News this week
Non-life insurance premium collection likely to touch Rs. 800bn in FY14
The non-life insurance industry is expected to grow at 18% in the current financial year with premium collection expected to touch Rs. 800 billion, according to insurance broking agency India Insure.
India Insure, in a report, said, the middle class will necessarily contribute to the growth, particularly in the health segment. The Union government's initiatives will help propel the growth and premium collection in the health insurance space is likely to touch Rs. 200 billion by FY15, the report added.
Agriculture insurance in India is predicted to exceed Rs. 45 billion by end of FY14.
Aegon Religare Life launches Guaranteed Growth Insurance Plan
Private life insurer AEGON Religare Life Insurance (ARLI) has launched its AEGON Religare Guaranteed Growth Insurance Plan.
This plan is aimed at customers who are looking at a steady return over the medium term while minimising risk.
This plan offers the customer an eight-year premium paying term and a ten-year policy term. At the end of the policy term, the customer gets an annual return equivalent to 150% of the premium, paid for a period of eight years.
Cigna TTK Health Insurance secures license from IRDA
Cigna TTK Health Insurance Company Limited, a joint venture between the U.S. based global health service leader, Cigna Corporation, and Indian conglomerate TTK Group, has received the regulatory - license from the Insurance Regulatory and Development Authority (IRDA) on 13th November, 2013 and is set to commence its operations soon.
Cigna TTK is a stand-alone health insurance company, headquartered in Mumbai and will look to roll out a pan India presence.
Max Life Insurance forays into e-commerce
Max Life Insurance announced its foray into the E-Commerce space. As the first step in its E-Commerce journey, the company announced the launch of the ‘Max Life Online Term Plan’.
The plan is uniquely designed to provide comprehensive protection through three different death benefit options – the tax free ‘level’ or ‘increasing’ monthly income in addition to one time sum assured and the traditional option of onetime tax free sum assured. The plan also offers a ‘Comprehensive Accident Benefit’ rider, which provides added benefits not only for death but also on dismemberment due to an accident... Read more
IndiaFirst Life completes 4 successful years in life insurance industry
IndiaFirst Life celebrated its fourth successful year of operations in the Indian insurance sector.
With a paid-up share capital of Rs. 475 crores, IndiaFirst is present in over 1000 cities and towns across the country through 5000+ partner bank branches. Having launched its operations on November 16, 2009, the company has successfully differentiated itself through simple, easy to understand products that are fairly priced and efficiently serviced.
Dr P Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance, said “The last four years have been an extremely challenging yet fulfilling journey for all of us at IndiaFirst. We are proud that we have been able to stick to our belief of always placing our customers ‘First’ and providing true value to all our stakeholders by through innovation and use of technology.”... Read more
Swiss Re invests $493mn for 4.9% stake in New China Life
Swiss Re announced that it has entered into a transaction with Zurich Insurance Company Ltd to acquire a 4.9% stake in New China Life Insurance Company Ltd, reaffirming Swiss Re's commitment to high growth markets.
New China Life is a Chinese company which provides life and health insurance products. Headquartered in Beijing, New China Life is the third largest life insurer in China based on gross premium.
Swiss Re is acquiring directly from Zurich Insurance Company 152.9 million New China Life H shares (which are listed on the Stock Exchange of Hong Kong), representing 4.9 % of the total issued share capital of New China Life (which includes both H shares listed in Hong Kong and A shares listed in Shanghai). The total consideration of the transaction is HKD 3,821 million (USD 493 million)... Read more
Swiss Re to acquire 14.9% stake in Brazilian insurer SulAmérica
Swiss Re has agreed to acquire an 11.1% stake in Sul América S.A. from ING Group N.V. and a 3.8% stake from members of the Larragoiti family for a total amount of approximately USD 334 million. This confirms Swiss Re's commitment to Brazil, Latin America and high growth markets.
SulAmérica is the largest independent insurance group in Brazil and a leading provider of health and auto insurance. In addition, the company also offers property, casualty, and life insurance as well as pension, asset management and premium savings bonds products... Read more