Life insurers’ premium declines 4% in H1 FY12-13
The total premium collected by life insurance industry in India has declined around 4% to Rs. 469.63 billion in the April-September period of the current financial year. The premium collected in the first six month of FY11-12 was Rs. 490.46 billion, according to IRDA (Insurance Regulatory and Development Authority) data.
The total premium collection of private life insurers decreased 5.7% to Rs. 116.22 billion in the April-September period of FY12-13 from Rs. 123.25 billion in the first six months of FY11-12… Read more
Insurers to participate in corporate bond repos: IRDA
Financial sector regulators are ready to allow insurers to participate in repos in government and corporate bonds. The move is aimed to boost investments in debt market, according to media reports.
The relaxation is being done in consultation with the RBI (Reserve Bank of India). The Securities and Exchange Board of India (SEBI) has already allowed mutual funds to trade in debt market.
Insurers will also benefit from the move as it will attract long-term investors to invest more in the debt market offering higher yields than government securities, the reports added… Read more
IRDA hikes insurers’ investment limit to 15% to buy stake in corporates
The IRDA (Insurance Regulatory and Development Authority) has approved a proposal to increase insurance companies’ investment limit up to 15% to acquire stake in a single corporate house.
Till now, the investment limit was 10% to acquire stake in a single corporate house. According to insurance industry expect, the IRDA decision will have a major impact as it will help insurers to to invest higher amounts in large corporates. The 15% investment limit will give insurers better investment opportunities and enhance returns on their investments.
FM to make ID proof mandatory for third party insurance: Reports
The finance ministry is like to make identity proof mandatory for claimants seeking compensation under third party insurance, the media reports said.
According to some insurers, due to lack of proper verification and strict conditions for giving compensation to the relatives of a road accident victim, some fraudulent activities have taken place and this had led to extracting crores of rupees from insurers.
Insurers said that there is no time limit for seeking compensation and the claims can be launched from anywhere, irrespective of the accident site. To address the issue of rising losses in third party motor segment, the finance ministry has also asked general insurers to take necessary steps for negotiated settlement of such claims, the reports concluded.
Health insurers to mention premium for first 5 years: IRDA
The Insurance Regulatory and Development Authority (IRDA) has advised health insurers to mention premium amount for the first five years while filing a new product for its approval, according to media reports.
But these insurers would be free to increase the renewal premium based on medical inflation, cost of healthcare and its underwriting norms. However, increase in the premium cannot be more than the amount mentioned in the premium chart, the media reports added.
However, there is no official announcement or written statement from the IRDA regarding raising renewal premiums, the reports concluded.
Non-life insurers’ monthly premium collection rises 24.7% in September
The monthly premium collection of non-life insurers increased 24.7% to Rs. 60.59 billion in September 2012 compared to September 2011, according to IRDA (Insurance Regulatory and Development Authority) data.
The total premium collection rose 18.85% for the April to September period in the current fiscal compared to the same period in the previous year, the IRDA data mentioned… Read more
Companies stop renewing group term insurance plans: Reports
These days you just can’t depend completely on your employer for a group term plan. These plans surely provide the employees of a company / firm with life insurance so that their families’ needs are looked after in case an employee dies in an unfortunate event.
However, many corporates are pulling out of group life insurance plans to reduce costs, according to media reports… Read more
L&T General plans to earn 25% of total premium collection
L&T General Insurance, a wholly-owned subsidiary of engineering major Larsen & Toubro, is aiming to earn 25% of total premium collection from its health insurance business in the next three years, L&T Insurance CEO and whole-time director Joydeep Roy said.
Mr Roy was speaking at the launch of my:health Medisure Classic Insurance in Kolkata. L&T General's premium collection from health insurance was Rs.143 crore during 2011-12, the first financial year of its operation… Read more
ERGO, Avantha will launch life insurance company in India
ERGO Insurance Group is strengthening its presence in the emerging Asian markets by signing a joint venture with the Avantha Group in India. The new company will offer life insurance products to private customers. However, no financial details have been provided.
ERGO and Avantha are setting up the new company which is to be named Avantha ERGO Life Insurance Company and will have its head office in Mumbai. The agreement was signed by Gautam Thapar, Chairman and CEO of Avantha, and Dr Jochen Messemer, Chairman of the Board of ERGO International AG. Subject to further regulatory approval, operations will commence at the beginning of 2014… Read more
Exide to buy 26% stake in ING Life: Reports
Exide Industries is planning to acquire ING’s 26% stake in its Indian life insurance venture, ING Life, according to media reports. However no financial details of the details are provided.
Exide Industries has submitted its proposal to IRDA (Insurance Regulatory and Development Authority) to acquire the stake in ING Life. IRDA has yet to approve the proposal, the reports added.
At present, Exide Industries holds 50% stake in the insurance venture, while 24% is held by Enam Group and Hemendra Kothari, a former Merrill Lynch India partner.
Carnation launches insurance solutions business
Carnation Auto launched its insurance solutions vertical on the receipt of its insurance broking license. Carnation Insurance will now be able to sell not only general insurance products like car insurance but also life insurance products. The company will provide the best insurance plans along with comprehensive solutions to all current and prospective customers… Read more
Apollo Munich’s Optima Restore wins Innovation of the Year Award
Apollo Munich Health Insurance’s Optima RESTORE, has won the “Innovation of the Year” award this Sunday at 16th Asia Insurance Industry Award in Kuala Lumpur.
The 16th Asia Insurance Industry Awards 2012 were held by the leading international insurance trade publication – Asia Insurance Review at a glittering ceremony in Kuala Lumpur… Read more
BSFL, Royal Sundaram launch online sale of health insurance product
Bhartiya Samruddhi Finance Ltd (BSFL), the flagship company of the BASIX Social Enterprise Group and Royal Sundaram Alliance Insurance Company Limited, pioneered in launching a web enabled solution at the Common Service Centres (CSCs) of BSFL that will enable the rural customers to receive the policy document of health insurance product instantly… Read more
L&T Insurance launches my:health Medisure Classic Insurance
L&T Insurance announced the launch of my:health Medisure Classic Insurance, its competitive health insurance policy. my:health Medisure Classic Insurance is a meticulously designed insurance solution that provides a unique combination of thoughtful features at an affordable price. This flexible and configurable product precludes the customer’s need to look for more than one product to cover his health costs without increasing his financial burden… Read more