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United India’s rating affirmed

Administrator — Thu, 19 Jan 2012 05:00:51 +0000

A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of United India Insurance Company Limited. The outlook for both ratings is stable.
The ratings reflect United India’s strong capitalisation, strong business profile in India’s insurance industry and the management’s commitment to improve the company’s underwriting performance, media reports said.
United India continues to show a high growth rate despite competition from private companies. Its market share is showing stabilisation going forward. A.M. Best believes United India is likely to maintain its strong business position in India.

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LIC told to open more branches

Administrator — Thu, 19 Jan 2012 05:00:40 +0000

Union Finance Minister Mr Pranab Mukherjee has instructed the Life Insurance Corporation of India (LIC) and non-Life insurance companies to ensure that all districts have at least one branch or a satellite office of theirs in 2012.
Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a branch of LIC. Four districts do not have branches of non-Life insurance companies, he told a press conference after chairing the meet with chief ministers southernStates/Union Territories and heads of public sector banks in Bengaluru.
According to him, the southern region enjoys a healthy credit-deposit (CD) ratio. Tamil Nadu, Andhra Pradesh Karnataka and Kerala have shown an impressive growth of 177.2, 114.9, 74.6 and 75.9 per cent. CD ratios of Pudussery, Andaman and Nicobar, and Lakshadweep are, however, less than the 60 per cent benchmark.

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1,022 kids get scholarships

Administrator — Thu, 19 Jan 2012 05:00:37 +0000

Max New York Life Insurance has awarded 1,022 students with the 2nd igenius Scholarships 2011, a unique parent-child engagement initiative that recognises excellence among school goers and promotes their all-round development.
In the senior category, Aastha Agarwal from Nasik and in the junior category, Vaania Kapoor of Bangalore, have been awarded the scholarships of Rs10 lakh each.
Over 4.6 lakh children from over 700 cities enrolled in the igenius scholarship programme. In addition to tests that evaluated their all-round skills, the programme had a live interaction with a jury through video conference. Just 22 shortlisted candidates from this stage underwent a final evaluation in front of a live audience from which the two students were selected. The rest of the 20 received scholarships worth Rs 1 lakh each.

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Individual wealth to triple in 4 yrs!

Administrator — Thu, 19 Jan 2012 05:00:34 +0000

Individual wealth of Indians zoomed by over 18 per cent – compared with a mere 9.7 per cent for global high networth individuals (HNIs) – to Rs 86.5 lakh crore in fiscal 2010-11, says a report.
According to financial services provider Karvy, individual wealth is projected to nearly triple to Rs 249 lakh crore by 2015-16. The significant growth in total wealth in India held by individuals was led by fixed deposits, insurance, equity and alternative assets. Investments in fixed deposits and bonds accounted for Rs 26,76,878 crore – 31 per cent of total amount.
Only financial assets have been taken into account and not physical assets such as real estate and gold. Thanks to global economic uncertainties and high inflation in the country, many individual investors shifted towards safer investment avenues like fixed deposits. For the next couple of years, the report noted, fixed deposits are likely to remain the largest and preferred investment class.

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Ins firms delighted as co directors rush for cover!

Administrator — Thu, 19 Jan 2012 05:00:24 +0000

With directors of the Kolkata-based AMRI Hospital in jail on charges of culpable homicide not amounting to murder, following a fire in the hospital that killed close to a hundred people, ‘liability cover’ looks like being a buzzword soon with such vulnerable senior corporate executives and, of course, insurance companies.
With the Companies Bill 2011, which aims at a more rigorous regime for companies’ board members, especially independent directors, coming up, insurance companies are receiving numerous enquiries for such cover for directors.
Directors and officers’ liability insurance provides cover against legal expenses in various cases like shareholders claims, accusations of accounting irregularities, exposures related to mergers and acquisitions, corporate governance and compliance with various legal statutes.
In the wake of the Satyam and 2G spectrum scams, the Bill proposes to introduce class action suits for the first time in the country. This would enable investors to sue a company for ‘oppression and mismanagement’ and claim damages.
A central council member of the Institute of Companies Secretaries of India said, “Less than five per cent of listed companies have bought such cover, but once the Bill becomes law many more companies will opt for directors’ liability insurance cover.”

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Dhanalakshmi MoU with LIC on e-fund transfers

Administrator — Thu, 19 Jan 2012 05:00:13 +0000

Kerala-based Dhanalakshmi Bank has said it has signed an MoU with Life Insurance Corporation of India (LIC) to help policyholders receive policy payments through electronic funds transfer.
As per the agreement, the bank will provide electronic payment services to LIC, using the national electronic funds transfer (NEFT) mode to credit funds to the policyholders’ bank accounts.
“With this tie-up, LIC policyholders can expect immediate disbursal of payments in a convenient and secure environment,” a top official of the bank said. “This will not only benefit our customers who hold LIC policies but also LIC policyholders having accounts with other banks.”

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India Healthcare Awards 2011

Administrator — Thu, 19 Jan 2012 05:00:13 +0000

ICICI Lombard General Insurance and CNBC-TV18 have announced the second edition of the Indian Healthcare Awards. The award categories cover General Service, Tertiary Care Hospitals (multi- and single-specialty hospitals), Rashtriya Swasthya Bima Yojana Award to hospitals for outstanding service to the community and WHO Awards for excellence in primary healthcare.
“The process is extensive and spans broadly across three phases; nominations, shortlisting and the final ranking of the hospitals in all major Indian states and 17 cities,” said Mr. Bhargav Dasgupta, Managing Director & CEO, ICICI Lombard General Insurance Company Ltd.
“Through these awards, we are able to identify truly exceptional work in the Indian healthcare industry. By bringing in the consumer experience into the ranking methodology, we have brought a significant innovation into the process,” he added.

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Postal insurance fraud: 2 held

Administrator — Thu, 19 Jan 2012 05:00:07 +0000

The Delhi police have arrested two persons for fraudulently withdrawing insurance amount from postal life insurance. The police suspect the role of senior officers in the scam “which could be just the tip of the iceberg,” Indian postal sources were quoted as saying.
According to sources, the postal department officials diverted the funds into a new fake insurance scheme. “As these officials knew the entire procedure only too well, they prepared forged papers to show that the two fraudsters had taken the fake policy,” a senior police officer said.
“The insiders involved in the racket withdrew cash from genuine policy holders’ accounts and deposited the money in the fraudsters’ accounts,” he added. The arrested persons had withdrawn nearly Rs10 lakh from the department. The fraud was detected when it came to light that the money had been given to a policy holder who had never opened an account with the department.

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Quantum MF says ‘YES’ bank

Administrator — Thu, 19 Jan 2012 05:00:04 +0000

Quantum Mutual Fund, India’s only direct-to-investor mutual fund, has tied up with YES Bank to use the latter’s drop box facility across Mumbai, in a bid to boost investor convenience and ease of accessibility, media reports said.
Investors can now drop their subscription applications at any of the bank’s drop box bearing the Quantum MF logo. “These boxes are located across the city, including 37 locations at railway stations, 38 ATM sites and five airports,” a top Quantum official was quoted as saying.
However, investors will have to follow a few steps like enclosing the application along with the cheques and supporting documents in a sealed envelope before dropping it into the box.

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Edelweiss Fin eyes MF tie-up

Administrator — Thu, 19 Jan 2012 05:00:02 +0000

Edelweiss Financial Services is looking for global investors to partner in its mutual funds arm Edelweiss Asset Management, which manages assets worth about Rs 450 crore.
“We are being approached by some global investors for the assets management business. We may bring in a joint venture partner in the next six months,” said Mr Rashesh Shah, Chairman, Edelweiss Financial Services, which has a capital base of about Rs 75 crore.
The move comes at a time when the cost of running an asset management business has surged in the country following introduction of norms such as cap on entry load and upfront commission to distributors.

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