Page 73 - Insurance News

Insurance penetration at 10-year low

India's insurance penetration fell to 3.3% in FY15 compared to 3.9% in FY14, says global reinsurer Swiss Re

Promoters may change structure for insurance subsidiaries

According to these rules, foreign equity investment cap of 49% is applicable to all Indian insurance companies

Co-payment in health insurance only after netting hospital discounts, says IRDAI

The insurers and the TPAs have been asked by the regulator to mandate the hospitals to reflect such agreed discounts in the final hospitalisation bill of each claim

Greener pastures ahead for insurance business; LIC bounces back

General insurers expand teams for SME insurance

Industry officials expect the business to form 20-25% of their overall portfolio

Irdai asks TPAs to keep out of settling claims, soliciting biz

Officials in the sector said several TPA services were terminated by companies after discovering fraudulent practices

New India Assurance settles 4,443 claims after J&K floods

In the case of Cyclone Hudhud, 882 claims have been fully settled with payment of Rs 70 crore

Irdai moots radical changes in health insurance

Says there could be higher solvency requirement for group health segment

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

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

Product liability, recall covers may see rise in claims

Commercial liability policy for products and premises covers all costs that includes defence costs

LIC improves its performance, still loses market share in April

The corporation collected Rs 3,582 crore premium in April, 2015

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

India nuclear insurance pool launched

With Rs 1,500 cr capacity and 12 firms participating, state-owned and private; operationalises key 2010 law

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

Reliance Life Insurance hikes number of agents by 20%

Company launches child education plan for education purpose

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

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

HDFC Life eyes 15% growth

Company, for fiscal year ended March 31,2015, raised Rs 3,310 crore as first year premium collection

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