Reliance Life Insurance today announced launch of its new healthcare offering, 'Reliance Life Care for You'

Reliance Life launches new health plan

Business Standard

Insurance and reinsurance companies have to make huge payouts from their reserves as the country does not have a catastrophe pool

Disasters caused Rs 1,000-cr loss to India in Jan: Report

BS Reporter

General insurers have seen a 19.36% rise in premium collection for April to January period this fiscal, compared to same period last fiscal

General Insurers' premium up 19.3% in April to Jan period

While LIC saw a dip of 6.3%, the life insurance industry as a whole saw a 6.1% fall y-o-y

LIC sees sharper growth decline in new business premium than industry

Designs products to encourage people to opt for family-floater cover

Max Bupa goes the family way

Move aimed at meeting investment limits before the end of FY13

Insurers raise exposure to gilts on rate cut hopes

National Insurance Company (NIC) might be listed by March 2015, following the finalisation of norms for initial public offerings (IPOs) by the Insurance Regulatory and Development Authority (Irda). Speaking to Business Standard, a senior NIC official said, "The final norms have been released by the regulator and we have started evaluating the intricacies of these. Informally, the Centre has already forwarded the message to us to be listed by March 2015." The official, however, didn't disclose the amount of funds the insurer planned to raise. "The process has just started, and financial clarity would emerge with time. But going by our size - we are already one of the biggest players in the market - the public issue shall be of a substantial size," he said.N S R Chandraprasad, chairman and managing director of NIC, didn't respond to calls from Business Standard.Finance ministry officials have been meeting officials from state-run general insurance companies and asking them to cut losses

National Insurance likely to be listed by March 2015

Insurance Regulatory and Development Authority (Irda) has set up a a seven committee to review the practices in insurance broking and review the entire Irda (Insurance Brokers) Regulations, 2002

Irda sets up committee to review insurance broking

Insurance Regulatory and Development Authority (Irda) has given a warning to public general insurer National Insurance Company (NIC) pertaining to violation of its regulations

Irda asks National Insurance to adhere to claims servicing rules

Government on Tuesday said it was examining the way in which General Insurance Corporation (GIC) entered into an arrangement with US-based Berkshire Group and subsequent cancellation in a short period, after a payment of $15.2 million premium towards reinsurance business cover.

'GIC says no loss due to buying cover from Berkshire'

Press Trust of India

In India there is an absence of a 'natural catastrophe cover' to cater to the needs of people

Mandatory catastrophe cover still requires much work

Customers in smaller cities will have better access to insurance products, thanks to a number of proposals in the Budget 2013-14. Not only will they get insurance policies quicker, but they will also get serviced from multiple players.In the Budget, Finance Minister P Chidambaram had said that the KYC (know your customer) norms of banks would be sufficient to acquire insurance policies. This means, an individual already holding a bank account does not need to give any other document to buy an insurance cover.The other proposals in the Budget included allowing banks to act as insurance brokers, permitting banking correspondents to sell micro-insurance, and letting insurers open branches in Tier-II cities and below without the Insurance Regulatory and Development Authority's (Irda) nod.P Nandagopal, MD & CEO, IndiaFirst Life Insurance, said: "While there are no additional tax concessions as expected, the big announcement is the proposed open architecture for bancassurance through the

Customers in smaller cities to have better access to insurance, courtesy Budget proposals

Welcome opening of bancassurance but doubts linger over implementation

Distribution reforms the key, say insurance CEOs and regulator

LIC's stake in the bank stands at 5.21%; the insurer is one of the contenders for a new bank licence

LIC emerges largest shareholder in Karnataka Bank

The company holds 25.5% stake in insurance firm, as on Dec 31, 2012

Pantaloon to sell 22.5% in Future Generali for Rs 300 cr

With growth in life insurers' new premium business declining, insurers and agents are increasingly shifting focus to renewal premiums.In April-December period, growth in new premium income of life insurance companies fell 3.5 per cent to Rs 69,184.5 crore, compared with Rs 71, 953.5 crore in the year-ago period. According to data from the Insurance Regulatory and Development Authority (Irda), private life insurers collected Rs 18,907.1 crore from new policies in the April-December period, a fall of about five per cent from Rs 19,901.1 crore collected in the corresponding period of the previous year.G N Agarwal, chief executive and chief actuary of Future Generali India Life Insurance, said insurers planned to increase renewal premium collections. As agents received renewal commissions and they didn't want to lose clients due to policies lapsing, they, too, were focusing on renewals, he added.Today, a traditional insurance product (term or endowment) typically earns agents 30-35 per cen

Insurers, agents shift focus to renewal premiums

Rise in duties, third-party motor insurance rates set to increase premiums five to 10%

Double whammy for high-end car users

KIDI is a front runner among the rate making organisation in Asia, plays significant role

Insurance Information Bureau to work with Korean counterpart

The insurance regulator has stated 199 basic items for which patients would now have to pay from their pockets

Health covers to exclude various consumable spends

IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General is launching personalised 'Picture Policy Packs' for its customers.

IndiaFirst Life launches personalised policy packs

Irda gazettes new norms on various segments, including IPO guidelines for general insurers

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