Insurance News on Others

Travel and marine insurance all set to rise with rupee depreciation

26 Nov 2013, 06:31 PM  by   765 Views | Write a Comment »

With dollar appreciating by around 20% against the rupee, general insurance companies have obtained approval of market regulator Insurance Regulatory and Development Authority to raise the premium amount on travel insurance. Industry experts believe that rise in premium amount could be over 10%, which is in proportion to rise in the claim cost.


Travel insurance segment, which is growing leaps and bounds due to increase in overseas travel, has seen a rise in claim pricing as large number of...  Read More »

Posted in Travel Insurance Others

General Insurance sector sees aviation insurance with potential growth

13 Nov 2013, 11:32 AM  by   838 Views | Write a Comment »
Manik Nehra, Senior Manager – Aviation insurance at Bajaj Allianz General Insurance positively quoted that civil aviation is an up-and-coming segment in the general insurance sector. This sector will witness more industry players coming into the market as well as expansion by existing players. Tata SIA Airlines is one of the new big companies to start its operations next year.
Industry sources also believe on the above. An industry official also stated on the same lines, saying that aviation...  Read More »

Posted in General Insurance Others

Urban properties to mandatorily have disaster insurance

10 Nov 2013, 09:30 AM  by   757 Views | Write a Comment »

Mr. M. Shashidhar Reddy, Vice – Chairman on National Disaster Management Authority, at the foundational ceremony of the two – day seminar on risk management in Pune and based on his study on international practices suggested the mechanism of having a compulsory disaster insurance for residential properties in urban areas. 

He also suggested that insurance should be made mandatory for malls, theatres, hospitals and hotels.
Adding to the above, he said recommended that it should apply to all...  Read More »

Posted in Others General Insurance

Religare Health to explore banking channels to sell its insurance products

25 Oct 2013, 03:31 PM  by   739 Views | Write a Comment »

Mr. Anuj Gulati, Managing Director and CEO of Religare Health Insurance Company Ltd. announced the distribution of its insurance products through the bank’s network. He said that the company is identifying the possibility of tie ups with several banks (both private and public sector banks) as a part of their business plan to increase bancassurance business.

This decision came after market regulator Insurance Regulatory and Development Authority permitted banks to act as a broker and sell...  Read More »

Posted in Health Insurance Others

Insurance Company penalized by consumer forum for wrongful rejection of claim

21 Oct 2013, 08:52 AM  by   1386 Views | Write a Comment »

Consumer’s dispute redressal forum of Panchkula district passed against the New India Insurance Company Limited directing insurance company to pay the claim of Rs. 500,000 along with an interest of 9% and slapped Axis bank with a fine of Rs. 10,000 to the beneficiary of the deceased.


The fact of the claim is that Mr. Manoj Kumar Dhiman, a native of Abdullapur in Pinjore, had opened a bank account with Axis bank on October 7, 2011. Along with the opening of the bank account, he took a personal...  Read More »

Posted in New India Assurance Others

Consumer forum slaps penalty and interest for delay in payment of claim

17 Oct 2013, 12:55 PM  by   1129 Views | Write a Comment »

The Chandighar Union Territory consumer forum levied a penalty on United India Insurance Company Limited for unreasonable delay, carelessness and inaction on the part of opposite party to pay the insurance claim. The forum directed the company to pay the plaintiff 9% interest on the claim amount from the date of passing of the order to the date of payment. The forum also slapped a penalty of Rs. 10,000 on the company. The accident occurred in June 2012.


The fact of the case is that the car of...  Read More »

Posted in Others United India Insurance

Videocon Liberty rolls out personal accident plan for corporate

04 Oct 2013, 08:06 AM  by   681 Views | Write a Comment »
In order to tap the corporate markets, Liberty Videocon General Insurance Company launched a Group Personal Accident product. This product aims at tapping group, corporate, association and institutional customers.
Liberty Videocon General Insurance Company, which is one of the latest entrants in the general insurance market, is a joint venture between Videocon Industries Limited and US based Liberty Citystate Holding Pte. Ltd – a Liberty Mutual Group. Videocon Industries hold 76% stake in the...  Read More »

Posted in General Insurance Others

Insurance Company to save substantially with Insurance Repositories

29 Sep 2013, 09:42 PM  by   1532 Views | Write a Comment »
With Finance Minister Mr. P. Chidambaram introducing Insurance repositories, insurance companies are expected to save Rs. 2,000 crores every year on new policies alone. To service a policy in physical format cost insurance companies around Rs. 600   a year, but if the same is held is dematerialized format it will cost insurance companies around Rs. 80 – 100 per year, thereby generating substantial savings to the insurance companies. 
According to the estimates, savings could be more...  Read More »

Posted in 2013 Highlights Others

Finance Minister announces the launch of Insurance Repository

17 Sep 2013, 01:33 PM  by   762 Views | Write a Comment »

Finance Minister Mr. P. Chidambaram officially started Insurance Repository System wherein the customers can hold their policies in electronic form. 


Under this facility, a unique identification code will be provided to all the policy holders intending to hold policy in e-form and that their policies will come under that code. This code once allotted will be permanent and will contain history of the policy holders such as claims, nominees, beneficiaries and other data.


This facility, in...  Read More »

Posted in 2013 Highlights Others

IRDA prescribes stringent advertisement norms for insurers

13 Sep 2013, 09:21 AM  by   922 Views | Write a Comment »
Market regulator Insurance Regulatory and Development Authority revised its advertisement guidelines for life insurance products by making it more stringent. It said that, advertisement, especially internet advertisement, necessitated the improvement in compliance.
The new guideline said that “in order to improve the transparency of the insurance advertisement and improve its compliance, life insurance advertisements should not offer, as stimulus, any reward or award points, discounts and...  Read More »

Posted in Others Life Insurance

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