Universal Sompo General Insurance Company which is one of the last entrants in the non-life insurance sector announced that it has raised Rs.200 crore of equity from its promoters. Universal Sompo is a joint venture between Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investments and Sompo Japan Insurance.

All the five promoters collectively added Rs.200 crore to the capital in accordance with their existing shareholding in the company. This infusion of additional capital comes...  Read More »

The state-run Oil and Natural Gas Corporation (ONGC) is expecting a higher insurance premium to renew the cover of its offshore assets which are estimated to be valued at $33.7 billion. Last year, ONGC paid a premium to the tune of $25 million to insure its offshore assets and it may have to pay a higher premium this year to obtain same amount of cover.

There are several reasons cited for probable increase in insurance premiums of ONGC but the primary one could be due to the global rise in...  Read More »

L&T General Insurance Company, the latest entrant in the general insurance industry, has tied up with Vimo Sewa, an Ahmedabad based co-operative, to distribute micro insurance products to female workers. This would be the 1st micro insurance agent for the insurer.

1. my:jeevika Medisure Micro...  Read More »

Bharti AXA General Insurance Company said that it has seen a 47% growth in its premium collections in 2011 as compared to that in 2010.

The private insurer’s premium collections in 2011 stood at Rs 776 crore in 2011 against its collections of Rs 528 crore in 2010.

Commenting on this achievement, Amarnath Ananthanarayanan, CEO of Bharti AXA General Insurance said, "Year 2011 has been a great year for us and this outcome is the result of our colleagues, partners and stakeholders'...  Read More »

Non-life or general insurance companies have shown positive signs for the insurance industry by increasing their premium collections during the eight month period - April to November. The general insurers registered a 24% growth in their premiums this fiscal year over that in the corresponding period last fiscal.

The total premiums garnered by all the public as well as private players is Rs. 37,360 crore as compared to Rs. 30,047 crore last year.

Non-life business includes motor...  Read More »

Non-life or general insurance companies will soon get the Initial Public Offer (IPO) guidelines from the Insurance Regulatory and Development Authority (IRDA).

IRDA Chairman, J Hari Narayan, said, “Framework of listing norms for general insurance is already with Securities and Exchange Board of India (SEBI). However, due to some internal restructuring there is delay in the process. We will soon put norms in public domain.”

Earlier, this month, IRDA released IPO guidelines for life...  Read More »

The IRDA has released the business figures of all general or non-life insurance companies. According to this data, for the period April-October 2011-12, the non-life insurance industry reported a 23.77% increase in premium collections as compared to the same period last year.   

Public sector player, New India Assurance has grossed highest premiums of Rs 4,188.67 crores, followed by United India Insurance, National Insurance and Oriental Insurance Company. Collectively these four PSU...  Read More »

The government has started consultations on listing the four public sector general or non-life insurance companies – New India Assurance, United India Insurance, Oriental Insurance and National Insurance.

For the financial year 2010-2011, these 4 PSUs collectively crossed the Rs 25,000 figure in their new business premium collections. During the last financial year, these PSUs saw a decline in their net profit on account of lower investment income and also due to higher provisions and losses...  Read More »

IRDA has released the business figures of general or non-life insurance for the month of September 2011. Total new business premiums collected by the four public sector insurers (PSU) - New India Assurance, National Insurance, United India Insurance and Oriental Insurance is Rs 2,663 crores. For the same period, the total premiums collected by the 18 private general insurance companies (including 3 standalone health insurers) is Rs 1827.72 crores.

New India Assurance leads the way with the...  Read More »

Insurance Regulatory and Development Authority (IRDA) has released the business figures for the month of August 2011 as submitted by all the general insurance companies in India.

United India Insurance has fared extremely well enjoying the highest premium collections of Rs 642 crores for the month of August this year. New India Assurance Company which usually enjoys the top spot has taken a hit in its premium collections and is enjoying the second spot with new business premiums of Rs 613.5...  Read More »