Even as non-life insurers reported muted premium growth in October, standalone health insurers saw a robust 38 per cent year-on-year (Y-o-Y) surge. This growth was driven by pent-up demand in the retail health insurance segment.
Of the Rs 474.4 crore insurance cover, the largest component -- Rs 375 crore -- has been allocated towards personal accident cover for volunteers.
Oriental Insurance Company has turned around with a net profit of Rs 64 crore (Rs 640 million) last fiscal, and targets to achieve about 10 per cent growth in premium income during 2003-04.
The claim comes against the cancellation of the match due to heavy rains.
Oriental Insurance Company Ltd hopes to bag the Air Sahara insurance business after its merger with Jet Airways.
Oriental Bank of Commerce on Thursday announced a tie up with Oriental Insurance Company for selling general insurance products through its branches.
As part of its growth plans, Oriental Insurance Company would recruit about 1,000 agents in Mumbai by the fiscal-end and is in talks with companies for tie-ups to extend insurance cover for domestic appliances.
The judgment from a five-judge Constitution bench, led by Chief Justice DY Chandrachud, offers clarity on licensing regulations and is expected to prevent insurance companies from rejecting claims based on the type of licence of drivers involved in accidents.
'As on August 25, 94,753 Govindas have been insured.' 'This number is expected to rise further, as proposals for 5,000 to 8,000 Govindas are received daily.'
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
From April 1, when we buy insurance for a car or take out a health cover, insurance companies can offer a product totally customised for us.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
'The plan is to secure nod of the Union Cabinet and other relevant regulatory approvals within the next three months,' a senior finance ministry official said, requesting anonymity.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries about HEALTH insurance and AUTO insurance.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers. The Joint Front of Trade Unions in PSGI companies met on Monday and decided to protest against the decision of the government to privatise PSGI companies. The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Employees of all four PSGI companies are participating in the day-long strike, he said.
ESPN had paid Rs $ 1.1 billion for broadcaster rights in 2006 for the telecast rights till 2015.
With losses mounting in health insurance portfolio due to higher claims, Oriental Insurance Company is in the process of hiking premium rates for its Individual Mediclaim Policy by upto 30 per cent for people in the higher age group.
Oriental Insurance Company has bagged the domestic aviation industry's first-ever contract to cover losses owing to fog for national flag carrier Air-India.
New India Assurance, National Insurance and United India Insurance are following Oriental Insurance Company in raising health insurance premium rates by 50 to over 100 per cent.
There are four public sector general insurance companies.
The apex consumer court has ordered Oriental Insurance Company to pay a total of over Rs 24 lakh (Rs 2.4 million) to a policy holder which suffered losses after the shares it held of different companies were allegedly stolen.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
Rates fixed by New India Assurance, Oriental Insurance, United India Insurance and National Insurance after long discussions have been agreed to by the corporate chains
Presumably hurt on their balance sheets by the allegedly inflated bills for medical costs of people covered by cashless mediclaim facilities, these insurers have pruned the list of hospitals in four large cities for providing this facility with effect from this month.
With its current cover set to expire on April 16, Jet Airways is seeking a cover of around $5.5 billion from the government-owned Oriental Insurance.
Several lakhs of devotees across the country and abroad will throng the holy town to participate in the annual Rath Yatra.
State-run auto insurance providers are fast losing ground to private players and their market share could be under pressure unless PSUs change their strategy, says a JD Power study.
Despite the uncertainty surrounding the Indian Premier League (IPL) dates, public sector insurer Oriental Insurance Company (OIC) is close to finalising a Rs 400 crore 9Rs 4 billion) for the mega event.
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.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
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