Insurance News on National Insurance

Public sector insurance companies to do mass recruitment after two decades

07 Jun 2013, 09:58 AM  by   851 Views | Write a Comment »

 The much awaited requirement of the union of four public sector insurance companies is about to be fulfilled. These four public sector insurance companies viz: National Insurance, New India Assurance, Oriental Insurance and United India Insurance have decided to hire a total of 2,600 employees at an assistant cadre level. Union was demanding the appointment of fresh people for many years.

This collective decision was taken as between the year 2013 – 2015 around 40% of Class III / clerical cadre...  Read More »

Posted in 2013 Highlights National Insurance

Medical premium rate hike on cards by National Insurance Company

20 Jan 2013, 06:19 PM  by   1007 Views | Write a Comment »
Sources from State owned National Insurance Company told that in order to mitigate the losses, the company could hike the rates of health insurance premium and according to the sources from their head quarter; this increase can range from 20% to 40%. Further on this, Mr. Ashok K. Roy, Chairman of General Insurance Corporation said that there is an urgent need for raise of health tariff for insurance companies and at the same time hospital should reduce their cost.

Posted in National Insurance Health Insurance

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

13 Jan 2013, 10:58 AM  by   1011 Views | Write a Comment »
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

Lack of insurance cover may cause Maruti a loss of 400 crore

27 Jul 2012, 12:44 PM  by   1656 Views | Write a Comment »

Logo of Maruti SuzukiMaruti 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 »

Posted in General Insurance Bajaj Allianz GeneralIFFCO TOKIONational InsuranceUnited India Insurance

PSUs ordered to provide customers with list of hospitals not covered under cashless mediclaim

06 Sep 2011, 12:34 PM  by   2562 Views | 1 Comments »

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 InformatioHospital list for Cashless Mediclaimn...  Read More »

Posted in Mediclaim National InsuranceNew India AssuranceOriental InsuranceUnited India Insurance

General Insurance Companies register a positive growth in July

25 Aug 2011, 01:19 PM  by   2990 Views | 1 Comments »

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 »

Posted in General Insurance Apollo MunichBajaj Allianz GeneralICICI LombardNational InsuranceNew India AssuranceOriental InsuranceShriram General InsuranceUnited India Insurance

New centre by PSU insurers for settling motor insurance claims

12 Aug 2011, 03:54 PM  by   1747 Views | Write a Comment »

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 »

Posted in Motor Insurance National InsuranceNew India AssuranceOriental InsuranceUnited India Insurance

Cashless hospital claims in all major hospitals

08 Aug 2011, 11:21 AM  by   2648 Views | 3 Comments »

The four state-owned health insurance companies New India Assurance, National Insurance,Cashless Hospital Claims 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 »

Posted in Health Insurance National InsuranceNew India AssuranceOriental InsuranceUnited India Insurance

Insurance companies are liable to pay even if there is a change in vehicle ownership

27 Jul 2011, 12:00 PM  by   2425 Views | Write a Comment »

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 »

Posted in Car Insurance National Insurance

National Insurance Company sees a dip in its net profits

04 Jul 2011, 12:47 PM  by   2039 Views | Write a Comment »

Public sector insurer National Insurance Company released its financials for the financial yearNational Insurance logo 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 »

Posted in National Insurance

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