Cyclone Phailin: Insurance industry not hit hard
Though there is significant flooding following cyclonic storm Phailin in Odisha, the insurance industry is not expected to be hit hard, according to a media report.
Phailin hit the Andaman and Nicobar islands between 12:30-1:30PM on Wednesday and turned into a "very severe cyclonic storm" and hit northern Andhra Pradesh and coastal Odisha around Saturday.
According to insurers, there is a huge amount of underinsurance in the areas hit. However, there was not a huge impact on industrial areas or risks. But, claims are still coming in as the damage is being assessed, the report added... Read more
Life insurance policy for HIV-AIDS patients from Apr 1: IRDA
The Insurance Regulatory and Development Authority (IRDA) on Friday has issued a draft circular on “Life Insurance Products for People Living with HIV / AIDS (PLHA)” to all insurers. All Life insurers shall put-in place Board approved underwriting policy with respect to life insurance products for PLHA, IRDA said in the circular.
The Board approved underwriting policy shall: Provide clear guidelines on PLHA; indicate all the possible risks that can be considered for underwriting with the eligibility criteria to consider such proposals in terms of medical and non-medical parameters; and specify all the risks which would be deferred and denied/declined, the circular said... Read more
SEBI appoints 5 entities as investment advisers
Market regulator SEBI (Securities and Exchange Board of India) on Monday has allowed five entities to act as investment advisers.
The investment advisers include Edelweiss Investment, Principal Retirement, Aroha Capital and two individuals.
SEBI had granted registration to 11 entities in August 2013, including ICICI Securities, IFMR Investment Adviser Services, Sensage Financial Services and Valuefy Solutions.
There is a strong need to control mis-selling: ICICI Bank
ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar said that the insurance industry needs to focus on simple and transparent products to prevent mis-selling.
Speaking at an event organised by the National Insurance Academy in Mumbai on Tuesday, Kochhar said that there is a strong need to control mis-selling.
Kochhar further said that various studies have revealed that new business profit margins in India are lower than other nations. This is reflected from low persistency and high costs in life insurance.
BSLI launches saving plan
Birla Sun Life Insurance, the life insurance arm of the Aditya Birla Financial Services Group, has announced the launch of a participating traditional plan, BSLI Savings Plan, with guaranteed additions for the first 5 years of the policy term.
BSLI Savings Plan is a savings cum insurance plan that aims to provide secured growth to your savings and comprehensive financial protection to your family from the risk of unfortunate death. By way of its guaranteed additions, bonus accumulation, and life insurance benefit, this product offers a three-way solution to the customer’s financial needs... Read more
Frost & Sullivan, IRDA partner for MDeC
Global growth consulting firm Frost & Sullivan recently, with its strategic partners Iskandar Regional Development Authority (IRDA), i2M Ventures Sdn Bhd (i2M) and Malaysia Development Corporation (MDeC) organised the inaugural Frost & Sullivan Iskandar Malaysia Case Challenge 2013.
Kavan Mukhtyar, Partner at Frost & Sullivan said that the purpose of the inaugural challenge is to encourage final year undergraduates and post-graduate students to develop and present ideas, strategies and action plans on how Iskandar Malaysia can be developed into a sustainable economic region by 2020... Read more
SBI Life wins Global Performance Excellence Award, 2013
SBI Life Insurance, the most trusted and preferred life insurer, wins the Global Performance Excellence Award (GPEA) 2013 by Asia Pacific Quality Organisation’s (APQO) under Large Service Organizations category. The award was presented at the 19th APQO / International Conference on Quality at Bali, Indonesia on 9th October, 2013.
SBI Life is the only organization from India to have won the World Class Award in Large Service category... Read more
HDFC Life honored with Golden Peacock award for ‘HR-Excellence’
HDFC Life, India’s leading long term private life insurance solutions provider has been conferred with the prestigious ‘Golden Peacock HR Excellence Award’ in the Insurance category.
The award recognizes effectiveness of HR and people management practices at HDFC Life, contributing to the needs of the business, profession, employees, industry and the nation. Rajendra Ghag, Senior EVP & Chief Human Resource Officer, HDFC Life said, “It is an extremely proud moment for us at HDFC Life to be honored with Golden Peacock award for overall excellence in our HR and people management practices.”... Read more
What are secured premium notes?
Secured premium notes are nothing but a share warrant which are only issued by the listed companies after getting the approval from the central government... Read more
Swiss Re in pact with Pacific Century
Swiss Re on Wednesday announced that it has entered into an agreement with Pacific Century Group to invest up to USD 425 million in FWD Group, confirming Swiss Re's commitment to the High Growth Markets.
Swiss Re's investment in FWD Group (FWD) consists of an initial investment for a 12.3% stake in FWD and a commitment for additional investments to fund FWD's planned expansion across Asia.
The total transaction size, including committed capital, is USD 425 million. Swiss Re's ultimate ownership stake in FWD will be determined based on the amount of committed capital eventually deployed... Read more
Average wealth above $50K; sets all-time high: Credit Suisse
Global wealth has reached a new all-time high of USD 241 trillion, up 4.9% since last year and 68% since 2003, with the USA accounting for 72% of the latest increase. Average wealth per adult reached a new alltime high of USD 51,600, with wealth per adult in Switzerland returning to above USD 500,000, Credit Suisse Research said.
We expect global wealth to rise by nearly 40% over the next five years, reaching USD 334 trillion by 2018. Emerging markets are responsible for 29% of that growth. China will account for nearly 50% of the increase in emerging economies’ wealth. Wealth growth will primarily be driven by growth in the middle segment, but the number of millionaires will also rise markedly over the next five years, the research company said... Read more
Specialist advisors manage double average assets per advisor
New research from Cerulli Associates, a Boston-based global analytics firm, states specialist advisor practices manage nearly double the industry average assets per advisor. Specialist advisors accounted for 29% of overall advisor assets as of the end of June 2013.
"The vast majority of financial advisors are generalists," states Bing Waldert, director at Cerulli. "We estimate that only 15% of advisors tailor their business to a unique clientele, such as institutions, retirement plans, or high-net-worth investors."... Read more