GIC Re loses $1.1 million to online fraudsters

25 September 2015

MUMBAI: In an alarming development showing that the global cyber fraud networks are targeting Indian financial institutions, GIC Re, the national re-insurer, has become a victim of ‘phishing’ attack and lost $1.1 million.

GIC Re’s Dubai office fell prey to the fraud sometime in July this year, an official of the re-insurer confirmed.

A masked (fake) […]

By |October 7th, 2015|Uncategorized|0 Comments

Irdai tightens norms for mis-selling insurance

03 October 2015

For the first time since they began selling insurance policies in 2002, banks will now be held accountable for mis-selling such policies. A bank and its specific employee found guilty of mis-selling of insurance products will face action under the new Insurance Act.

The Insurance Regulatory and Development Authority of India (Irdai) has directed […]

By |October 7th, 2015|Uncategorized|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, […]

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