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Insurance News on General Insurance

IRDA approves 20 percent hike in Health Insurance Premium

May 03, 2013 - 01:08 AM

Mr. G. Srinivasan, Chairman – New India Assurance Company Ltd., announced the 20% hike in health insurance premium effective June 2013. This announcement was made after insurance regulator Insurance Regulatory and Development Authority (IRDA) approved the hike in premium amount for policies issued by the Company.

New India Assurance Company, a leading insurance company with branches across India and overseas with a network of 1068 offices, 28 Regional offices, 393 Divisional offices and 648... Read More »

Posted in General Insurance , Health Insurance | 126 Views | Write a Comment »

Finance Minister has an Increased Focus for Non-Life Insurance Penetration

April 29, 2013 - 02:26 PM

Finance Minister Mr. P. Chidambaram, at the time of launch of mediclaim facility for the farmers holding kisan credit card issued by Dena Bank under a tie up with United India Insurance Company, said that there is a immediate need of increase in insurance penetration and non life insurance coverage in the country. He added that India remains the most underinsured countries in the world with non life insurance penetration is as low as 0.7%. Further insurance density in India for general insurance... Read More »

Posted in General Insurance | 89 Views | Write a Comment »

Recessionary effect to have adverse impact on marine hull insurance

April 17, 2013 - 05:52 PM

Marine hull insurance which was brought out of the tariff system in 2003 – 04 and which is taken by ship owners, charterers, shipbuilders, port authorities etc to cover any loss or damage to ships, tankers, bulk carriers, container vessels, small fishing boats and other sailing vessels by way of fire, earthquake explosion, piracy, stealing, sinking etc is experiencing a slowdown due to bad financial health of bleeding shipping industry. There has been reduction in international trade, due to... Read More »

Posted in General Insurance | 111 Views | Write a Comment »

Film Insurance business on a rise as more and more producers opting this facility

April 03, 2013 - 06:21 PM

According to Mr. Sumant Salian, Business Head - Media and Entertainment, Alliance Insurance Broker, film insurance business is growing at around 50% on a year to year basis. According to Mr. Segar Sampathkumar, General Manager – New India Assurance, since more than 1,000 national and regional film releases every year this segment will continue growing at a rapid pace. Also film insurance, which was once considered as a liability for many producers is now being seen as a valuable asset. More and... Read More »

Posted in General Insurance | 132 Views | Write a Comment »

Tata AIG to explore new avenues in general insurance sector

March 19, 2013 - 11:34 PM

Mr. M. Ravichandran, President – Tata AIG General Insurance, said that in order to cover the losses on account of odd weather conditions like deficit or intemperance rainfall, hot or cold waves, etc, the company is planning to introduce weather policy for farmers and all those dependent on weather conditions. He further augmented that in addition to the above; the company is working on a plan to offer better health cover products, increase its presence in aviation space segment and commence the... Read More »

Posted in General Insurance | 181 Views | Write a Comment »

New India Assurance touches 10,000 crore premium mark

March 02, 2013 - 05:18 PM

Chairman and Managing Director of New India Assurance Company, Mr. G. Srinivasan, at the time of addressing a press conference, disclosed that the net profit of the company for the financial year ending March 2013 is expected to be Rs. 600 crores as against the net profit of Rs. 179.31 crores made during last fiscal.

In addition to the above, he also revealed the expansion of the overseas operations of the company in 2013-14. The company intends to venture in countries like Canada, Qatar and... Read More »

Posted in New India Assurance , General Insurance | 391 Views | Write a Comment »

ING sells their stake in ING Vysya Life Insurance to Exide

February 03, 2013 - 11:27 PM

As a part of the disinvestment towards sale of all of its Asian insurance and investment management operations, Dutch banking and insurance group – ING announced to sell its 26% shareholding in Vysya Life Insurance to its joint venture partner Exide Industries. The sale of the stake in ING Vysya Life Insurance, which is subject to regulatory approval, is expected to be completed during the first half of the year.

ING Vysya Life Insurance has over a decade of experience serving more than one... Read More »

Posted in ING Life , General Insurance | 251 Views | 1 Comments »

Car Insurance Policies would soon become more expensive

January 22, 2013 - 08:06 AM

According to Mr. S.S. Gopala Rathnam, Managing Director – Chola MS General Insurance, in order to bridge the gap between premiums collected and claims paid by the insurers, a raise in premium amount is needed to sustain the insurance industry which has reached a critical stage. Motor insurers are demanding 5 – 10% hike in third party premiums for private vehicles and 40 – 50% rise for commercial vehicles. This is expected to improve the underwriting performance of the industry. Third party... Read More »

Posted in Car Insurance , Cholamandalam MS, General Insurance | 311 Views | Write a Comment »

National Insurance bags a whooping insurance for ODI Cricket of Rs 5.80 Crore

January 13, 2013 - 10:58 AM

In order to overcome any unforeseen event, the Saurashtra Cricket Association have taken the insurance cover for first one – day international cricket match between India and England for Rs. 5.80 crores from National Insurance Company. This insurance would cover risk pertaining to cancellation of cricket match, advertisement on the ground and on account of any injury to the audience.

National Insurance Company (NIC) was incorporated on 6th December 1906 at the height of the country’s... Read More »

Posted in National Insurance , General Insurance | 321 Views | Write a Comment »