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Insurance Newsletter - 17 May to 23 May, 2013

India Infoline News Service | Mumbai |

IndiaFirst Life Insurance on Monday said that it is foraying into health insurance and micro insurance from the current fiscal and the company will achieve break-even sooner than expected.

Top Stories 

Pvt life insurers report significant policy lapse ratio in FY12

Over 16mn investors didn’t renew their traditional insurance plans worth Rs. 1.9 trillion (total sum assured) in 2011-12, registering a two-fold jump from 2008-09, according to IRDA’s (Insurance Regulatory and Development Authority) Handbook of Statistics data.

Private insurance companies reported significant lapse ratio in their life insurance policies in FY11-12 as a lot of investors didn’t pay their renewal premium. Read more...

Banks should be permitted one broking licence: IRDA

IRDA (Insurance Regulatory and Development Authority) on Tuesday said that a corporate bank should be allowed to have only one insurance broking licence, according to a report.

The IRDA panel, constituted to review the IRDA Broking Regulations 2002, submitted its report two weeks back. Read more...

Life insurance plans to be standardised by August: IRDA

The actuarial department of IRDA (Insurance Regulatory and Development Authority) has attempted to standardise five products to expedite up the process of product approval, according to a media report.

Last year, the insurance regulator constituted four working groups which included members from the life insurance industry and IRDA for standardisation of 18 products, the report added. Read more...

Special Stories

25% health insurance claims fake

Health insurers are concerned about massive cases of fake claims as it impacts their profits.

It is estimated that health insurance portfolio has crossed Rs. 500-bn mark in 2012-13. However, the official data is not yet released. Read more...

ICICI, HDFC Bank direct staff not to push insurance products

Private lenders—ICICI Bank and HDFC Bank—have ordered their staff not to push for sale of insurance products that are seen as the main means used by customers to avoid taxes and legitimise ill-gotten wealth, according to a media report.

These banks have verbally requested staff in many of their branches not to pursue sale of insurance voluntarily till the dust settles on the cobrapost.com sting operations, the report added. Read more...

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...

Leader Speak

Need fresh FDI to fuel growth in insurance space: Aviva Life

R Ramachandran, CEO & MD, Aviva Life Insurance India, said the insurer is looking to strengthen its online and protection product suite. He stated that it’s looking to launch an online unit-linked insurance plan soon. Read more…

Domestic News

Max Life's PBT up 17% at Rs. 8.6bn

Private insurer Max Life Insurance on Wednesday said that its profit before tax rose 17% to Rs. 8.6bn in FY12-13 over the previous financial year.

Gross written premium of the company grew 4% to Rs. 66.39bn. Max Life declared dividend of Rs. 2.59bn and bonus of Rs. 2.97bn to participating policyholders, a 5%-7.5% upward revision from previous year. Read more...

LIC reduces Maruti stake to 8.25%

EPFO allows cos to opt for group cover from pvt insurers

The Employees' Provident Fund Organisation (EPFO) has appointed Edelweiss Tokio Life Insurance to provide this group term insurance plan in lieu of Employees' Deposit Linked Insurance (EDLI) Scheme.

Currently, an EPFO subscriber gets insurance cover of up to Rs. 1 lakh before superannuation. Read more...

IndiaFirst Life to enter health, micro insurance in FY14

IndiaFirst Life Insurance on Monday said that it is foraying into health insurance and micro insurance from the current fiscal and the company will achieve break-even sooner than expected.

The company, floated by Andhra Bank and Bank of Baroda, has shown significant growth of business on critical parameters, with its new business premium increasing by 34%, from Rs. 9.8bn to Rs. 13.16bn. Read more...

Xpress Money offers free life insurance to Indian expats

Xpress Money, the world’s most dependable money transfer brand, in association with Union Insurance - one of the leading insurance firms in the Gulf Co-operation Council (GCC) region, launched remittance industry's first free life insurance for Indian expats working in the region. Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.

This pioneering insurance will provide a life insurance protection of AED 15,000 Dirhams including AED 5,000 Dirhams of repatriation expenses of the mortal remains, something that not many insurance companies cover. Read more...

International News

UK govt to boost insurance industry

UK treasury minister Greg Clark said that the government plans to boost the insurance industry with policy sweeteners such as tax breaks, hoping to nurture it as a source of investment and an engine of economic growth. 

Clark told a conference run by specialist publisher Insurance Day on Monday. Read more...

Cheapest car insurance in UK costs £20,000

UK-based Kaljeet Bansal passed her driving test last week but was shocked when her cheapest car insurance quote came in at almost £20,000, according to a media report.

The 18-year-old was looking to insure a £400 Daewoo Matiz with an 800cc engine, the report added.

Bansal used price comparison websites including Confused.com to get quotes, with only two insurance companies willing to insure her. Read more...

Indian Network announces platinum health insurance
 
 

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