the financial impact of future events. They enable financial decisions by analysing the past, modeling the future, assessing the risks and communicating what the results mean in financial terms.
As per IRDA regulations, every life and non-life insurer should have an appointed actuary. While life insurers should have a permanent official, non-life companies can have a part-timer.
Further, appointed actuaries are IRDA’s representatives in the insurance companies and cannot be hired or fired without the regulator’s consent.
There are 24 non-life insurers – six of them government owned, four non-life, one agriculture insurance company and one Export Credit Guarantee Corporation (ECGC) – in India.
IRDA is also considering to scrap the system of part-time appointed actuaries in non-life sector.
For more on this, read: IndiaTalkies
Temasek Takes Exposure To Healthcare And Insurance Group Max India
After an earlier exposure to India's largest healthcare firm Apollo Hospitals, Singapore government owned investment firm Temasek has bought shares in Delhi-headquartered healthcare and insurance group Max India. Temasek, one of the two sovereign wealth funds managing investments of Singapore government (the other being GIC), has reportedly picked up more than 3% stake in Analjit Singh-owned Max India through open market purchases.
The investment by Temasek gives it twin exposure in healthcare and insurance business in India. Delhi-headquartered Max India operates a chain of healthcare service centres under Max Healthcare and also owns a stake in the group’s life insurance joint venture with New York Life.
This marks a return in healthcare exposure for Temasek in India. It had sold off its investment in the country’s largest hospital chain Apollo Hospitals three years ago to Malaysia’s sovereign fund Khazanah.
For more on this, read: VCCIRCLE
The investment by Temasek gives it twin exposure in healthcare and insurance business in India. Delhi-headquartered Max India operates a chain of healthcare service centres under Max Healthcare and also owns a stake in the group’s life insurance joint venture with New York Life.
This marks a return in healthcare exposure for Temasek in India. It had sold off its investment in the country’s largest hospital chain Apollo Hospitals three years ago to Malaysia’s sovereign fund Khazanah.
For more on this, read: VCCIRCLE
Friday, December 24, 2010
Star Union Dai-ichi Life Insurance eyes UP rural mkt
Star Union Dai-ichi Life Insurance (SUD Life) is eyeing the vast rural market in Uttar Pradesh for future growth. SUD Life is in the process of collaborating with regional rural banks (RRB) in the state to penetrate deeper into the hinterland.
In this context, SUD Life has entered into a strategic tie-up with Aryavart Gramin Bank, a leading RRB in the state. This collaboration would allow Aryavart to promote SUD Life products in its over 300 branches in the state across Lucknow, Barabanki, Farrukhabad, Hardoi, Kannauj and Unnao districts.
The company, which is a joint venture of Bank of India, Union Bank of India and Japan’s Dai-ichi, already had significant presence in Uttar Pradesh through over 1,000 branches of the two public sector banks.
For more on this, read Business Standard
In this context, SUD Life has entered into a strategic tie-up with Aryavart Gramin Bank, a leading RRB in the state. This collaboration would allow Aryavart to promote SUD Life products in its over 300 branches in the state across Lucknow, Barabanki, Farrukhabad, Hardoi, Kannauj and Unnao districts.
The company, which is a joint venture of Bank of India, Union Bank of India and Japan’s Dai-ichi, already had significant presence in Uttar Pradesh through over 1,000 branches of the two public sector banks.
For more on this, read Business Standard
Wednesday, December 22, 2010
Insurance Industry: Mergers and Acquisitions 2010
A number of Mergers and Acquisitions (M&As) between insurance companies have been implemented during 2010 in a bid to strengthen business activities in both mature and emerging markets. These developments have taken place as insurers strive to capture an increase in profitable markets and penetrate new markets to capitalize on shifting global demands.
Asia – particularly China and India – has become pivotal for the insurance industry offsetting lacklustre returns from established markets.
For more on this, read International Insurance News
The article has very well articulated the recent mergers and acquisitions in the insurance industry.
Asia – particularly China and India – has become pivotal for the insurance industry offsetting lacklustre returns from established markets.
For more on this, read International Insurance News
The article has very well articulated the recent mergers and acquisitions in the insurance industry.
Break-even point for private life insurers shifts forward
IRDA has said private life insurers have failed to meet the breakeven targets indicated by them at the time of seeking a licence. However, companies have started taking corrective action and have reduced their operating expenses considerably.
According to IRDA, the experience of the insurance markets globally indicates that companies in the life sector take 7-10 years to break even. In India, several insurance companies will complete 10 years of operations in the current fiscal.
The regulator has pointed out that the increase in expenses was largely because of the insurance companies’ inability to control procurement costs.
For more on this, read EconomicTimes
According to IRDA, the experience of the insurance markets globally indicates that companies in the life sector take 7-10 years to break even. In India, several insurance companies will complete 10 years of operations in the current fiscal.
The regulator has pointed out that the increase in expenses was largely because of the insurance companies’ inability to control procurement costs.
For more on this, read EconomicTimes
IRDA Annual Report 2009-10 - Released
IRDA released the latest annual report for the financial year 2009-10 last week.
Please click on IRDA Annual Report 2009-10 to download the pdf version of the same.
Please click on IRDA Annual Report 2009-10 to download the pdf version of the same.
ULIPs dominance on the decline
Insurers reduce dependence on Ulips after Irda’s new norms shrink margins.
After the rules of life insurance were rewritten, insurers have changed their business models. Unit-linked insurance plans (Ulips), after a long innings in the life insurance industry, have lost the match to traditional products.
Insurers altered the product mix after September when the Insurance Regulatory and Development Authority of India introduced a host of guidelines on Ulips, shrinking margins. They are now selling more traditional products – which include term plans, money-back, endowment and pension plans — than Ulips.
For more on this, read Business Standard
After the rules of life insurance were rewritten, insurers have changed their business models. Unit-linked insurance plans (Ulips), after a long innings in the life insurance industry, have lost the match to traditional products.
Insurers altered the product mix after September when the Insurance Regulatory and Development Authority of India introduced a host of guidelines on Ulips, shrinking margins. They are now selling more traditional products – which include term plans, money-back, endowment and pension plans — than Ulips.
For more on this, read Business Standard
Tuesday, December 21, 2010
Insurers allowed to invest in Infra bonds
The decision of the Insurance Regulatory and Development Authority of India (IRDA) to allow insurance companies to invest in infrastructure funds is a welcome move that will benefit both the issuers of bonds as well as the investing companies.
The insurance companies need to invest their growing corpus of long term liabilities in projects that will yield stable and continuous returns year after year while the infrastructure companies need long-term funding to implement projects. But the problem of the infrastructure sector is not really paucity of funds.
For more on this and issues bothering infrastructure growth and development, read EconomicTimes
The insurance companies need to invest their growing corpus of long term liabilities in projects that will yield stable and continuous returns year after year while the infrastructure companies need long-term funding to implement projects. But the problem of the infrastructure sector is not really paucity of funds.
For more on this and issues bothering infrastructure growth and development, read EconomicTimes
Life insurance industry experiences 50% dip in new business in November
New Ulip rules hurt, but premium collected by selling new policies rises 39%.
The life insurance industry recorded a 50 per cent dip in new business premium income in November. This was mainly because of changes followed by new norms for unit-linked insurance plans (Ulips) from September.
As per IRDA, life insurers collected Rs 7,282 crore by selling new policies in November 2010 as compared to Rs 14,646 crore in November 2009.
Despite the fall in sales, the premium collected by selling new policies rose 39 per cent during the period compared to the same period last year, mainly due to an increase in the minimum ticket size of Ulips. The minimum size has grown from Rs 5,000 last year to Rs 20,000.
For more on this, read Business Standard
The life insurance industry recorded a 50 per cent dip in new business premium income in November. This was mainly because of changes followed by new norms for unit-linked insurance plans (Ulips) from September.
As per IRDA, life insurers collected Rs 7,282 crore by selling new policies in November 2010 as compared to Rs 14,646 crore in November 2009.
Despite the fall in sales, the premium collected by selling new policies rose 39 per cent during the period compared to the same period last year, mainly due to an increase in the minimum ticket size of Ulips. The minimum size has grown from Rs 5,000 last year to Rs 20,000.
For more on this, read Business Standard
Monday, December 20, 2010
IRDA lets companies offer credit insurance, but not for securing bank credit
Three months after it banned all forms of credit insurance, the regulator has allowed companies to provide limited trade credit protection. Credit insurance will, however, not be available for securing bank credit .
In September, the Insurance Regulatory and Development Authority (IRDA) banned all forms of credit insurance except for the cover provided by the Export Credit Guarantee Corporation.
The ban came in the wake of large defaults on credit insurance policies issued by state-owned companies.
For more on this, read EconomicTimes
In September, the Insurance Regulatory and Development Authority (IRDA) banned all forms of credit insurance except for the cover provided by the Export Credit Guarantee Corporation.
The ban came in the wake of large defaults on credit insurance policies issued by state-owned companies.
For more on this, read EconomicTimes
Max Bupa appointed Official Health Insurance Partner of Chennai Open 2011
Max Bupa has been appointed as the 'Official Health Insurance Partner' for the Aircel Chennai Open 2011. Max Bupa is a health insurance company formed through a joint venture between Max India Ltd. and the UK based Bupa Group.
For more on this, read TheSportsCampus
For more on this, read TheSportsCampus
Sunday, December 19, 2010
IRDA questions low health insurance premiums
The Insurance Regulatory and Development Authority (IRDA) has expressed its concern at the low premium charged by some government health insurance schemes and the rampant undercutting of rates by public sector general insurers.
Speaking to reporters on the sidelines of an insurance seminar, IRDA chairman Hari Narayan said, "The insurers are managing with investment income. If the Sensex goes down to 9,000 points then insures will not have a cushion."
Narayan said IRDA has started playing disciplinarian role in addition to a developmental one.
For more on this, read SiliconIndia
Speaking to reporters on the sidelines of an insurance seminar, IRDA chairman Hari Narayan said, "The insurers are managing with investment income. If the Sensex goes down to 9,000 points then insures will not have a cushion."
Narayan said IRDA has started playing disciplinarian role in addition to a developmental one.
For more on this, read SiliconIndia
IRDA to allow demat account for insurance
Buyers of life insurance will now be able to save their policies in a digital form instead of having to maintain paper copies of each transaction over the life of the policy, which typically spans between 20 and 30 years.
The Insurance Regulatory and Development Authority (Irda), the industry watchdog, is awaiting a proposal from the Life Insurance Council, an industry lobby, that will allow life insurers to dematerialize life insurance policies, just like company shares.
For more on this, read livemint.com
The Insurance Regulatory and Development Authority (Irda), the industry watchdog, is awaiting a proposal from the Life Insurance Council, an industry lobby, that will allow life insurers to dematerialize life insurance policies, just like company shares.
For more on this, read livemint.com
Indian Life Insurance Companies Cut Loss by 80%
The 23-player life insurance industry in the country made a total loss of Rs 988.82 crore in the financial year 2009-10, according to the latest annual report of Insurance Regulatory Authority of India (Irda).
For more, please read Deccan Herald
For more, please read Deccan Herald
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