Insurance Newsletter – July 29 to August 02, 2013

India Infoline News Service | Mumbai |

After a couple of years, Life Insurance Corporation of India (LIC) is set to appoint four managing directors (MDs) soon, according to a media report

Top Stories 

Pvt life insurers report 1.5% decline in new premiums

Life insurance companies collected new premiums of Rs. 192.16 billion for the three-months ended June, as compared to Rs. 194.51 billion in April to June 2012, according to IRDA (Insurance Regulatory and Development Authority) data. Read more...

No agent can transfer corporate licence in 1 yr: IRDA

The Insurance Regulatory and Development Authority (IRDA) on Thursday said no agent / corporate agent can seek transfer from one insurer to another within one year of grant of licence.  The insurance regulator said no such transfer would be allowed if these agents do not achieve the minimum business norms mandated by the insurer. Read more...

IRDA to tighten rules for web aggregators

The Insurance Regulatory and Development Authority (IRDA) proposed each web aggregator be paid a fee not exceeding Rs. 50,000 a year towards each product displayed in the comparison charts on its website, compared with Rs. 1 lakh earlier. The draft has proposed that aggregators can neither have multiple sites to sell insurance, nor sell any other product other than insurance. These aggregators will have a three-year licence, which can be renewed. Read more...

Domestic News

Insurers likely to invest in proposed ETF

The finance ministry said that IRDA (Insurance Regulatory and Development Authority) will soon notify the proposed central public sector enterprises-exchange traded fund as an investment product for insurers, according to a media report. Read more...

Reliance General Insurance launches “Reliance HealthGain”

Reliance General Insurance Company (RGI), a part of Reliance Capital Limited and one of India’s largest selling private general insurers, today announced the launch of its innovative and unique Health Insurance Plan - Reliance HealthGain - for the retail segment. Read more...

LIC to appoint managing directors soon

After a couple of years, Life Insurance Corporation of India (LIC) is set to appoint four managing directors (MDs) soon, according to a media report.  Finance ministry said two new MDs would be appointed in a month, the report added. The state-run insurer has shortlisted Usha Sangwan as one of the managing directors. She is currently the executive director, communications of LIC. Read more...

SBI General books premium of Rs 2.70bn in Q1

SBI General Insurance Company Limited, a joint venture between the State Bank of India and Insurance Australia Group (IAG), has garnered a premium income of Rs. 270.89 crore during the first quarter of FY’ 14, registering impressive growth of 115% and continues to be the fastest growing General Insurance company in India. Read more...

Hiring in private insurance may increase in FY14

Abhibus.com partners with ICICI Lombard

Learning

How to choose an appropriate car insurance plan

Car insurance indemnifies owners against any loss arising out of an unforeseen accident or event. With numerous car insurance policies available, how do you go about choosing the most appropriate one? Here is what you need to consider before making a choice.

Third party option and comprehensive cover
According to the law of the land, every motor vehicle owner should at least buy a third-party cover to compensate a third person for damages or losses incurred. Read more...


International News

Renewable energy could triple insurance spending by 2020

The renewable energy industry could be spending three times as much on insurance every year by 2020 to mitigate risks to projects, a new report by Bloomberg New Energy Finance sponsored by Swiss Re said.  The report looked at six of the world's leading markets for solar and wind, including Australia, China, France, Germany, the United Kingdom and the United States. Depending on the scenario, insurance premium volumes in these markets could increase from $850 million today to anywhere between $1.5 billion and $2.8 billion by the end of this decade. Read more...

 

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