Page 26 - Insurance

Star Health ties up with Bank of India for bancassurance

Tie-up to enable Star Health to leverage BOI branches network and huge customer base

Lloyd's to set up India reinsurance branch in 2017

John Nelson, Chairman of Lloyd's, said that they intend to begin small in India and would start off with a few syndicates and managing agents

Pension product numbers dwindle at life insurers

Additional tax incentives were introduced for NPS in Budget, none were provided for pension policies from insurers

Insurance via e-commerce to make insurance cheaper for customers

This will be done through a self-network platform

Housing financiers on a high

Loans against property and affordable housing are seeing good traction, despite a slowing real estate market

HDFC Ergo buys L&T Insurance for Rs 551 crore

First such consolidation in India's general insurance sector

HDFC completes 22.9% stake sale in HDFC ERGO to foreign partner

The foreign partner has paid Rs 1,122 cr for the additional stake

Life insurers' products cross 600 in FY16

This rose from 516 products as on March 31, 2015, according to data from Life Insurance Council

ICICI Pru Life appoints BoFA ML, ICICI Sec as lead bankers for IPO

The company, a joint venture between ICICI Bank and Britain's Prudential, plans to file its offer document with market regulator Sebi by the end of this year

Govt weighing proposals of 4 PSU insurers for Fasal Bima Yojana

Currently, Agriculture Ministry has empanelled 11 private sector companies and state-owned Agriculture Insurance Company to implement PMFBY

India drops from top three in Million Dollar Round Table

Membership to MDRT is based on agent productivity and includes criteria for commissions and premium

Heavy discounts in insurance to come under scanner

Regulator has now come up with new set of norms for maintaining solvency ratio by insurance companies based on each line of business

Bajaj Finserv posts Rs 517.9-cr net profit in March quarter

This was on account of transfer of policyholders' surplus to shareholders' account by Bajaj Allianz Life Insurance

Private insurers see healthy growth in profits in 2015-16

Private life insurers saw growth of 26% in their group business and only 13% in their individual business

Public sector banks open up to multiple insurers

IRDAI has opened up corporate agency channel wherein banks can tie-up with up to three life, three non-life and three standalone health insurers

Bajaj Allianz General launches 'TweetInsurance'

Facilitates getting insurance information and services instantly by simply sending a tweet at Bajaj Allianz Twitter handle with relevant hashtags

Insurers now offer value-added services

Tax filing, electrical service, alternate medical opinion and customer feedback getting incorporated into policy package offers

Gems and jewellery continues to be top sector for claims in ECGC

The gems and jewellery sector claimed worth Rs 871 crore in the financial year 2015-16

IRDAI brings out norms to strengthen insurers' boards

The regulator said the Board will have to look at a broad range of areas such as overall direction of business of the insurance company

Insurance regulator brings out norms to strengthen insurers' boards

Irdai said while laying down the projections, the boards must address the expectations of the shareholders and the policyholders