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ICICI
Lombard’s gross written premium (GWP) grew by 20%, expects a premium
growth of 2 – 3% higher than the industry average. According to Mr.
Neelesh Garg, Executive Director – ICICI Lombard General Insurance
Company GWP grew to Rs. 6,420 crores for the financial year ending March
2013. He attributed this growth to rise in premium amount in both
retail and corporate segments.
He
further quoted that the company expects the force of previous year to
go forward in this year and that the company expects 2 – 3% higher
premium than the industry average in the coming financial year. He also
did not rule out the rise in prices of the premium amount depending on
the inflation numbers.
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Some products and services have insurance covers most buyers don't know about. The best part is, usually, these are free or quite cheap.
For example, there are covers given along with liquefied petroleum gas (LPG) cylinders, up to a whopping Rs 40 lakh in case of loss of life or damage to property due to cylinder explosions. Though there are a number of LPG cylinder explosions, causing loss to life and property, no one seems to be aware of an insurance cover available for LPG consumers in such cases.  |
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Roopam
Asthana, Chief Executive Officer at Liberty Videocon General Insurance
Company, today declared the company’s performance report for the ongoing
year 2013 - 14. He said that till now the company has successfully
achieved a sales figure of Rs. 65 crores as against the budget of Rs.
120 crores for the entire year. The Company is also optimistic about the
business for the remaining part of the year and expects to meet the
budgeted amount of sales.
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The
Insurance Regulatory and Development Authority (Irda) will issue new
guidelines for the micro-insurance sector within this financial year.
Irda had asked insurance firms to design up to four-five new micro-insurance products, which will be cost-effective, and at the same time provide better returns to investors, said Sudhin Roy Chowdhury, member (life) at a seminar on the insurance sector here on Friday.  |
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Mr.
Milind Kharat, Chairman cum Managing Director of United India Assurance
and Mr. P.J. Joseph, Chairman of Agriculture Insurance Company (AIC)
announced the launch of internet website that will enable issuance of
Crop Insurance policies of AIC. This initiative is a part of Financial
Inclusion Programme undertaken by United India Assurance Company Ltd.
This scheme will also benefit the farmers who do not have easy access to
the offices of insurance companies
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While the Insurance Regulatory and Development Authority (Irda) has allowed banks to become insurance brokers, insurance companies said it still needed to be seen whether this would happen.
“It is a positive step, especially for non-bank led companies, since it has been pending for a long time. However, we will have to see, over a period of time, if banks would be interested, and whether RBI would approve. Only after this, would we see an open architecture of bancassurance,” said Deepak Mittal, managing director & chief executive officer, Edelweiss Tokio Life Insurance.  |
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If you have been running from pillar to post to make your health insurance claims,
you must be heaving a sigh of relief. The new health insurance
regulations, effective from October this year, have made it easier for
policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time.
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A
new facility introduced by the Irda allows you to hold all insurance
policies in a single account through an e-insurance account. As in the
case of a demat account, the customer can make modifications in the
policy and view all his live policies, as well as the history of past
transactions, at one glance with the help of this facility.
Here are things you should know about an e-insurance account: |
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HYDERABAD:
Assets under management (AUM) of life insurers will almost treble to
USD 1 trillion (nearly Rs 60 lakh crore) by 2020 from the current Rs
19.4 lakh crore, according to projections by the Life Insurance Council.
Life
Insurance Council Secretary General V Manickam said projections were
made on the basis of growth in GDP and household savings over the next
few years.
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If you have been running from pillar to post to make your health insurance claims,
you must be heaving a sigh of relief. The new health insurance
regulations, effective from October this year, have made it easier for
policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time.
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After tasting success with iTerm and iMaximize, AEGON Religare Life Insurance (ARLI) has
launched another online insurance plan called iGuarantee Insurance
Plan. AEGON Religare iGuarantee Insurance plans is a savings plan which
offers guaranteed returns.
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HYDERABAD, NOV 5:
Life
Insurance Corporation of India is in favour of having a distribution
tie-up with the Indian Postal Department, which has plans of its own in
the insurance space.
The
Government has launched an initiative to pave the way for over 1.5 lakh
post offices in the country to offer full-fledged banking and insurance
services. Postal Life Insurance is also setting up a full-fledged
investment division for generating optimal return
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