General Insurance

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Tighter norms for global reinsurers opening branches

November 4, 2015

The Insurance Regulatory and Development Authority of India (Irdai) has tightened its norms for foreign reinsurance companies opening branch offices in India.

With appointment and chief executive remuneration to be monitored by the regulator, apart from higher retention within the country, reinsurers are of the view that these firms may not open up multiple […]

By |November 4th, 2015|General Insurance|0 Comments

Bajaj Allianz moots short-term general insurance covers

November 4, 2015

Private general insurer Bajaj Allianz has moved a proposal before IRDA to launch short-term insurance plans. These are insurance schemes for home or accident cover, which can be purchased for a specific period. At present, a blanket cover for the entire year is available under various general insurance schemes. However, there are many […]

By |November 4th, 2015|General Insurance|0 Comments

Uniform Package Policy for Farmers: United India Insurance CMD

20th October 2015

COIMBATORE: Government is coming out with a special insurance cover for the benefit of agriculture sector, a top United India Insurance Company official said today.

A Uniform Package Policy is being worked out for the benefit of farmers, which will cover crop, personal accident, health and agricultural implements, Chairman and Managing Director of United […]

By |October 21st, 2015|General Insurance|0 Comments

What’s cyber liablity insurance and why you may need it

20 October 2015

“In today’s interconnected world, it is imperative for companies to have adequate security and data protection measures and top that protection through a cyber liability insurance policy,” says M Ravichandran, president – insurance, TATA AIG General Insurance.

Sumati Mishra lost Rs 1.5 lakh after she shared the one-time password sent to her mobile phone […]

By |October 21st, 2015|General Insurance|0 Comments

49% Insurance FDI: 6 months later foreign firms still elusive

Oct 16, 2015

In December 2014, three months before the Insurance Act was amended by Parliament, finance minister Arun Jaitley had said hiking of the foreign investment cap in the insurance sector to 49 per cent, which has been pending since 2008, will result in a capital inflow of $6-8 billion.

While six months have passed since […]

By |October 19th, 2015|General Insurance|0 Comments

Swiss Re finds big gaps in insurance coverage

September 22, 2015

Global reinsurer Swiss Re has found big gaps in insurance coverage (pure protection) in Indian households. The mortality protection gap report for Asia Pacific by Swiss Re has found that the gap in India was $8,555 billion in 2014.

Clarence Wong, head of economic research and consulting, Asia Pacific, Swiss Re, said while there […]

Foreign reinsurance players interested in India: Swiss Re

Sep 21, 2015

Several foreign players in reinsurance are looking to enter India and that is the word coming from Swiss re’s Chief Economist, Kurt Karl. The Indian re-insurance market has been dominated by government-owned general insurance corporation for long. Even a hike in the foreign direct investment (FDI) cap for insurance to 49 percent hasn’t changed […]

Life insurers’ new premium grows by 13.8% in April-August period

September 22, 2015

Life insurers collected first year premium of Rs 45,871 cr during April 1, 2015 to August 31, 2015 for the period as compared to Rs 40,296 cr. New business premiums of life insurance companies saw a 13.8 per cent rise for the period between April 1 and August 31, 2015, on the back of […]

Indian Companies are under-insured

September 2, 2015

India Inc is inadequately covered for business-related risks. A survey conducted by ICICI Lombard said that revealed that despite being aware, corporations have taken insurance coverage for only a few risks. Group medical insurance and group accidental insurance is the most common cover.

The study, spread across 292 companies spanned technology, BFSI, steel, cement, pharmaceutical, […]

Insurance brokers association (IBAI) not included in restructured GIC Council

July 28, 2015

The Indian Broker Association (IBAI) is miffed with regulator IRDAI over its non-inclusion in the General Insurance Council (GIC) and wants the Finance Ministry to intervene to fix the “flaw” in the Insurance Act.

IBAI is a professional body of 400 insurance brokers while GIC represents 28 general insurers in the country.

The recently passed […]

By |July 28th, 2015|General Insurance, GIC Council, IBAI, IRDA, LIC Council|0 Comments
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