The tedious and painstaking process of filling up know-your-customer (KYC) registration forms each time you buy a financial product/service could be a thing of the past. If a government plan in this regard comes into effect, you will be able invest in mutual fund units, trade in equity shares, buy insurance policies and open bank [...]
New York Life Insurance Company is considering selling off its almost 26 per cent stake in Max New York Life Insurance, a move which is denied by Max India, its partner in India, according to media reports. The US-based insurer is said to be in talks with some European and Japanese companies as it seeks [...]
United India Insurance Company has reported a net profit of Rs 414,41 crore for the nine-month period ended December 31, 2011 – a growth of 24 per cent over the Rs 333.25 crore recorded during the same period in 2010. The company reduced the claims ratio to 81.45 per cent, resulting in the combined ratio [...]
State-owned Punjab & Sind Bank (PSB) has said it would issue shares up to 5 per cent of the paid-up capital on preferential basis to Life Insurance Corporation (LIC). “The additional capital will further strengthen the bank’s Capital to Risk-weighted Assets Ratio and support its business growth,” PSB said in a statement. The bank proposes [...]
The Insurance Regulatory and Development Authority (IRDA) expects the domestic insurance sector to suffer a fall in business of at least 13 to 14 per cent during the fiscal ending March 2012, said Mr J Hari Narayan, its Chairman. The Life insurance sector saw a sea change after September 2010 with new regulations, while the [...]
IndiaFirst Life Insurance has won three awards – for Media Innovation of the Year, Best in Communication Platform and Community and Social Welfare – at the sixth INDYS Awards. The company also won the Golden Award for Public Service and Silver Award for its Tabloid Newsletter, IndiaFirst. Dr P Nandagopal, Managing Director & CEO, IndiaFirst [...]
Hong Kong-based insurance rating agency A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of General Insurance Corporation of India (GIC Re) (India). The outlook for both ratings is stable, it is reported. “The ratings reflect GIC Re’s strong risk-adjusted capitalisation, its prominent business profile in [...]
SCOR, the global reinsurance company with worldwide operations, supports the Solvency 2 reform which encourages risk-based management of companies and valuation of capital requirements based on risks. In 2010, SCOR launched a group-level transversal project with a Solvency 2 dedicated team. “Since March 2011, we have been engaged in a pre-application process with supervisors to [...]
A concerted effort is required to create insurance literacy and awareness, especially in semi-urban and rural areas, and new products may have to be designed to cater to specific groups such as women and workers in the unorganised sector, Mr Pranab Mukherjee,Union Finance Minister, said at a function organised on the occasion of the Platinum [...]
SBI General Insurance has entered into a deal with My TVS and India Assistance to provide emergency roadside assistance (ERA) to its policy holders anytime and for any car across the country. SBI General officials said the company proposed to expand its motor insurance business in 2012 and “this tie-up, coupled with a world-class technology [...]
