MoneyGram International has joined hands with State Bank of India (SBI), the country’s largest public sector bank, to provide in-bound money transfer services across SBI’s key branches, beginning with 100 new agent locations, before the New Year. India is the world’s largest recipient of remittances which, according to the World Bank, totalled nearly $55 billion [...]
Bajaj Allianz General Insurance has settled over 85 per cent of claims related to the earthquake that hit the state of Sikkim and parts of North Bengal, it is reported. Most of the property damages related to houses and flats financed by banks who are bancassurance partners of Bajaj Allianz General Insurance. Bajaj Allianz started [...]
Max Bupa Health Insurance hopes to achieve a break-even in operations by the year 2015, according to press reports. The company, which started operations in mid-2010, is a 76:24 joint venture between Analjit Singh-promoted Max India and UK-based Bupa. Max Bupa Health Insurance has an equity commitment of Rs 700 crore from the joint venture [...]
Tata AIG General Insurance Co. Ltd. was awarded the E-Commerce Award by Asia Insurance Technology Awards (AITA) 2011 at a ceremony in Seoul, South Korea on November 9, 2011. The E-Commerce Award recognises an insurer who demonstrates a market-leading e-commerce offering which has deployed a distinct implementation that demonstrated true innovation in the use of [...]
ICICI Lombard General Insurance Company has been chosen for the Frost & Sullivan’s 2011 India Voice of Customer Award as the Overall Best Vehicle Insurance Company in the competitive Indian automotive market. The award was presented to ICICI Lombard for demonstrating excellence in customer service, documentation process, and for claim management.
AM Best Co. has affirmed the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of “bbb+” of The Oriental Insurance Company Limited. The outlook for the FSR remains stable, while the outlook for the ICR has been revised to stable from negative. The ratings reflect Oriental’s strong risk-adjusted capitalisation and its [...]
Public sector General insurer United India Insurance Company Ltd., which already has recorded an average business growth of 27 per cent this financial year, is aiming at a gross premium of Rs.8,000 crore and sizable reduction in underwriting losses. Mr G Srinivasan, Chairman and Managing Director, United India Insurance Company, told media, “We plan to [...]
Life Insurance Corporation of India (LIC) has signed an agreement with Paschim Banga Gramin Bank, a regional rural bank (RRB) in West Bengal, for a corporate agency to make its insurance products available in remote areas of the state, media reports said. The Gramin Bank has 216 branches in Howrah, Hooghly, Burdwan and Birbhum districts [...]
With an increasingly affluent middle class, India is calling Connecticut-based Cigna Corp. and the US multinational is planning to team up with Indian conglomerate TTK Group to sell Health insurance in the country. “For Health insurance, India is very under-penetrated, only 4 per cent,” said Mr Michael Ross, Senior Vice-President (Marketing), Cigna International, who is [...]
General insurer HDFC Ergo will see a capital infusion of around Rs 80 crore from the promoters over the next 18 months “to support business growth,” media reports quoted a top company official as saying. “We may need to pump in around Rs 25 to 30 crore in 2011-12 following the Rs 75 crore already [...]
