The smartphone has become our buddy and we owe it a good insurance policy to ensure it's protected at all times, says Naval Goel
Ever since the Insurance Regulatory and Development Authority (Irda) allowed motor insurance companies to decide premiums in December 2007, car insurance premiums have fallen sharply. The focus, it seems, is clearly on garnering more retail customers.For instance, in March 2007, the premium for a Honda City was Rs 20,760 in Mumbai. But this year it has fallen to Rs 15,770 - a difference of Rs 4,990.
Indian reinsurer General Insurance Corporation has hardened its stance while negotiating reinsurance arrangements for the next financial year. During the first round of talks with non-life insurers, GIC said that it would pay at least 5 per cent lower commission on business that is reinsured with it. Further, it has sought a share in underwriting profits, which could be as high as 50 per cent, sources involved with the negotiations said.
In a huge relief for senior citizens, the entry age for health insurance has been extended to 65 years. But, will it come at a cost?
According to the IRDA's data in 2007-08, the health insurance segment was estimated to be around Rs 5,152 crore, with only 2 per cent of the total population being covered. Realising the potential and advantages -- the segment has been growing at 37 per cent since 2002 -- both life and non-life insurers are offering health insurance products. Health insurance in 2007-08 accounted for 0.2 per cent of the individual regular premium for life insurance companies in India.
The company received a fresh equity infusion in 2012-13.
In a move that will bring cheer to health insurance policyholders, non-life insurers are finalising the contours of a new product that will have a common minimum standard cover and will be renewable and portable across companies.
LIC and GIC employees will go on strike on Tuesday to lodge their emphatic protest against the 'ill-advised' two Bills the Government of India introduced in Parliament on Monday. The office bearers of Insurance Employees' associations said the increase in FDI limit under external pressure results in increased access to private foreign capital over domestic savings, thereby weakening the public sector LIC of India.
The government on Saturday notified refund of tax paid by exporters on three additional services of general insurance, technical testing and analysis, and inspection and certification -- a move that will provide much- needed respite to businesses hit by an appreciating rupee.
The removal of tariffs would result in health insurance becoming the second-largest business for general insurance companies over the next three years.The health insurance premium which stood at Rs 675 crore in 2001-2002 has risen to Rs 3,200 crore by March 31, 2007.
Of these 26, Bajaj Finance, Associated Alcohols and Breweries, Garware Technologies, Filatex India, Tasty Bite Eatables, Aarti Industries and GMM Pfaudler saw an over 10-fold surge in price since 2014.
ICICI Lombard has launched a hybrid weather-cum-satellite imagery-based insurance product in India to insure wheat crops.
Under the agreement, SBI would hold a 74 per cent stake in the new entity that would be set up for providing the business, while the Australian partner would hold the remaining, SBI said in a filing to the Bombay Stock Exchange. In May this year, both parties had said they would enter into an agreement to form a new company for the proposed insurance business. However, the JV is subject to regulatory approvals, it added.
No legal proceedings have been initiated against Nestl till now.
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
Giving further freedom to insurance companies, sector regulator IRDA has announced removal of all pricing controls on general insurance products, including fire and engineering, beginning next year, which is expected to bring down premiums.
With increasing cases of lifestyle diseases, opting for a critical illness health insurance policy makes sense.
Ranbaxy's shares rose by 0.65 per cent on Thursday to close at Rs 493.55 a share, below the offer price of Rs 737 a share. Two days ago, it had been reported that institutional investors Life Insurance Corporation and General Insurance Corporation, which between them hold 16.43 per cent in Ranbaxy, offered to sell their stake.
This will be the largest claim in the aviation sector for Indian insurers in the last three years
Not a single Indian insurance company offers a comprehensive anti-cybercrime policy for the corporate sector. In India there are few takers for cybercrime insurance primarily because of the high cost vis-a-vis their exposure. These policies are of a high value and, on request from a few brokers, are customised for banks. Cybercrime policies in the US cover e-theft, denial or impairment of e-service, e-communication, e-vandalism, e-threat and fraudulent e-signatures.
Indian cricket legend Sachin Tendulkar, chess champion Viswanathan Anand and Bollywood stars took to Twitter this week to support a campaign against child labour, using their fame to draw greater attention to the issue. The campaign, launched by Indian insurer Reliance General Insurance and children's rights NGO Child Rights and You (CRY), used the hashtag #DONT_EMPLOY_LITTLE_ONES to urge people to promise not to use child labour. Bollywood stars Soha Ali Khan and Mandira Bedi also tweeted their support. "Every child deserves to chase dreams. Let dreams be chased," Tendulkar tweeted. The former India captain's tweet was retweeted almost 2,000 times and liked nearly 5,000 times. There are 5.7 million Indian child workers aged between five and 17, out of 168 million globally, according to the International Labour Organization. More than half the Indian children work in agriculture, toiling in cotton, sugarcane and rice paddy fields, and over a quarter in manufacturing, embroidering clothes, weaving carpets or making matchsticks. Children also work in restaurants and hotels, and in middle-class homes.
SBI's entry into general insurance is expected to pose challenges to existing players. Public sector United India Insurance, New India Assurance, Oriental Insurance and National Insurance hold a major share of the business. In private sector, leading players include Bajaj Allianz, ICICI Lombard, IFFCO-Tokio General Insurance and Reliance General Insurance.
You will lose out on discounts and have to pay a higher premium.
ICICI Bank on Friday reshuffled its management as Nachiket Mor, an executive director, decided to quit. The board, at its meeting on Friday, promoted deputy managing director Chanda Kochhar as the joint managing director and chief financial officer (CFO) of the bank. The incumbent Group CFO Vishakha Mulye has been made executive director of the bank's subsidiary, ICICI Lombard General Insurance.
LIC's product will be a hospital cash product (that is for major listed surgeries and procedures, LIC will pay the insured a predetermined lump sum amount, depending on his premium payment). LIC's product will also be a long-term product of over 10 years. For claim payouts, the public sector behemoth has tied by with Axis Bank, Syndicate Bank and Bank of America.
This, despite squeeze in start-up funding; $946 mn Bharti Infratel deal is biggest so far this year
Given that medical inflation is estimated at 15% to 20%, a no-claim bonus can provide added benefit
German insurance giant Allianz is planning to widen base in India with foray in banking business through its unit Dresdner Bank, besides expanding its existing non-banking financial services.
The solutions developed by the company cover a broad spectrum, including helping recruiter's gauge the behavioural profiles of candidates during virtual job interviews and assisting in real-time translation in vernacular languages, among others.
The Institute of Insurance and Risk Management invites applications for its International Post-graduate Diploma in Life Insurance, General Insurance and Risk Management Programmes.
Private insurers are planning to launch property title insurance covers in India soon. Foreign investment is therefore likely to enter the Indian real estate market.
There are some things you should know while insuring your home
Most popular mandal in Mumbai, Lalbaugcha Raja, takes Rs 51 crore cover.
Two former directors on the Larsen & Toubro board have returned the employee stock option shares to the company following an out-of-court settlement reached this week with two government-owned financial institutions.
The Institute of Insurance and Risk Management invites applications for its distance learning, International Post-graduate Diploma Programmes in Life Insurance (IPGDLI) and General Insurance (IPGDGI).
In a communication to L&T, the financial institutions on Thursday said they were withdrawing the nominations of Sinha and Deshmukh from the board with immediate effect.
"We have written to all the companies in which we have nominee-directors, asking them not to give Esops," said LIC managing director D K Mehrotra. He said there were more than 100 companies in which LIC had nominee-directors.
The move opens a debate on the role of independent directors nominated by institutions.
GoAir and Tata-AIG have signed a deal of travel insurance for passengers who book online tickets.
L&T plans to launch as asset management company and has also collaborated with US based Travelers for a non-life insurance venture.
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