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- Bill to settle disputes between regulators introduced
New Delhi, July 27: Finance Minister Pranab Mukherjee today introduced a bill in the Lok Sabha to replace an ordinance issued last month to resolve all disputes between regulators over hybrid f....
- IRDA is micro managing life insurers: Experts
Chennai, July 19: The Insurance Regulatory and Development Authority (IRDA) seems to be trying to micro-manage the sector with its proposed measures on hiking the policy persistency (policy con....
- Sell more policies for better renewal ratio: Insurance regulator
Chennai, July 17: In order to increase the persistence or continuity of life insurance policies by policyholders, the Insurance Regulatory and Development Authority (IRDA) has suggested agents ....
- Chola MS targets Rs.900 crore premium in 2010-11
Chennai, July 16: City-based non-life insurer Cholamandalam MS is targeting a premium of Rs.900 crore this fiscal and hoping to bring down its underwriting loss (premium minus claims paid), a t....
- ADAG takes a step forward to snap up Royal Sundaram
Chennai, July 14: The Reliance Anil Dhirubhai Ambani Group (ADAG) is planning to snap up the city-based non-life insurer, Royal Sundaram Alliance Insurance Company, according to sources close t....
- 'Withdrawal of cashless health treatment retrograde'
New Delhi/Chennai, July 10: Policyholders and corporates subscribing to medical cover are appalled by a move by state-run insurance firms to withdraw cashless facility for treatment, even as se....
- Reliance Life Insurance crosses 6 million policy mark
New Delhi, July 9: Reliance Life Insurance, a part of Reliance Anil Dhirubhai Ambani Group, today said it has crossed the six million policy-milestone in less than five years, and hopes to achi....
- Open architecture bancassurance model needed: Survey
Chennai, July 8: Private life insurers are in favour of banks floating a separate distribution outfit to sell insurance policies in a focused manner, says a survey by a leading insurance consul....
- Future Generali to open 100 new branches
Chennai, June 30: Private life insurer Future Generali India will expand its distribution network by opening around 100 branches and sign up bancassurance deals to close this year with a fresh ....
- Ex-servicemen's medicare gets Rs.141 crore boost
New Delhi, May 26: In a major effort to boost the quality of medicare provided to India's 33 lakh ex-servicemen and their dependents, the cabinet today approved the creation of 199 addition....
- Government-owned insurers hog limelight in April
Chennai, May 25: Indian government-owned insurers -- life and general -- logged positive growth in April and stood ahead of the respective private sector clubs, data released by the industry wa....
- Insurance firms told not to blacklist hospitals arbitrarily
Gandhinagar, May 14: The Gujarat High Court today directed insurance companies that they cannot blacklist any hospital and refuse passing mediclaims without giving them the opportunity of being....
- More insurance companies under CBI scanner for irregularities
Lucknow, May 13: The Central Bureau of Investigation (CBI) will initiate a probe against three insurance companies in connection with alleged financial irregularities and forgery in the Univers....
- Wage talks fail to break insurance sector stalemate
Chennai, May 10: The much expected wage talks in the state-owned non-life insurance sector has ended in a stalemate.
The employees unions were upbeat about getting better offer from t....
- PSU general insurance employees upbeat about wage hike
Chennai, May 6: Employees unions of four government-owned non-life insurance agencies are upbeat about getting a good wage settlement in the wake of a 14 percent premium growth the insurers hav....
- Insurance regulator tightens norms on equity-linked plans
Chennai, May 4: The insurance regulator has tightened the norms on all unit linked insurance plans (ULIPs) to offer life cover on these products, even as it is fighting a turf war with markets ....
- PSU insurers plan health claims settlement agency
Chennai, May 3: Four state-owned non-life insurers - National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company - are moving towards ....
- Insurance cover for Chhattisgarh workers
Raipur, May 1: On the occasion of International Labour Day, the Chhattisgarh government today announced a Rs.10 lakh accident insurance scheme for the state's more than three lakh industria....
- Private insurers upset over GIC cutting commission rates
Chennai, April 14: A section of private non-life insurers are planning to take up with the General Insurance Council of India the move by the General Insurance Corporation of India to cut commi....
- Day after truce, SEBI says order applies to new ULIPs
Mumbai, April 13: A day after Finance Minister Pranab Mukherjee brokered a ceasefire between the two warring financial regulators, capital markets watchdog Securities and Exchange Board of Indi....
- Canara HSBC Oriental Life to infuse Rs.300 crore
Chennai, April 13: The Canara HSBC Oriental Bank of Commerce Life Insurance Company has decided to infuse Rs.300 crore this fiscal for operational expansion.
Post-infusion, the compan....
- India finance ministry for maintaining status quo of ULIPs
New Delhi, April 13: The insurance regulator and the capital markets operating in India have finally consented to allot current status to the Unit Linked Insurance Products. This statement was ....
- Mukherjee ensures status quo on ULIPs
New Delhi: Finance Minister Pranab Mukherjee today said status quo ante would be maintained on the sale of unit-linked insurance plans until an appropriate court decides on which regulator has ....
- Government to look into insurance controversy
New Delhi: The government today said it would look into the tussle between two regulatory bodies, the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development ....
- Regulators' tussle leaves life insurers worried
Chennai: The turf war between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) over regulating unit linked insurance policies (ULI....
- VimoSEWA to develop microinsurance in Namibia
Gandhinagar: VimoSEWA, India's first insurance cooperative owned and run by women workers in the informal sector, will assist in the development of micro-insurance in Namibia.
The....
- Court ticks off LIC for faulty clauses
New Delhi: The Delhi High Court today pulled up the Life Insurance Corporation (LIC) of India for not acting "fairly or reasonably" in refusing an insurance claim and harassing consumer....
- Insurance for Goa's pretty and prized coconut palms
Panaji: The humble coconut is to Goans what perhaps the camel is to desert dwellers. So nearly 100,000 coconut palms in the coastal state of Goa are now set to be insured in an unprecedented pr....
- United India achieves Rs.5,000-cr premium mark in 2009-10
Chennai: Government owned non-life insurer United India Insurance Company is likely to close last fiscal with a premium income of Rs.5,100 crore up from Rs.4,277 crore earned in 2008-09.
- LeapFrog plans $30 mn investment in Indian insurance companies
New Delhi: LeapFrog Investments, the world's first micro-insurance fund, today said it plans to invest $30 million in Indian insurance and financial services companies which have strong dis....
- Africa offer insurance cover to agri-investors
Patiala (Punjab): African countries will provide insurance coverage to manufacturers of agricultural equipment if they invest in their countries, Zimbabwe's Ambassador to India Jonathan Wut....
- Public non-life insurers' employees to strike
Chennai: Around one lakh employees of four Indian government owned non-life insurers will strike work for two hours on March 31, demanding 40 percent pay hike and an option to join pension sche....
- LIC expects Rs.176,000 crore premium income this fiscal
Kolkata: Insurance major Life Insurance Corporation of India (LIC) expects to post a total premium income of Rs.176,000 crore in the current fiscal (2009-10), its chairman said here today.
....
- Reliance Life launches new unit linked insurance product
Mumbai: Reliance Life Insurance, a part of the Reliance Anil Dhirubhai Ambani Group,today launched a new unit-linked insurance plan that "guarantees high returns" and targets policy hol....
- Life insurance industry may grow 10 percent in 2010
Chennai: India's life insurance industry is expected to grow by around 10 percent in 2010 over the previous year, mainly by improving efficiency but also by expanding in small towns and vil....
- Insurance regulator may focus on small policyholder this year
Chennai: 2010 will see India's insurance regulator coming of age and focusing on how to provide maximum benefits to the average policyholder, industry watchers expect.
The Insuran....
- Chola MS gets Rs.50 crore as additional capital
Chennai: City-based non-life insurer Cholamandalam MS General Insurance (Chola MS) has got a fresh capital infusion of Rs.50 crore.
"We have got an additional capital of Rs.50 cro....
- Foreign insurers may baulk at raising stake in JVs: Experts
Chennai: Foreign life insurers will adopt a wait-and-watch policy before entering India even if the government amends the Insurance Act to increase foreign investment limit to 49 percent from t....
- Aegon Religare to infuse Rs.85 cr fresh capital
Chennai: Private life insurer Aegon Religare Life Insurance, which has targeted a premium income of Rs.215 crore this fiscal, will infuse around Rs.85 crore as fresh capital by March.
....
- Wage revision talks on Tuesday with insurance unions
Chennai: The General Insurers (Public Sector) Association of India (GIPSA) has called for a new round of talks on Tuesday with the unions of four government-owned non-life insurance companies a....
- New India Assurance Co. is headless for over two months
Chennai: Mumbai-based Rs.5,516-crore premium New India Assurance Company Ltd - one of the four government-owned general insurance companies - has remained headless for the past two and a half m....
- Bharti Axa to offer innovative motor policy
Chennai: Private non-life insurer Bharti Axa General Insurance today said it plans to offer an innovative car insurance policy under which customers will be paid the invoice value/cost of new c....
- Cost-cutting reduces HDFC Standard's capital needs
Chennai: Cost-cutting measures by private life insurer HDFC Standard Life Insurance Co. is likely to reduce its planned capital infusion by around Rs.100 crore to Rs.250 crore this fiscal, a to....
- IDBI Fortis to double headcount, increase branches
Chennai: Private sector insurer IDBI Fortis Life Insurance is planning to double its headcount to 2,000 as well as expand its branch network in the country.
"Currently we have 35 ....
- HDFC Standard Life to cut costs before public offer
Chennai: Mumbai-based insurer HDFC Standard Life Insurance has said it wants to rationalise expenses and enhance business before it hits the capital market in 2010-11.
"We are now....
- Insurance firm asked to pay for stolen truck, with interest
Chandigarh: United India Insurance has been asked by the consumer forum here to pay Rs.400,000 plus interest to a customer who got a truck insured with the company but was not paid when the veh....
- Allianz Insurance unit sets up third facility in Kerala
Thiruvananthapuram: ACIS, a wholly-owned subsidiary of Allianz Insurance Plc of the UK, opened its third facility at the Technopark information technology (IT) campus here today.
Brit....
- PSU Insurance companies struggle to pay Rs 4,000 crore every year
Mumbai: Insurance companies are having a tough time doling out accident insurance claims o the victims' family. The rising cases of highway accidents have now become a matter of concern not....
- Future Generali expects Rs.750 crore premium income
Kolkata: Riding on signs of economic recovery and new product launches Future Generali India Life Insurance expects to earn a first-year premium (FYP) income of Rs.750 crore this fiscal, a seni....
- Oriental Insurance asked to pay Rs.6.77 lakh compensation
Chandigarh: Oriental Insurance has been asked by the consumer forum here to pay Rs.6.77 lakh as compensation and Rs.5,000 as litigation cost to Makhan Singh, a sector 45 resident, who had got h....
- State-run general insurers post 10 percent growth
Chennai: The four government-owned non-life insurers - National Insurance, New India, Oriental Insurance and United India - have posted a combined business growth of 10.55 percent for the first....
- Chola MS ties up with Tamil Nadu banks to sell insurance
Chennai: Private non-life insurer Cholamandalam MS General Insurance today announced a tie-up with Tamil Nadu State Cooperative Bank to sell its products through two district cooperative banks.....
- Aviva India ties up with India Post
Mumbai: Private sector insurer Aviva Life Insurance can now collect its premium through the country's post offices.
As per a nation-wide strategic agreement signed between the ins....
- Chola Insurance to target Japanese, Korean firms for business
Chennai: Non-life insurer Cholamandalam MS General Insurance (Chola MS), a joint venture between city-based Murugappa Group and Japan's Mitsui Sumitomo Insurance Group, on Tuesday said it w....
- India's insurance penetration lower than world average: Report
New Delhi: Despite achieving a healthy 16 percent annual growth rate, India's general insurance business accounts for just 0.6 percent of the gross domestic product (GDP), compared to the w....
- UCO Bank to enter general insurance business
Kolkata: State-run UCO Bank will invest Rs.45 crore in its proposed general insurance company, a top bank official said here today.
"We will pick up a 30-percent stake in the gene....
- Life Insurance Corp eyeing 20 percent premium growth
Kolkata: Life Insurance Corp of India (LIC), the country's largest life insurer, is targeting 20 percent growth in premium this fiscal, a top official said here today.
"Last y....
- Future Generali Ins to launch 10-12 new products
Kolkata: Future Generali India Life Insurance, co-promoted by the Kishore Biyani-led Future Group that owns the Pantaloons apparel brand, plans to launch 10-12 new products this fiscal, some of....
- Insurance regulator may issue 'embedded value' norms
Kolkata: The country's insurance regulator may issue norms for estimating "embedded value" of future insurance premiums by August, a top official said here today.
"Th....
- Chandraprasad new CMD of National Insurance
Kolkata: N.S.R. Chandraprasad today took over as chairman-cum-managing director of National Insurance Company, succeeding V. Ramasaamy who demitted office on May 31.
Chandraprasad joi....
- Religare joins hands with Swiss Re for health insurance
Mumbai: Religare Enterprises Limited, India's leading financial services group, today said it has entered into a joint venture agreement with leading global re-insurer Swiss Re to start a h....
- Aegon Religare to hire 3,500 advisors for Gujarat
Ahmedabad: Brushing aside recession blues, Aegon Religare Life Insurance today announced plans to hire 3,500 financial advisors in Gujarat over the next four months.
"Currently we....
- Insurers bank on marketing to beat new pension scheme
Chennai: Life insurers are depending on their strong distribution network to stave off the competition challenge posed by the cheaper National Pension Scheme (NPS) that was launched today.
....
- Peerless may launch mutual fund next year
Kolkata: The city-based residuary non-banking finance firm Peerless General Finance and Investment Company is likely to launch its own mutual fund next year, a senior company official said here....
- Oriental Insurance's profit likely to fall 78 percent
New Delhi: Public sector insurance major Oriental Insurance Co Ltd (OICL) expects a steep fall of over 78 percent in profit for 2008-09, thanks to the economic slowdown.
The profits will b....
- Polaris to set up centre for insurance solutions
Chennai: City-based banking, financial services and insurance software company Polaris Software Lab Ltd will invest $20 million to set up a centre for excellence for insurance near Chennai, a....
- CBDT to be consulted for change in Form I
Chennai: India's insurance regulator will seek the opinion of the Central Board of Direct Taxes (CBDT) before changing the format of the valuation balance sheet, or Form I, as demanded by priva....
- Insurance regulator plans steps to check malpractices
Chennai: India's insurance regulator now appears to be following the corporate sector's credo - tough times are the right time to take difficult decisions. The Insurance Regulatory and Developm....
- AIG clients got $50 bn in bail-out cash: Report
New York: Business partners of the insurance giant AIG have received some $50 billion in payments, since the firm was bailed out by the US government in September 2008, the Wall Street Journa....
- IRDA warns insurers against violating guidelines
Chennai: India's insurance regulator has warned insurers against violating its anti-money laundering (AML) guidelines, and said it would take "serious actions" if such cases were found.
In a n....
- Private life insurers to seek clarity on tax laws
Chennai: After having received notice from the Income Tax department to reopen their past tax assessments, private life insurers are likely to approach the sectoral watchdog seeking clarity....
- General insurance premium to top Rs.1 trillion by 2015: Report
New Delhi: General insurance premium earning is likely to grow at 20 percent annually over the next six years and top the Rs.1-trillion (Rs.100,000-crore) mark by 2015, says an industry report ....
- 'Bailout will not affect AIG's India business'
Chennai: The ownership change and the USD 85 billion bailout of American International Group (AIG) will not have any major impact on the insurance giant's operations in India, a top official sa....
- Leading world insurer AIG close to bankruptcy
New York: In the continuing meltdown in the US financial market, World's largest insurer, American International Group (AIG) was today downgraded by credit rating agencies and was racing agains....
- Export Credit ties up with Lakshmi Vilas Bank
Chennai: The state-run Export Credit Guarantee Corporation of India Limited (ECGC) has entered into a bancassurance agreement with Lakshmi Vilas Bank for distribution of export credit insurance....
- Tata AIG General ties up with cleartrip.com
Mumbai: Cleartrip, India's favorite online travel portal has teamed up with Tata AIG General Insurance Company Limited (Tata AIG General) to offer domestic travel insurance solutions to its cus....
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