Page 72 - Insurance
'Ulips to catch investor interest once economy picks steam'
The assets under management in Ulips till Sept 2013 stood at Rs 303,667 crore
 "'Ulips to catch investor interest once economy picks steam'")
Why home insurance finds no takers
Estimates suggest the total share of home insurance in the general insurance industry is less than 1%
 "Why home insurance finds no takers")
Aviation covers to gain newer dimensions in gen insurance
There is rise in demand for cover for ground handling and aircraft components
 "Aviation covers to gain newer dimensions in gen insurance")
Insurers seek minimum 50% spike in third-party motor premium
On an average a 50% hike is required taking into account rising claims and costs, says Bharti Axa General Insurance chief
 "Insurers seek minimum 50% spike in third-party motor premium")
 "Irda asks insurers to remit claims only electronically")
Irda chief sees shortage of actuaries receding in 3-4 yrs
Currently, while there are demands for around 1,000 actuaries in the domestic industry, only 280 fully-trained professionals are available
 "Irda chief sees shortage of actuaries receding in 3-4 yrs")
Third party vehicle premium to be market-driven: IRDA
De-tariffing the third party premium is necessary so that good customers get the benefits of lower premiums
Govt-owned insurers opened 3,101 offices in rural and semi-urban areas: FM
Companies such as the New India Assurance are looking to have 1,000 micro offices by the end of this year
 "Govt-owned insurers opened 3,101 offices in rural and semi-urban areas: FM")
Need actuaries in non-life firms too: Irda chief
Vijayan said it was imperative that actuaries in companies not just looked at innovative products, but priced it fairly as well
 "Need actuaries in non-life firms too: Irda chief")
Referrral company licences can be renewed: Irda
Earlier regulations stated that approval to referral company valid for only three years
 "Referrral company licences can be renewed: Irda")
New course at UK's Institute & Faculty of Actuaries
The programme, Certified Actuarial Analyst can be completed in 2-3 years and will be offered from 2014 onwards
 "New course at UK's Institute & Faculty of Actuaries")
Life insurers to have varied rewards mechanism to boost agent persistency
Persistency refers to the ability to keep renewing customers' insurance policy till it reaches maturity
 "Life insurers to have varied rewards mechanism to boost agent persistency")
Fire & engineering segment sees drop in rates
Officials say there are discounts of 30-40% on an average to get more clients
Insurers allowed to invest in banks' new instruments
Experts said that this will help banks to augment additional capital
Irda proposes steep increase in motor third-party premiums
Premiums may go up 25-137% for private cars, 1-45% for two-wheelers
 "Irda proposes steep increase in motor third-party premiums")
Health Insurance TPA of India to begin business only by 2014-end
The common in-house TPA of public sector general insurers, named Health Insurance TPA of India was incorporated in August 2013 to handle health insurance claims of the state-owned insurers
Hospitalisation cover for ATM attack victims unlikely soon
Most insurers only provide for liabilities associated with theft and damage to the ATM
 "Hospitalisation cover for ATM attack victims unlikely soon")
Madras HC rules against insurance companies rejecting medical claims
Petitioner said only hypertension and diabetes were mentioned as pre-existing diseases in his medical claim policy
 "Madras HC rules against insurance companies rejecting medical claims")
