Berkshire Hathaway Inc which runs Insurance and reinsurance business activities through approximately 70 domestic and foreign-based insurance companies extends its Reinsurance business in India.

Berkshire which is controlled by the business magnate and investor Warren Buffet, has been trying to set its foot in the Indian Insurance market for sometime now. But the bar on the foreign investment limit has kept them at bay from setting up a wholly owned insurance company. Last year, Berkshire...  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 »

General Insurance Corporation of India (GIC), the re-insurance company for general  insurance companies in India is expected to report a net loss of Rs. 1,500 crores this year.

The GIC business consists of the domestic business from general insurance companies in India and the company’s business is Afro-Asian region as part of its global portfolio. A large part of this loss is from the overseas business due to natural calamities like Japan Earthquake and the floods in Thailand. The losses in...  Read More »

Health insurance portability which is set to be effective from July 1st has put general insurance companies in a tizzy.

Last Tuesday, in Mumbai, underwriters of health insurance companies met up to discuss and voice their concerns regarding the challenges and practicalities associated with health insurance portability. The draft of the consensus will be sent by General Insurance Council (GIC) to the Insurance Regulatory and Development Authority (IRDA).

GIC is the representative body of...  Read More »

Bharti AXA General Insurance Company Ltd and Shriram General Insurance Company Ltd have almost doubled their premium collections this year.

Bharti AXA GI is a 74:26 joint venture between Bharti Enterprises and AXA Group. Between April 2009 and February 2010, Bharti AXA GI had collected only Rs. 244.06 crore. According to the latest data submitted by all the non-life insurance companies, Bharti AXA GI has collected Rs. 491.23 crore in premiums for the period April 2010 to February 2011....  Read More »

General Insurance Corporation of India (GIC) will provide a cover to ESPN for ICC Cricket World Cup 2011, for a whopping Rs.600 crore.

ESPN Cricket World Cup will get a cover against terror acts and adverse weather conditions at premium of Rs.9 crore.

Cricket World Cup is scheduled to telecast from February 19 to April 2, 2011. There are 27 matches to be played at 8 venues in India. These venues are Mumbai, Delhi, Kolkata, Chennai, Punjab, Gujarat, Bangalore and Nagpur.

GIC...  Read More »