Page 63 - Insurance News
Odisha notifies six crops for agri insurance during Rabi season
The crops to be insured are paddy, groundnut, mustard , potato, black gram and green gram
 "Odisha notifies six crops for agri insurance during Rabi season")
Real test of Indian management control in insurance awaits in 2016
There are fears that foreigners could be appointed to top posts in Indian insurance companies
 "Real test of Indian management control in insurance awaits in 2016")
Proposal for sub-broking model in insurance shelved
Conflict with existing channels, lobby against model by some insurers seen as reasons behind the move
 "Proposal for sub-broking model in insurance shelved")
Insurance FDI cap hike sees inflow in JVs; $1bn likely in 2016
Companies including AXA, Bupa, Nippon Life Insurance announced raising stake in their respective joint venture
 "Insurance FDI cap hike sees inflow in JVs; $1bn likely in 2016")
Foreign reinsurers worried over Irdai proposal
Regulator had mooted first preference to India reinsurers in premium ceding
 "Foreign reinsurers worried over Irdai proposal")
Standard Life gets FIPB nod to raise stake in HDFC Life to 35%
The foreign insurer will pay Rs 1,705 cr for the additional 9% stake, valuing the company at Rs 18,951 cr
 "Standard Life gets FIPB nod to raise stake in HDFC Life to 35%")
FIPB clears 4 FDI proposals worth Rs 1,810 cr
The proposal of HDFC Standard Life would alone entail foreign investment of Rs 1,700 cr
IRDAI proposes changes in trade credit insurance norms
IRDAI said it proposes to allow issuance of trade credit insurance policy to RBI registered entities
Finance: Natural catastrophe losses haunt insurers
With Uttarakhand floods, cyclones HudHud and Phailin and Tamil Nadu floods occurring in the 2013-15 period, insured losses have almost touched Rs 15,000 cr
 "Finance: Natural catastrophe losses haunt insurers")
Life insurers may face restriction on opening new offices if expenses of management exceeded
Irdai said that non-compliance will also lead to restriction on opening of new places of business
Enrolment in Jan Suraksha scheme touches 123 mn
SBI has the highest share with 22.2 million enrolments, followed by PNB with 8.7 million enrolments
 "Enrolment in Jan Suraksha scheme touches 123 mn")
Take cues from Chennai floods to become a more insured society, says Jaitely
Says assistance can only be a temporary and transient measure
 "Take cues from Chennai floods to become a more insured society, says Jaitely")
General insurance penetration down to 0.70% in FY15
Industry blames decline on slow economic growth in the period
 "General insurance penetration down to 0.70% in FY15")
Use-and-file method for life products may take time
Use-and-file is a method used to approve insurance products on the basis of a declaration, before they hit the market
 "Use-and-file method for life products may take time")
Munich Re's Ergo to raise stake in joint venture with HDFC for Rs 1,122 crore
After the deal, Ergo's stake in HDFC Ergo General Insurance will go up to about 49%
 "Munich Re's Ergo to raise stake in joint venture with HDFC for Rs 1,122 crore")
ICICI Prudential Life launches iProtect Smart
Offers cover against death, critical and terminal illness, accidental death and disability due to an accident
 "ICICI Prudential Life launches iProtect Smart")
Health Insurance TPA of India to be launched soon
It will help in reducing the turnaround time
TN floods: Insurers look at Rs 200 cr claims for 8 pvt jets
Affected planes are owned by Kalyan Jewellers, TVS Motor, SUN TV, Garuda, Jet Airways etc
 "TN floods: Insurers look at Rs 200 cr claims for 8 pvt jets")
Chennai deluge: Fire, auto insurance rule claims
Overall, the claims have exceeded Rs 2500 crore and insurers say that it could touch as much as Rs 2800 - 3000 crore
 "Chennai deluge: Fire, auto insurance rule claims")
LIC settles claims on the same day for the victims of the floods in Tamil Nadu
Company also eased procedures for settlement