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companies New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company, had withdrawn cashless treatment facilities at major hospitals, last year in the month of July.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

ICICI Lombard has bagged the contract to extend its health insurance scheme that will cover over 3.5 lakh households in Goa.

The deal was finalized through a bidding process where six other insurance companies participated. This included companies like National Insurance, Royal Sundaram and Tata AIG. ICICI Lombard out bid these insurers by quoting the lowest premium for implementing this scheme.

The scheme was launched by Chief Minister of Goa, Digambar Kamat under which every household...  Read More »

General insurance companies ICICI Lombard, IFFCO Tokio, Royal Sundaram, Bajaj Allianz, New India Assurance and National Insurance failed to comply with the guidelines laid down by the Insurance Regulatory and Development Authority (IRDA).

These six insurance companies had granted licenses to five group entities belonging to the same promoter entity M/s Maruti Suzuki India Ltd group, to act as corporate agents on their behalf.

Corporate agent means a company or firm which holds a license to...  Read More »

Private and public general insurance companies have submitted their business figures for the month of April 2011 to Insurance Regulatory and Development Authority (IRDA).

 
The collective business done by private non-life or general insurance companies in the month of April is Rs 2,296 crores. This includes companies like ICICI Lombard, HDFC ERGO, Royal Sundaram, Tata AIG, Reliance General, Bajaj Allianz General, Chola MS, Future Generali.

On the other hand the four public sector general...  Read More »