Maruti Suzuki India Limited, which has a market share of about 45% of the Indian passenger car market (as of March 2011) may face losses of over Rs.400 crores due to lack of sufficient insurance policies.

On 18th July 2012, Maruti's Manesar plant was hit by violence as factory workers attacked supervisors and started a fire that killed a company official and injured 100 other people. The violent mob set fire to the factory building causing some damage to the plant and machinery. In a...  Read More »

Many a times policyholders get medical treatment from a hospital of their choice or convenience. Public sector insurance companies (PSUs) have a tie-up with certain hospitals that feature in their Preferred Provider Network (PPN). These hospitals offer cashless mediclaim facility to policyholders however, there are many hospitals which are not under the PPN and the expenses on treatment have to be borne by the policyholder.

Under the Right to Information Act (RTI), the Central Information...  Read More »

Insurance Regulatory and Development Authority (IRDA) has released the business figures of all general or non-life insurance companies in India. For the month July 2011, these companies have collectively recorded an 18.5% growth over their premium collections in July 2010.

New India Assurance, the country’s largest non-life insurer, has collected Rs 707.15 crore for the month of July this year, with a growth of 18.2% over its collections in July last year. The other 3 public sector insurance...  Read More »

New India Assurance Company, Oriental Insurance Company, United India Insurance Company and National Insurance Company have more than 10 lakh motor accident cases pending against them. In an effort to lower these pending cases and to settle claims, the four public sector insurance companies have launched a motor third party claims settlement centre in Kochi.

These state owned insurance companies further plan to open 50 such centres across various locations in India. Earlier in March this...  Read More »

The four state-owned health insurance companies New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company, had withdrawn cashless treatment facilities at major hospitals, last year in the month of July.
 

The decision was taken after hospitals started overbilling health insurance policyholders who opted for cashless claim settlement. This caused a lot of discomfort among the four public sector insurers, who collectively held over half of the health insurance...  Read More »

In what comes as a big relief to many auto insurance policyholders, the apex court passed a ruling that insurers are liable to compensate for the loss during a third party motor insurance claim even if there is a change in the ownership of the vehicle.
 
This ruling passed by the Supreme Court was directed to National Insurance Company, which is one of the four non-life public sector insurance company in India. On 13th June 1998, a mini bus hired by the UP State Road Transport Corporation...  Read More »

Public sector insurer National Insurance Company released its financials for the financial year 2010-2011. Despite a 32% rise in premium earnings, the insurer has witnessed a 67% fall in its net profits and 73% fall in its operating profits in FY 2010-11.

The dip in the insurer’s net profits was mainly attributed to the decline in operating income from health insurance, third party motor cover; own damage motor insurance cover as well as housing insurance cover.  The loss registered in the...  Read More »

Oriental Insurance, National Insurance, United India Insurance and New India Assurance had earlier announced their intentions to have their own Third party administrator (TPA) for processing claims. This is in process and most likely to be in place within the next three months.

United India Insurance Company’s Chairman & MD, G Srinivasan was in Hyderabad to sign an agreement with State Bank of Hyderabad (SBH) to offer free personal accident insurance to the bank’s customers. He told reporters...  Read More »