Insurance Newsletter - 15 April to 18 April, 2013

India Infoline News Service | Mumbai |

PNB MetLife India Insurance Company Limited (PNB MetLife), an affiliate of MetLife, Inc., today announced the launch of its loan protection plan for Punjab National Bank (PNB) home and education loan customers.

Top Stories 

General insurance industry reports 19% growth in Apr-Feb period

The general insurance industry grew 19.34% in the April-February period of 2012-13 compared to the financial year 2011-12, according to IRDA (Insurance Regulatory and Development Authority) data. 

The 27 non-life insurers collected Rs. 618.85 billion gross premium in the 11 months of FY12-13.

Of the total premium, the share of 21 private sector players stood at Rs. 266.55 billion, while four public sector players—New India Assurance, National Insurance, United India and Oriental Insurance— contributed Rs. 311.96 billion… Read more

LIC reduces stake in Infosys

State--run insurer LIC (Life Insurance Corporation of India) stake declined to 5.96% in Infosys on 31 March 2013, according to a media report.

During the October-December 2012 quarter, LIC held 7.24% stake in Infosys. The insurer’s holding in Infosys had increased during the preceding three quarters, according to the data available with the stock exchanges.

LIC held 4.92% stake in the company at the beginning of FY12-13.

Taking into account the average market value of Infosys shares, the 1.28% decline in LIC's holding in the company would be worth about Rs. 20 billion.

Insurance cos to review health insurances with TPAs: IRDA

The Insurance Regulatory and Development Authority (IRDA) on Monday asked all insurance companies to review the existing agreements with third party administrators for providing health service. 

A TPA means a person who is licensed under the IRDA (Third Party Administrators—Health Services) Regulations, 2001 by IRDA, and is engaged, for a fee or remuneration by an insurance company, for the purposes of providing health services.

This is in order to ensure compliance with the new regulations on health insurance… Read more 

Learning

How to control your health insurance expenses?

One of the foremost steps to ensure lower premiums and better coverage is to get a health policy at a young age… Read more

Quote, Unquote

“The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers”

Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS)

“Customers seeking to purchase a general insurance policy will consider not just the features of the product, but also the quality of the insurer’s service. This includes not just the front-end sales process, but also how prompt the insurer is in handling claims and complaints”

Lee Boon Ngiap, Assistant Managing Director, Monetary Authority of Singapore

Domestic News

Policybazaar.com, Chleon launch new model for vehicle insurance premium

Online financial services platform Policybazaar.com and Chleon is introducing a new model “Pay How You Drive” to calculate future insurance premium for car drivers.

With this model, Policybazaar.com aims to track car driver’s behaviour using the Chleon device, and provide the driver with his very own personal driving score. This score with the customer’s permission can be provided to insurance companies who have accepted this model for consideration while offering car insurance… Read more

PNB MetLife announces launch of Met Flexi Shield

PNB MetLife India Insurance Company Limited (PNB MetLife), an affiliate of MetLife, Inc., today announced the launch of its loan protection plan for Punjab National Bank (PNB) home and education loan customers.
 
The proposition for home loan and education loan borrowers of the bank provides protection against loan liability, in the event of unforeseen circumstances of the death of the borrower and offers full financial protection to the family… Read more

Tata AIA Life wins World Pension Fund Award

Tata AIA Life Insurance on Monday has won the World Finance Pension Fund of the year 2013 from India at a ceremony held at the London Stock Exchange.

The award was bestowed on Tata AIA Life in recognition of its financial strength, efficiency of the investment functions, customer relationship management, operational performance and human resource management… Read more

United India to sell crop, weather insurance in western India

United India Insurance has asked the Agriculture Insurance Company (AIC) to allow it to sell crop and weather insurance products in the western region of Maharashtra.
At present, the company is selling these products in the South… Read more

International News

Thomson Reuters releases guidebook on Islamic insurance

Thomson Reuters, the world's leading supplier of intelligent information for businesses and professionals, today released a comprehensive guide to Islamic insurance titled "Takaful Primer 2013".

The guidebook is authored by Dr. Omar Fisher who had earned a PhD. in Takaful through a combined graduate program of the International Islamic University of Malaysia (Kuala Lumpur) and Camden University of Delaware (USA) in 2005. He is the author or technical editor of several books and articles on Takaful, the Islamic alternative to conventional insurance… Read more


EIOPA, World Bank sign deal to develop global insurance

The European Insurance and Occupational Pensions Authority (EIOPA) and the World Bank have signed an operational Memorandum of Understanding (MoU) to cooperate on developing the insurance sector.

This Memorandum will enable both organizations to collaborate on promoting a risk-based regulatory and supervisory framework in insurance, as well as the identification of systemic risk and the promotion of consumer protection. The agreement also covers cooperation on activities, such as seminars, providing speakers for events as well as the exchange of knowledge, technical papers and best practices… Read more

ING US fixes price range, IPO issue size

ING announced on Tuesday that ING US, Inc., its US-based retirement, investment and insurance business, has filed a preliminary prospectus with the US Securities and Exchange Commission (SEC) in connection with its proposed initial public offering (IPO).

The proposed IPO will consist of both a primary component offered by ING U.S. and a secondary component offered by ING Group, both at a currently estimated price range of USD 21 to USD 24 per share… Read more

 

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