Kerala, it seems, is planning on becoming the first State to bring Ayurvedic treatment under insurance cover. The move is part of an action plan of the State Government to boost traditional knowledge in healthcare and transform Kerala into a global hub for this Indian system of medicine. The Ayurveda Action Plan is part of [...]
Growth in premiums for the Health insurance segment has fallen to 25 per cent in 2011-12 from 35 per cent registered in 2010-11. The dip is mainly blamed on a fall in the number of government-driven schemes and the economic slowdown, media reports say. In 2010-11, the total premium for the segment was estimated at [...]
The Union budget has made insurance products of all varieties costlier, and it is expected that premiums on all products – unit linked insurance plans (ULIPs), traditional endowment and term policies – will go up, according to reports. Thus, by one estimate, service tax currently amounting to Rs 286 on a given policy would go [...]
The Life Insurance Corporation (LIC) has pumped in Rs 2,137 crore in four public sector banks via the preference share route. LIC, according to separate filings with Bombay Stock Exchange, has invested Rs 1,037 crore in Bank of India, Rs 650 crore in Union Bank of India, Rs 302 crore in Indian Overseas Bank and [...]
Bharti Axa General Insurance is reportedly confident of posting a growth of 45 per cent in its gross premium collection in 2012-13. With the declined risk pool system, coupled with the possibility of an upward revision of premium in the commercial vehicles buisness, the company hopes to post a 40-45 per cent growth in premium [...]
L&T General Insurance Company, a unit of engineering and construction major Larsen & Toubro Group, is confident of “great growth prospects” next financial year with earnings mainly coming from Motor and Health insurance segments, a top company official has reportedly said. According to data released by Insurance Regulatory and Development Authority (IRDA), L&T Insurance’s premium [...]
Fitch Ratings has upgraded SCOR’s Insurer Financial Strength (IFS) ratings and Long-term Issuer Default Ratings (IDRs) from ‘A’ to ‘A+’. Fitch mentions having taken into account SCOR’s “strong solvency and moderate debt in relation to its risk profile.” The rating agency also notes SCOR’s ability to “successfully expand its business position via external growth and [...]
Indian general insurers seem to be marking time about finalisation of the reinsurance treaties for the new financial year (2012-13) as last year’s losses are reportedly about to drive up rates, which would mean higher premiums. “Treaties are delayed because of the losses incurred last year owing to natural calamities,” a top official of Swiss [...]
Urban Indians are not very clued up on insurance products and their investment planning does not reckon with many of their genuine current needs, according to a survey by private insurer HDFC Life. “Indian urban consumers’ current sense of financial freedom is low,” the survey was quoted as saying by a report. HDFC Life, jointly [...]
IndiaFirst Life Insurance Company, a joint venture between Bank of Baroda and Andhra Bank along with UK’s risk and investment company Legal & General, has recorded a growth of over 40 per cent year on year, by collecting more than Rs 1,000 crore in premium during financial year 2011-12. Dr P Nandagopal, Managing Director & [...]
