Page 61 - Insurance News
New crop scheme to boost agri insurance business, say insurers
Industry expects the business to grow from Rs 5,000 cr currently to Rs 13, 000 cr by the end of FY17
 "New crop scheme to boost agri insurance business, say insurers")
CCEA nod must to clear some insurance FDI hikes
Rules say foreign equity investment cap of 49% is applicable to all Indian insurance companies
 "CCEA nod must to clear some insurance FDI hikes")
Insurers should have long-term digitisation roadmap: BCG-FICCI report
Insurers around the world increasingly digitising front end sales processes as well as back end processes
 "Insurers should have long-term digitisation roadmap: BCG-FICCI report")
Chennai floods insurance claims touch Rs 4,800 crore
Motor insurance to account for largest number of claims, public sector insurers to be worst hit
 "Chennai floods insurance claims touch Rs 4,800 crore")
Indian reinsurers to get first preference in treaties: IRDAI Chairman
The right of first refusal will be with the domestic reinsurer, says T S Vijayan
 "Indian reinsurers to get first preference in treaties: IRDAI Chairman")
Global reinsurer XL Catlin applies for licence in India
The company expects to commence operations in India later this year
 "Global reinsurer XL Catlin applies for licence in India")
Indian life insurance lagged Asian peers: McKinsey
Says private insurers serving a minuscule segment to meet narrow investment needs
 "Indian life insurance lagged Asian peers: McKinsey")
XL Catlin applies for reinsurance licence
The company said it expects to start operations in India later this year
Indian life insurance underperformed Asian peers: McKinsey
Says it is due to sector serving a miniscule segment of users, mainly to meet narrow investment needs
 "Life insurers see 16% growth in new premiums")
New crop insurance scheme interests private insurers
Insurers say scheme would offer premium subsidy and would be more affordable for farmers
 "New crop insurance scheme interests private insurers")
 "Irdai says Ulip share in new premiums rose in FY15")
 "Irdai proposes fitness discounts in health insurance")
Insurance for crude oil importers from Iran to take time
While oil companies were asking for a cover of Rs 9,500-11,000 crore, the government offered only Rs 2,000 crore
 "Insurance for crude oil importers from Iran to take time")
Irdai proposes graded approach for non-compliance by brokers
Insurance regulator says this is to simplify the application of penalties in case of non-compliance/ violation of regulations
IRDAI to adopt graded approach for violations by brokers
Move by regulator is aimed at simplifying application of penalties in case of non-compliance or violations
 "IRDAI to adopt graded approach for violations by brokers")
Insurers, online distributors now file joint declarations on product commissions
Move is to ensure all charges are transparent and there is a fair disclosure on payments to web brokers, aggregators
 "Insurers, online distributors now file joint declarations on product commissions")
PSU general insurers outpace pvt players in premium collection
All the four state-owned non-life insurers - New India Assurance, Oriental, United and National - mobilised a total premium of Rs 35,000 cr in nine months to December against Rs 31,300 cr during the f
Top level rejig at Max Group after Max India Ltd demerger
Analjit Sigh will now be the founder and chairman emeritus of Max Group and Rahul Khosla has been elevated as the president of the group
 "Top level rejig at Max Group after Max India Ltd demerger")