General Insurance

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Irdai on use-and-file products

19 Febuary 2016

The Insurance Regulatory and Development Authority of India (IRDAI) has said that commercial products in general insurance will be sold under use-and-file procedures.

Use-and-file is a procedure where the insurer is permitted to market the product without prior noting of IRDAI. The guidelines will come into force with effect from April 1, 2016.

The procedure […]

By |February 19th, 2016|General Insurance|0 Comments

Insurance regulator inks first bilateral pact with UAE

19 Febuary 2016,

The Insurance Regulatory and Development Authority of India (IRDAI) has entered into its first bilateral agreement with the Insurance Authority of United Arab Emirates (UAE).

The Memorandum of Understanding (MoU) was signed by Chairman TS Vijayan, with his counterpart in the UAE regulator, last week.

The pact assumes significance in the wake of the increase […]

By |February 19th, 2016|General Insurance|0 Comments

India to gain from liberalisation in insurance: John Nelson, Lloyd

18 Febuary 2016

The country stands above the rest of the world with its higher GDP rate, but there is a gap between the government’s actions and the follow-up by the bureaucracy that can be frustrating, says Lloyd’s chief John Nelson in an interview with ET.

There is currently a lot of global turmoil largely related to […]

By |February 18th, 2016|General Insurance|0 Comments

Private insurers may reduce exposure to non-retail motor insurance

9 Febuary 2016

Insurers’ claim ratios have even exceeded 150 per cent in certain periods in this space meaning that the claim amount exceeded the premium collected.

Private general insurers are looking to reduce their exposure to commercial vehicle motor insurance, owing to high claims in the segment.

Insurers’ claim ratios have even exceeded 150 per cent in […]

By |February 9th, 2016|General Insurance|0 Comments

A.M. Best Affirms Ratings of General Insurance Corporation of India

9 Febuary 2016

HONG KONG–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of General Insurance Corporation of India (GIC Re) (India). The outlook for both ratings is stable.

The ratings reflect GIC Re’s strong risk-adjusted capitalization and business profile in its domestic market.

Favorable capital growth has […]

By |February 9th, 2016|General Insurance|0 Comments

New India Assurance reports profit of Rs 747 cr for April-December period

3 Febuary 2016

State-owned general insurance company New India Assurance, the largest general insurer posted a profit after tax of Rs 747 crores for the nine months period ended December 31, 2015. The profit before tax stood at Rs 885 crore.

The company recorded a global premium of Rs 13,219 crore, recording a growth of 14.42 per […]

By |February 3rd, 2016|General Insurance|0 Comments

SBI Life Insurance eyes 30-35% growth over next 3 years

1 Febuary 2016

SBI Life Insurance Company is looking at an overall growth of 30-35% for the next two-three years on the back of growing agency and bancassurance distribution segments.

SBI Life Insurance Company is looking at an overall growth of 30-35% for the next two-three years on the back of growing agency and bancassurance distribution segments.

The […]

By |February 1st, 2016|General Insurance|0 Comments

IRDA’s new reinsurance guidelines favour public sector firm GIC Re

1 Febuary 2016

The Insurance Regulatory and Development Authority (IRDA) has revised its regulations for the reinsurers, giving preference to public sector reinsurer GIC Re in the domestic insurance sector.

“Every Indian insurer has to offer its reinsurance business to Indian reinsurer and then to other reinsurers like foreign reinsures which are having branches in India, Lloyd’s […]

By |February 1st, 2016|General Insurance|0 Comments

Edelweiss Tokio receives Irdai approval to raise foreign stake

30 January 2016

Private life insurer Edelweiss Tokio Life Insurance has received approval from the Insurance Regulatory and Development Authority of India to increase Tokio Marine’s stake to 49 per cent in the joint venture. This will be a primary investment by Tokio Marine in the joint venture and will lead to a FDI of Rs […]

By |January 30th, 2016|General Insurance, IRDA|0 Comments

5 reasons why you must have a travel insurance cover

30 January 2016

Away from the hustle and bustle of life, an overseas vacation comes as a welcome break. But, if you do not plan your trip meticulously, it could turn out to be a harrowing experience. Besides planning for the itinerary, including travel tickets, accommodation and the required paperwork, insurance is key to ensuring a […]

By |January 30th, 2016|General Insurance|0 Comments
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