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Insurance Newsletter - May 31 to June 06, 2013

India Infoline News Service | Mumbai |

ICICI Lombard General Insurance Company Ltd., the country’s largest private sector general insurance company, in association with GfK Mode, unveiled the ‘ICICI Lombard Smoking Habits 2013’ survey on The World No Tobacco Day.

Top Stories 

IRDA may create non-fin holding co structure for insurers

The Insurance Regulatory and Development Authority (IRDA) on Monday said that it will examine the issues arising out of a non-operating financial holding company (NOFHC), which would be a subsidiary of the promoter company, to hold stake in an insurance company, according to a media report.

According to the current norms, a subsidiary company cannot hold stake in an insurance company. Read more...

IRDA gets ready for product refiling process

Cost cutting! 3.6mn life insurance agents eliminated in last 4 yrs

Over 3.6mn life insurance agents were terminated in last four years, Life Insurance Council secretary general V Manickam said.

Around 2.6mn agents were added in the last four years, Manickam added. Read more...

58% of smokers polled do not have health insurance: Survey

ICICI Lombard General Insurance Company Ltd., the country’s largest private sector general insurance company, in association with GfK Mode, unveiled the ‘ICICI Lombard Smoking Habits 2013’ survey on The World No Tobacco Day. The comprehensive survey delves into the various social and psychological factors that influence smoking. The national survey interviewed 900 + smokers across the cities of Kolkata, Delhi, Mumbai and Bangalore. Read more...

Domestic News

Shriram Life Insurance Q4 PAT at Rs. 820mn vs Rs. 560mn YoY

IDBI Federal achieves break-even in fifth year of operations

IDBI Federal Life Insurance has achieved break even in 2012-13, its fifth year of operations. The company has reported a maiden profit of Rs. 9.24cr in 2012-13, thus making it one of the fastest to break-even in the Life Insurance industry. In an industry challenged by falling margins, shrinking new business volumes, high cost ratios and low profitability, this is a significant achievement. Read more...

See GDP growth at 5.8-6% in FY14: ICRA

India’s GDP (gross domestic product) grew at a snail’s pace of 4.8% in the fourth quarter ended March 31, 2013, Central Statistics Office said.

This is a marginal improvement over the Q3 GDP growth rate of 4.7%.

The country’s GDP stood at 5% for the full fiscal—which is lowest in a decade. 

Indian stocks held their losses after the GDP data, with the 30-stock benchmark Sensex down 1.16% at 19,981.84. The CNX Nifty fell 1.19% to 6,051.1. Read more...

Cabinet approves health insurance for rickshaw-pullers

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

China gears up to launch deposit insurance policy

China is all set to launch a long-pending deposit insurance system after a consensus has been reached within the government, according to a media report.

The People’s Bank of China’s financial stability report said that China is ready in various aspects to launch a deposit insurance system. Read more...

FDIC-insured institutions earned $40.3bn in Q1 FY13

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3bn in the first quarter of 2013, a $5.5bn (15.8%) increase from the $34.8bn in profits that the industry reported in the first quarter of 2012.
 
This is the 15th consecutive quarter that earnings have registered a year-over-year increase. Increased noninterest income, lower noninterest expenses, and reduced provisions for loan losses accounted for the increase in earnings from a year ago. Half of the 7,019 insured institutions reporting financial results had year-over-year increases in their earnings. The proportion of banks that were unprofitable fell to 8.4% from 10.6% a year earlier. Read more...

2mn UK consumers approach ombudsman last year
 

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