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 Industry To Save Rs.100 Cr. from E-insurance initiative

August 31, 2015

Will E-insurance be the next big step taken by IRDAI?

The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to digitize all insurance policies. Under this, policyholders will have to pay a fee if they want a physical copy of their policy.

However, general insurance executives are of opinion this could […]

By |August 31st, 2015|e-insurance, IRDA|0 Comments

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

Irda says no to 100% FDI in insurance broking biz

July 24, 2015

The Insurance Regulatory and Development Authority of India (IRDA) has ruled out allowing 100 per cent foreign direct investment (FDI) in the insurance broking business. “There is no plan to allow 100 per cent FDI in insurance broking,” said a top official.

In 2013, Irda had appointed a committee under its senior director Suresh […]

By |July 24th, 2015|IRDA|0 Comments

IRDA to soon prescribe rural business obligations for health insurers

May 28, 2015

Health insurance will soon be more accessible to people living in rural areas as insurers will have to fulfil the exclusive rural business obligation.

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to prescribe a separate set of obligations in its new Rural and Social Sectors Regulations 2015 which are to […]

By |May 28th, 2015|IRDA|0 Comments

Five important points you must know about the Insurance Bill

Multiple regulatory measures to bring in sweeping changes in the way industry functions

Nothing can undermine the potential of life insurance as a tool to best combine the protections and savings needs for customers. There are steps being taken at all times to make the industry more customer-friendly. In the recent times, the industry has seen […]

By |May 19th, 2015|IRDA|0 Comments

Nine including NIC chief appear for IRDA member-non-life post

MUMBAI: Nine candidates, including the chairman and managing director of state-run National Insurance Company PJ Joseph, have appeared for the interview for the post of member (non-life) at the regulator IRDA (Insurance Regulatory and Development Authority), according to sources.

The post fell vacant after M Ramaprasad retired on April end. These nine candidates were shortlisted from […]

By |May 15th, 2015|IRDA|0 Comments
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