New India Assurance

Surety bonds can help smaller infra developers compete with larger, more established ones for bigger contracts, the company said

According to the National Commission, the average clause couldn't apply since the policy didn't have individual coverage limits for building, stock, and packaging material

On Monday, shares of General Insurance Corporation hit a fresh 52-week high at Rs 182.65, up 10 per cent; New India Assurance rallied 8 per cent.

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

The National Commission observed that the requirement of first-class construction was mentioned in the cover note and the policy, so stock kept elsewhere wouldn't be covered

The position of CMD of New India has been lying vacant since former chairman Atul Sahai retired on February 28

Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments

Even as The New India Assurance Company Ltd is on a massive recruitment drive, suspense continues in the case of the remaining three government owned non-life insurers, said industry officials.

This comes after a double-digit growth in premiums in December and low single-digit growth in November, preceded by contraction in September and October

In a recent case, National Commission observed that the policy defined an employee to include officers, clerks, servants and other employees

The three are seen as key players to deal with systemic risks and moral hazard issues, have been told to raise corporate governance levels and promote a sound risk management culture

The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture, IRDAI said in a statement

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The special insurance scheme would be a group personal accident policy, which includes accidental loss of life on account of contracting the deadly virus.

The move comes after the insurer filed an application proposing to settle

With segments such as motor, health, fire and crop insurance being the stronghold of both players, they have nearly the same product profile

There is slow down in motor segment and provisions towards bad debts and diminution in value of certain equity investments further impacted profitability by Rs 40 crore in the quarter

Under the scheme, while AIC will use offices, manpower and rural reach of the three companies, it will offer 12.5 per cent of the premium collected to each of the three companies

The post has been vacant since July 2018 after former CMD G Srinivasan retired