Page 57 - Insurance News
LT Foods to challenge insurance claim rejection
Oriental Insurance had rejected the Rs 189-cr claim arising out of a fire at LT's Madhya Pradesh mill in 2014
 "LT Foods to challenge insurance claim rejection")
IRDAI asks insurers to have mentors for approved actuaries
The upper age limit for the mentor will be 75 years
 "IRDAI asks insurers to have mentors for approved actuaries")
PSU general insurers may see up to 10% stake sale
New India Assurance may be first off the block for IPO in FY 17
 "PSU general insurers may see up to 10% stake sale")
Banks keen to tie up with multiple insurers
According to corporate agency rules, banks can tie up with up to three life, three non-life and three standalone health insurers to sell their insurance products
 "Banks keen to tie up with multiple insurers")
Irdai wants public sector general insurers in crop insurance scheme
The state-owned insurers have about 300,000 agents that sell insurance products in rural and urban areas
 "Irdai wants public sector general insurers in crop insurance scheme")
E-medical records might be a reality in FY17
To provide insurers with easier access to data and faster settlement of claims
 "E-medical records might be a reality in FY17")
Non-life insurers offer cover against loans
An array of products are available in the market to ffer covers against unemployment, personal accident that could impact the loantaker's ability to repay the loans
 "Non-life insurers offer cover against loans")
PM's Jan Suraksha schemes suffer from fraudulent claims
According to data available, of the 25,398 claims filed so far, 800 were rejected for fraud
Lloyd's appoints Shankar Garigiparthy as country manager for India
Garigiparthy brings over 23 years' experience in financial services to the role and was most recently Regional Compliance Manager in Singapore for Lloyd's
 "Lloyd's appoints Shankar Garigiparthy as country manager for India")
BS Insurance round Table: 'Listing of insurance firms to become a reality'
Agent attrition, insurance inertia and open architecture are the key challenges, say panelists
 "BS Insurance round Table: 'Listing of insurance firms to become a reality'")
LIC pips private life insurers in new premium growth
LIC collected first year premiums of Rs 74,142 crore during this period, against Rs 62,635 crore a year ago, showing a growth of 18%
 "LIC pips private life insurers in new premium growth")
Motor insurers' declined risk pool to end in 2 weeks
In December 2011, Irdai had dismantled the commercial third-party motor pool
 "Motor insurers' declined risk pool to end in 2 weeks")
Stricter norms for new crop insurance scheme
PMFBY will have actuarial yield-based scheme with provision for upfront premium subsidy to be released to insurers
 "Stricter norms for new crop insurance scheme")
Reinsurance rates may see 10% increase in FY17
Recent Chennai floods led to heavy losses for insurers to the tune of Rs 5,000 cr
 "Reinsurance rates may see 10% increase in FY17")
Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns
Its plan offers 101% of the premiums paid as returns and offers a guaranteed loyalty addition if one chooses to be invested till maturity period
 "Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns")
 "Kidney claims highest among youngsters")
Insurers hiring specialists to improve service
In life insurance, insurers are looking at hiring counsellors to help policyholders at the time of a death claim
 "Insurers hiring specialists to improve service")
Pension product share in overall portfolio drops to 10% from 25%
Companies are fiinding it difficult to offer guaranteed returns as mandated by Irdai
 "Pension product share in overall portfolio drops to 10% from 25%")
 "Organised crime touches new high in insurance")
Premium hike unlikely to help motor insurers cut losses
Irdai had recently proposed third-party insurance premia increase in the range of 9 to 30 per cent across categories
 "Premium hike unlikely to help motor insurers cut losses")