Page 72 - Insurance News
Majority Indians don't have home insurance despite risk awareness: survey
Bajaj Allianz asked around 1,200 people from metros across the country as part of the survey
 "Majority Indians don't have home insurance despite risk awareness: survey")
V R Iyer takes charge as member-finance and investment at IRDAI
Iyer was CMD of Bank of India and succeeds R K Nair at insurance regulator
 "V R Iyer takes charge as member-finance and investment at IRDAI")
Product liability, recall covers may see rise in claims
Commercial liability policy for products and premises covers all costs that includes defence costs
 "Product liability, recall covers may see rise in claims")
LIC improves its performance, still loses market share in April
The corporation collected Rs 3,582 crore premium in April, 2015
 "LIC improves its performance, still loses market share in April")
Irdai likely to ask banks to tie up with more than one insurer
In an earlier draft, banks had to cap business from one insurer to 90% in the first year and to 50% after four years
 "Irdai likely to ask banks to tie up with more than one insurer")
India nuclear insurance pool launched
With Rs 1,500 cr capacity and 12 firms participating, state-owned and private; operationalises key 2010 law
 "India nuclear insurance pool launched")
IRDAI wants companies to plug policy pricing loopholes
Says companies need to correct aberrations that exist in terms of adequate pricing based on scientific analysis of claims
 "IRDAI wants companies to plug policy pricing loopholes")
Reliance Life Insurance hikes number of agents by 20%
Company launches child education plan for education purpose
 "Reliance Life Insurance hikes number of agents by 20%")
India among the top 10 most natural disaster prone countries for insurance firms
Bajaj Allianz settled 28,000 claims and disbursed Rs 1,000 crore in a period of three-three-and-a-half months
 "India among the top 10 most natural disaster prone countries for insurance firms")
SBI Life sales closure goes paperless, introduces 'Connect Life'
Distribution Partners from all sales channels of SBI Life can sell insurance products through this facility
 "SBI Life sales closure goes paperless, introduces 'Connect Life'")
HDFC Life eyes 15% growth
Company, for fiscal year ended March 31,2015, raised Rs 3,310 crore as first year premium collection
 "HDFC Life eyes 15% growth")
GIFT City to help India become reinsurance hub
GIFT is conceptualised as a global Financial and IT Services hub, a first of its kind in India
 "GIFT City to help India become reinsurance hub")
IRDAI to clarify on Indian promoter's FII Holdings for insurance JVs
Foreign equity investment cap of 49% is applicable to all Indian insurance companies
 "IRDAI to clarify on Indian promoter's FII Holdings for insurance JVs")
Cyber insurance sees growing demand among corporates
Cyber-crime zoomed 350% in the three years between 2010 to 2013
 "Cyber insurance sees growing demand among corporates")
HDFC Life launches cancer care health plan
Offers a fixed lump sum benefit on diagnosis of early and major stages of cancer
IRDAI removes cap on business from one insurer for banks
Currently, banks are allowed to tie up as a corporate agent with one life, one non-life and one standalone health insurer
 "IRDAI removes cap on business from one insurer for banks")
GIC Re posts 19.5% growth in net profit at Rs 2,694 cr
Gross premium income up 3.4% at Rs 15,183 crore in FY15
 "GIC Re posts 19.5% growth in net profit at Rs 2,694 cr")
IRDAI says all insurance policies can be digitised
Basic facilities for policyholder would be free, premier services to be charged
IRDAI asks insurers to maintain claims, policy records in electronic format
Insurance regulator intends to support electronic maintenance of policy and claims records
 "IRDAI asks insurers to maintain claims, policy records in electronic format")