As the general election process starts this week with filing of nomination papers for the first phase, state governments are getting their act together to kick off floating tenders for providing insurance cover to six million officials and paramilitary personnel who would be deployed for on poll duty.

Insurers gear up to cover officials on poll duty

Business Standard

The Insurance Regulatory and Development Authority (Irda) is planning to &ldquo;insist&rdquo; on the setting up of an asset and liability committee (ALCO) similar to the one existing in the banking sector after two major insurers reported a combined exposure of Rs 2,300 crore in the beleaguered Satyam Computer Services.

Wants insurers to set up asset, liability panel

The Insurance Regulatory and Development Authority (Irda) is talking to&nbsp;various state governments in a bid to bring their social health insurance schemes under its supervision. State governments that have implemented the schemes for people living below the poverty line include Andhra Pradesh, Haryana and Tamil Nadu.

To bring state govt schemes under purview

Insurance companies will have to set aside assets to cover the liabilities of acquired entities.

Irda may mandate ring-fencing in M&As

Life insurers are pushing big-ticket insurance policies not just to meet the year-end rush, but also to take advantage of the last few days remaining before Insurance Regulatory &amp; Development Authority&rsquo;s (Irda) new guidelines on unit-linked insurance plans (Ulips) come into force.

Companies push high-value policies

Life Insurance Corporation of India (LIC), the country&rsquo;s largest life insurer, posted a 21 per cent on year fall in new premium income in February at Rs 4,030 crore.

LIC new premium income falls 21% in February

Indian life insurers are more concerned about the distribution network while their counterparts globally are worried about their investment returns, according a recent survey by accounting firm PricewaterhouseCoopers.

Distribution network worries risk firms: survey

The Insurance Regulatory and Development Authority (Irda) has directed all domestic life insurance companies to tighten their &ldquo;expense management in order to procure durable business and position themselves on a strong footing&rdquo;.

Control expenses: Irda to life insurers

The Insurance Regulatory and Development Authority (Irda) may allow life insurers to introduce &lsquo;Universal Life Policy&rsquo; (ULP), which is more like a passbook scheme, in India.

Insurance regulator likely to allow Universal Life Policy

Rates in the secondary market fell 25-30 basis points as investors such as banks and insurance companies bought certificate of deposits (CDs) on expectations that rates would fall further, dealers said.

Insurers, banks buy CDs on expectations of lower rates

According to a media report, Insurance companies in the country have posted an increase of 34.42 per cent in the last one year.

In terror-stricken Pakistan, insurance industry booms

Press Trust of India

The regulator is also setting up a data warehouse for the management of health insurance claims.

Irda to issue draft guidelines for M&As, disclosure by Mar 2010

While motor accounted for 50 per cent of the company&rsquo;s portfolio, health made up for Rs 550 crore in 2007-08 and this sector was expected to contribute around Rs 850 crore this year.

Oriental Insurance eyes 5% rise in premium

The reinsurance company has said that its international business will be the driver for the growth and to strengthen the business, it is planning to enter Brazil and Argentina among others.

GIC to ramp up global biz, targets Rs 15k-cr premium

Primary issuances rose today as mutual funds expected rates for short-term papers to fall further post vote-on-account, dealers said.

Primary issuances rise as mutual funds see fall in rates

Primary issuance fell today because banks had raised significant amount of funds this week and also as mutual funds received limited inflows in their liquid schemes, dealers said.

Primary issuance low on liquidity

Premium rates for fire, engineering and motor policies may rise in the coming months as non-life insurance companies are anticipating reinsurance commission rates to fall when they come up for renewal in March.

General insurance premium rates may rise from April

In December alone, the general insurance premium collections rose 13.88 per cent to Rs 2,612 crore, according to data released by the Insurance Regulatory &amp; Development Authority (Irda).

General insurers expect 10 per cent growth rate to continue in Q4

State-owned General Insurance Corporation (GIC) is expecting terror insurance claims worth Rs 700 crore from the two hotels that were under attack on November 26, 2008, despite the surveyors yet to give their final estimate.

Terror attack claims pegged at Rs 700 cr

&ldquo;Our premium growth over the period has been over 20 per cent each. This year we are targeting Rs 1,75,000 crore (total premium). At 20 per cent, in three years, it will increase to Rs 3,00,000 crore,&rdquo; LIC Chairman T S Vijayan said.

Business to grow 20% a year: LIC chief

Aviva Life Insurance, a private sector life insurer, is targeting a growth of 35 per cent in the next financial year, Managing Director &amp; Chief Executive Officer T R Ramachandran said On Thrusday.

Aviva Life targets 35% growth by next year

Insurance News: Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

Insurance News: Latest Insurance News, Insurance Industry Policy Headlines and Updates | Business Standard

Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

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