Tata AIG Life set to approach regulator soon on the 'e-life' tablet; to be launched in metros initially.
Tata AIA Life Insurance has 13 people at the senior vice-president level.
A day after Prudential bought out AIG's Asia arm, AIA, top executives of both AIG and Tata AIG met the Insurance Regulatory & Development Authority to keep the latter abreast of developments.Sources at Tata Sons told Business Standard they had decided to buy out AIG's stake in the life insurance business. And, would consider inducting a partner at a later stage.
Understand your travel insurance policy before travelling abroad this summer. This article outlines what travel insurance covers, including trip cancellations, missed connections, and medical emergencies, and what it excludes, such as war-related disruptions and pre-existing conditions.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
Battered by the financial meltdown, AIG had received billions of dollars from the US government last year to tide over the turmoil. The leading insurer has also shed assets worldwide to streamline its operations.
Recent years have been turbulent for the insurance industry due to direct and indirect tax reforms, regulatory overhaul and other external pressures. The events cumulatively slowed growth rate to single digits from the high teens seen earlier.
The American International Group India on Thursday issued a release stating that the US financial crisis does not have any immediate material impact on Tata AIG Life Insurance.
Prudential CEO Tidjane Thiam today indicated that the British company would sell its stake in Tata AIG Life to the Indian conglomerate. In March, Prudential had acquired AIG's Asia business for $35.5 billion, which included the 26 per cent stake in Tata AIG.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
There have been some cases where the entire family has perished or both spouses died in the crash, which are making the claims process particularly complex.
Some products offer terrorism cover as part of the base offering, while in others it is an optional cover.
Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore (Rs 8.76 billion).
The Tatas will have to either buy out the 26 per cent stake in its life insurance joint venture or rope in another partner if Prudential UK buys out the Asian life insurance business of American International Group (AIG).
The Asian life assurance business of AIG, is expected to set a price range for its initial public offering early next week and hopes to strike agreements with big 'cornerstone' investors who could take one-fifth of the shares sold a few days after that, the report said citing sources.
In a setback to Prudential Plc's efforts to bolster its Asia presence, American International Group today rejected the British insurer's reduced $30.38 billion takeover bid for AIG's Asian life insurance unit.
'Bangalore barely makes with a score of 58 out of 100. A good lifestyle city needs to have a rating of 80 to 100.'
These findings are part of a unique survey titled "Health Matters" Index 2006, conducted by Tata AIG Life Insurance Company Ltd (Tata AIG Life).
Tata AIG India Life Insurance has tied up with Fanklin Templeton Investments to introduce a new plan InvestAssure, a unit linked insurance plan to provide security cover with the opportunity to get high returns on insurance premium.
Deal with current owner Exide may be signed next week
Attributing to people close to the situation, the Financial Times said the failed sale of AIA has strained relationships at the top levels of the US insurer and tensions are growing between Benmosche and Golub.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
India's IT capital, Bangalore now has an 'unhealthy' tag. Its stressful and hectic urban lifestyle has taken a toll on its people.
Players may have to suffer underwriting losses this year.
In this regard, AIG has entered into an agreement with Aabar Investments PJSC to sell its subsidiary, the insurance firm said in a statement on on Monday. According to UK daily The Telegraph, the Swiss subsidiary would be sold for about $254 million.
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.
Life insurers need applicants to abstain from tobacco for up to five years.
Take the Rediff Biz Quiz and find out how much you know about the private insurance companies in India.
An interview with Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan. He is charting the road map for strengthening the regulatory framework and also dealing with the turmoil in the US.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
American International Group Inc has repaid another $6.9 billion to the US government, using proceeds from the sale of the insurance firm's stake in MetLife.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
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