Page 110 - Insurance News
Life insurers rush for product approvals
All life insurers are required to be ready with their products by Oct 1
 "Life insurers rush for product approvals")
 "Repositories will enable KYC: Irda")
'Life insurance sector to see 12-15% CAGR over five years'
Life insurance penetration measured as percentage of insurance premium to GDP expected to growth to 5% by year 2020 from 3.2% now
 "'Life insurance sector to see 12-15% CAGR over five years'")
HDFC Ergo to focus on non-motor biz to beat industry growth
Motor insurance constitutes around 46% of the total general insurance business and its slowdown is likely to pull down the growth of the overall industry in FY14
Intention to buy life insurance has fallen due to slow economy: Study
The intention to buy life insurance has dropped from 20% in 2010 to 17% in 2013
 "Intention to buy life insurance has fallen due to slow economy: Study")
Chidambaram launches insurance repositories
Asks insurance regulator to make digitisation of insurance policies mandatory soon
 "Chidambaram launches insurance repositories")
IndiaFirst Life offers policies in demat format
Finance Minister P Chidambaram launched insurance repositories today in Hyderabad
Life insurers rush for product approvals amid tight deadline
Irda has mandated life insurers to be complaint with the new norms by October 1, 2013
 "Life insurers rush for product approvals amid tight deadline")
Private insurers cut down on branches
Despite LIC's expanded network, cumulative number of offices for all life insurers fell by 1,261 in last two financial years
 "Private insurers cut down on branches")
Religare Health hopes to break-even by fifth year
Insurance underwriters evaluate the risk and exposure of business from potential clients
 "Religare Health hopes to break-even by fifth year")
Third-party motor segment a burden on insurers
Combined ratios for the motor insurance segment stand at 130-135% for the industry
Motor third party insurance still remains a stress area on insurers' books
Insurers say claims ratio is significantly so companies have to pay 60-100% higher claims than the premium
 "Motor third party insurance still remains a stress area on insurers' books")
Irda allows AIC to use services of non-life insurance agents
Agents, corporate agents wanting to offer services will have to enroll themselves with AIC
 "Irda allows AIC to use services of non-life insurance agents")
Non-life insurers see 17.3% rise in premiums in April-July
Non-life companies collected total premiums of Rs 25,893.80 crore as compared to Rs 22,073.52 crore in this period last fiscal
Religare Health Insurance ties up with Union Bank for bancassurance
Union Bank will sell products of Religare Health Insurance to customers in its 3,500 plus branches
 "Religare Health Insurance ties up with Union Bank for bancassurance")
Rupee depreciation impacts travel insurance segment
General insurers may increase premiums if situation continues
 "Rupee depreciation impacts travel insurance segment")
Why insurers don't want to cover weight-loss surgery
While the surgeons demand bariatric surgeries be kept out of the cosmetic surgery category, insurers are not comfortable covering this procedure
 "Why insurers don't want to cover weight-loss surgery")
Ganesh mandals beef up insurance
Lalbaugcha Raja has been insured with an insurance cover of Rs 51 cr while GSB Seva Mandal has taken a whopping Rs 223 cr cover
 "Ganesh mandals beef up insurance")