Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
Not many people are taking mediclaim insurance policy and its market penetration is less than one per cent
Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz pushed the general insurance industry growth to 16 per cent in April-February of 2005-06.
Taking strong view of wrongful repudiation of mediclaim policy on the ground of concealment of pre-existing ailments
The Centre on Friday announced a special voluntary retirement scheme for employees of four public sector general insurance companies to cut the excess flab.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
In one of the highest ever compensations awarded in a motor accident case, a Delhi court has ordered an insurance company to cough up an astronomical Rs 14.17 crore (Rs 141.7 million) to the family of a rich businessman who died after his car collide
The Delhi High Court on Monday refused to stay the compensation award of Rs 14.17 crore (Rs 141.7 million), one of the highest ever by the Motor Accident Claims Tribunal, to the family of a rich businessman who died after his car collided with a punc
CAG said that Reliance Infocomm and Tata Tele Services Ltd have caused a loss of Rs 184 crore to 3 state-run insurance firms between 2002-05 on risk cover for mobile handsets and default payments.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The three PSU insurers managed a meagre 2-4 per cent growth in business and eroded their market shares, while private players grew by 70 per cent to grab over 14 per cent of the general insurance market during 2003-04.
The general insurance industry recorded 12.5 per cent growth in business at Rs 14,452 crore (Rs 144.52 billion) during April-February 2003-04, mainly on the strength of a robust 72 per cent growth of private players.
It will help in reducing the turnaround time.
Given that medical inflation is estimated at 15% to 20%, a no-claim bonus can provide added benefit
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
Motor insurance claims will also come in, due to the extensive damage to vehicles.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
The previous highest divestment proceeds for the first half of a year was around Rs 21,000 crore in 2016-17.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
While Prime Minister Narendra Modi's Ayushman Bharat health care scheme is just a slogan for the moment, it is the state's Mukhyamantri Amrutum health assurance scheme which is a comforting reality for many.
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Move to strengthen market share and become more profitable.
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
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