Page 102 - Insurance News
'Low penalty amount biggest reason for traffic rules violation'
Bengaluru recorded highest accident claims; Ahmedabad leads for two wheeler claims
 "'Low penalty amount biggest reason for traffic rules violation'")
Irda forms committee on customer services
To act as advisor to regulator on servicing issues
 "Irda forms committee on customer services")
Irda chief favours single policy for low income groups
Specific circumstances of low income groups like unstable income, migration for work and others should be considered, he said
 "Irda chief favours single policy for low income groups")
LIC's total investments touch Rs 14.8-lakh crore
India's largest insurer to invest Rs 2.25-lakh crore in FY14
 "LIC's total investments touch Rs 14.8-lakh crore")
Shriram Life launches 7 products
Out of the seven plans, four products are market-linked and the remaining are traditional products
Sharda is Future Generali Life's new MD, CEO
Future Generali India Life is a joint venture between Future Group, Generali, a global insurance group and IITL, a Non Banking Financial Company
Preferred Provider Organisation for health insurance to expand in 2014
Insurers feel unique identity numbers for hospitals will help expand the network
LIC's premiums could be cheaper under new norms
However, it might continue to charge more than private sector players, especially for online term plans
 "LIC's premiums could be cheaper under new norms")
Shriram Life expects 5% growth
Over 90% life products sold by company are in traditional segment
 "Shriram Life expects 5% growth")
 "An uninsuring trend")
RBI to soon issue norms on banks acting as insurance brokers
The new guidelines seek to allow banks to act as a broker permitting them to sell insurance policies of different insurance companies
 "RBI to soon issue norms on banks acting as insurance brokers")
Reliance Gen Insurance, Royal Sundaram lost market share in FY13
They were the only two private sector general insurance companies that witnessed decline in market share during 2012-13
Luxury cars segment profitable despite more claims
India has one of the world's largest high networth population, which is pushing demand up for luxury cars
 "Luxury cars segment profitable despite more claims")
Irda to bring out proposal for life cover to differently abled
Currently, there are no definitive guidelines defining the cover for people with disability
After all women bank, now all women insurance branch
Bajaj Allianz General Insurance launches all women branch in Pune, may roll it out in other metros too
 "After all women bank, now all women insurance branch")
Expect a mixed bag in insurance sector this year
Life insurers see slow growth in the first few quarters; general insurers hopeful of improvement in auto sales
 "Expect a mixed bag in insurance sector this year")
25% of new policies sold by life insurers are in rural areas: Irda
Non-life players had 13% business from this segment
 "25% of new policies sold by life insurers are in rural areas: Irda")
Now, a quarter of new life insurance policies sell in rural India
Non-life players had 13% business from this segment
 "Now, a quarter of new life insurance policies sell in rural India")
Insurance density, penetration show decline
Irda Annual Report says India's insurance penetration is 3.96 % of GDP
New insurance guidelines
For starters, new traditional products will have a higher death cover
 "New insurance guidelines")