Page 62 - Insurance News

'Insurance payout for natural disasters in 2015 was 31% below average'

Aon Benfield's report states that 300 separate natural disasters occurred in 2015, causing a combined total insured loss of $35 billion

Pure term insurance products may see price hike with revised commissions

Other life policies with longer tenures of 12 years or more may see additional loading

IRDAI proposes higher commissions for agents, says insurers can give rewards

Regulator caps rewards at 20% of first year commission for individual agents, and 40% for insurance intermediaries

Irdai, insurers push for protection-based plans

Such plans, which offer full financial stability to the policyholder's family, are now 45% of total life insurance products

HDFC Life sets up subsidiary at Dubai International Financial Centre

The subsidiary will offer reinsurance capacity to ceding insurers, may also directly underwrite insurance contracts

Coverfox to launch specialised products, services for users

CEO Varun Dua says online portal will also launch a full bouquet of life insurance products

Coverfox to offer specialised products to buyers

Online insurance broking firm also plans to launch full bouquet of life insurance products on the portal

Complaints against health insurers rise 2% in FY15

Industry players blame "lack of understanding" among customers about policies as main reason for spike

Engineering insurance growth slows

There has been a 10-12% drop in the premiums under fire and engineering policies

Four public sector insurance companies settles 32% of claims received after flood

Out of 19,500 claims for estimated Rs 2,519 crore, 6,237 claims for a total of Rs 104 crore have been settled till last week

Indian reinsurers may get priority

After the final guidelines for opening of branch licences for foreign reinsurers was out, several companies, such as Swiss Re, Munich Re & Hannover Re have applied for licences

Bajaj Allianz launches micro term insurance

Targets small income groups in rural parts of country

Kotak Life launches Premier Life Plan

Customers can choose from either the cash payout or paid-up additions option

Wait gets longer for a natural catastrophe pool

There was also a proposal earlier to have two different pools, one for below poverty line and one for above, but that has now been scrapped

Odd-even rule in Delhi could lead to lower motor premium

Insurers foresee less risks as vehicles are plying only for half the number of days, making a case for lower premiums

Insurance firms launch consumer awareness drive

Social media also plays a crucial role in awareness, since smart-phones have made access to internet more convenient

Insurance sales to see reforms in 2016

One of the solutions has come up in the form of simple over-the-counter products, which could be sold in rural as well as urban areas

LIC to launch Jeevan Labh on January 4

The Plan is available from ages 8-59 and a choice of policy term of 16 years, 21 years, 25 years

IRDAI asks insurers to report ownership structure by Jan 18

Insurers say they are working on the same and will be able to comply with the IRDAI demand within the deadline

Telangana starts recognition of e-motor insurance policies

The state's Information Technology Minister K T Rama Rao formally launched the initiative