Page 29 - Insurance

Flash floods in Chennai last November caused economic losses of $2.2 billion

India's total economic losses from all disasters, natural and man-made, exceeded $6.2 bn in 2015

Companies take cover in terrorism insurance

While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%

Lloyd's India syndicates to retain some minimum Indian reinsurance biz: Irdai

Syndicates granted approval not to be given preference in reinsurance contracts for 3 years, unless they have got approval for exemption from retention limit

Irdai allows TPAs to process foreigners' health claims

Decision pertains to foreign travel policies and health policies issued by Indian insurers covering medical treatment or hospitalisation outside India

TPAs to also service foreigners' health plans from life insurers: IRDAI

Their services will also extend to foreigners travelling to India on a travel policy issued by a foreign insurers

Health insurance TPA to begin operations from next fiscal

After it becomes operational, 8-10% of claims now being handled by external agencies will be processed by the new body

No refusal for motor insurance

Regulator has barred insurers from refusing to cover this risk

Insurers rush to finalise tie-ups with niche banks

Bancassurance deals are expected to be finalised in the next few weeks

LT Foods to challenge insurance claim rejection

Oriental Insurance had rejected the Rs 189-cr claim arising out of a fire at LT's Madhya Pradesh mill in 2014

IRDAI asks insurers to have mentors for approved actuaries

The upper age limit for the mentor will be 75 years

PSU general insurers may see up to 10% stake sale

New India Assurance may be first off the block for IPO in FY 17

Banks keen to tie up with multiple insurers

According to corporate agency rules, banks can tie up with up to three life, three non-life and three standalone health insurers to sell their insurance products

Irdai wants public sector general insurers in crop insurance scheme

The state-owned insurers have about 300,000 agents that sell insurance products in rural and urban areas

E-medical records might be a reality in FY17

To provide insurers with easier access to data and faster settlement of claims

Non-life insurers offer cover against loans

An array of products are available in the market to ffer covers against unemployment, personal accident that could impact the loantaker's ability to repay the loans

PM's Jan Suraksha schemes suffer from fraudulent claims

According to data available, of the 25,398 claims filed so far, 800 were rejected for fraud

Lloyd's appoints Shankar Garigiparthy as country manager for India

Garigiparthy brings over 23 years' experience in financial services to the role and was most recently Regional Compliance Manager in Singapore for Lloyd's

BS Insurance round Table: 'Listing of insurance firms to become a reality'

Agent attrition, insurance inertia and open architecture are the key challenges, say panelists

LIC pips private life insurers in new premium growth

LIC collected first year premiums of Rs 74,142 crore during this period, against Rs 62,635 crore a year ago, showing a growth of 18%

Motor insurers' declined risk pool to end in 2 weeks

In December 2011, Irdai had dismantled the commercial third-party motor pool