The government and financial sector regulators have prevailed on Insurance Australia Group (IAG) to route its investment in a general insurance venture with State Bank of India through Singapore, instead of the original proposal to bring the money through a Mauritian subsidiary.
Bharti AXA General Insurance has introduced four new add-on covers under its motor insurance portfolio, which will be available with the company's existing product -- SmartDrive Private Car Policy. The company has launched Hospital Cash, Medical Expenses, Ambulance Charges Cover and Depreciation Cover.
ndustry body Assocham on Thursday said it estimates the premium from general insurance to touch Rs 1 lakh crore in the next 5 years as awareness and income about insurance products among the rural masses are on the rise
Punjab & Sind Bank plans to offer 5% each to top institutions
.jpg)
Pricing of products by hospitals was not regulated, Kumar said at an interaction organised by Merchants Chamber in Kolkata.
Tata AIG General Insurance, which is the market leader in personal accident covers, eyes 200 per cent growth in income from this segment. It has tied up with a number of education consultants for its Prudent Guard policy for students. Insurers sell two types of personal accident cover to schools -- one for students and another for parents. Some insurers also sell hybrid product covering both.
All payments made via debit and credit cards, net banking and mobile wallets will be entitled to discounts.
A roundup of what you can do from the comfort of your couch while sipping on a dalgona coffee in your pajamas.
General Insurance Corporation, the country's only reinsurer, will be launching Retakaful -- reinsurance based on Shariah principles -- in this financial year. Retakaful will provide reinsurance support and will be based on the Islamic principles called Shariah. Reinsurance refers to insuring insurance companies. Similarly, a Retakaful company provides reinsurance support to Takaful insurance companies (insurance companies following the Islamic concept of insurance).
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
The Supreme Court has dismissed a petition filed by New India Assurance to evict Nusli Wadia, chairman of the Rs 1,000-crore Bombay Dyeing Group, from his Malabar Hills flat in Mumbai, rented to him since 1972.
Mediclaim, a health insurance brand offered by general insurance companies, is a reimbursement plan whereas critical illness insurance is a benefit plan that both life and non-life insurance companies offer.
The reinsurer expects total insurance cover to be around $500 million.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
RCap had proprietary investment book of Rs 2,000 crore (Rs 20 billion) as on end-March and owns stake in a host of companies.
In order to improve the quality of service rendered by third-party administrators, a committee formed by the Insurance Regulatory and Development Authority has recommended that general insurers should hire at least two agencies to execute back office jobs for settlement of health insurance claims. In addition, to improve the coverage and quality of services provided by TPAs, the panel has suggested that the minimum capital requirement should be doubled.
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
In his first interview since taking over as ICICI Lombard managing director and CEO, Bhargav Dasgupta tells Shilpy Sinha that during the first quarter of 2009-10, the company has seen an increase in profit, while most other players are bleeding.
The proposed portable health insurance policy, earlier to be sold only to those between 18 years and 40 years, is to now cover individuals from three months to 65 years. The product, which has been in the works for over a year, has been cleared by the General Insurance Council, the industry lobby, which will approach the regulator to approve the product.
Bharti will move FIPB soon for increasing Axa's stake to 49%
Because of the slowdown, GIC's housing loan disbursement had been 'static', but it would pick up by the second half of this fiscal. Till september this year, the disbursal was Rs 290 crore (Rs 2.9 billion), M Sivaraman, managing director, told reporters in Kochi on Monday night.
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore (Rs 5 billion) from the corpus set up by general insurers to fund such losses.
Public insurer New India Assurance has accused the troubled NACIL of flouting the tender norms for about Rs 45,000-crore (Rs 450 billion) insurance cover for Air India's fleet to favour a consortium led by an Anil Ambani group firm, which refuted the allegation.
ICICI group's private equity business head Renuka Ramnath is believed to have put in her papers on Monday.
"The general insurance penetration accounts for just 0.6 per cent of the country's GDP. There is clear potential for robust growth and we intend to leverage this opportunity. We have the financial capital, technology, distribution and brand to do this," says Vishakha Mulye, executive director, ICICI Lombard -- the largest private-sector general insurance company in India.
Pvt life insurers are planning to foray into health covers, with standalone health insurance policies.
Insurance advisors suggest you read the fine print first, as there are a host of exclusions which will enable insurers to turn down claims. But the money lost will not be covered. Insurance will be restricted to the replacement cost of a lost or stolen wallet, personal papers and the credit and debit cards in the wallet. There will be no cover for cheques, tickets or fraudulent charges on the lost or stolen cards and any other identity theft-related costs.
GIC has increased its reinsurance business in Dubai from Rs 369 crore in 2007-08 to Rs 517 crore in 2008-09. Similarly, the company's fully underwritten cover amounted to Rs 326 crore this year in London, where it started operating in 2008. "Global insurers are showing faith in GIC. It has got some psychological support in view of its sovereign rating," a senior GIC executive said.
Finance ministry considers tax sops, regulation of hospitals to make health care affordable.
Though General Insurance Corporation of India has a majority stake of 40 per cent as the re-insurer, the rest was re-insured with global reinsurers.
One year after the Insurance Regulatory and Development Authority's (Irda) allowed insurance companies to invest in venture capital (VC) funds, no insurer has shown interest in funding VCs.
No change in the maximum cover of Rs 750 crore.
The new executive director of Reliance Capital has big shoes to fill in every way.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Regulator Irda has permitted corporations owning general insurance business to set up their insurance broking companies. Business houses promoting insurance broking companies, Irda said, would have to give an undertaking that the clients of the company will not be "compelled to use the broker for their insurance requirements". Also the insurer will not favour its brokers in any form, be it in terms of providing more remuneration or laying down terms favouring it, Irda said.
Move to provide insurance up to Rs 1,000 cr from Rs 750 cr now.
Iffco Tokio General Insurance is hoping to step up growth by focusing on motor and health insurance.
A day after Manmohan Singh won the trust vote, sans Left support, rating agencies Moody's Investor Services and Icra said the insurance sector will get a huge boost if the government paves the way for greater foreign participation in Indian companies.
The government on Friday approved the much-awaited comprehensive insurance bill, which seeks to raise foreign direct investment cap in private sector to 49 per cent from 26 per cent, and said it would be tabled in the Parliament in December.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances