Tariffs and cross-subsidy of premium went hand in hand. While the ‘negative’ effects of detariffing were that Fire premium rates crashed and Motor premiums were negotiable, Health insurance was revived, says K Nitya Kalyani, recapturing the time when, 4 years ago, the General insurance business was detariffed in India.
The year 2007 changed the Indian General insurance industry and the way it did almost everything. In our September 2006 issue we featured it under the headline ‘Freedom and Responsibility’. The thrust of that story was that Fire premium rates would fall drastically, Motor Third Party premiums would have to be increased (it was not [...]
For a long time insurance customers have been asking for policies withboth Life and Non-Life cover.
In August, Star Health and Allied Insurance Company and Shriram Life Insurance Company came together to launch what are called combiproducts.
In April 2007, Indian General insurance business was taken off the tariff, the price list for many types of General insurance which had been statutory for decades. Some tariffs were very high – for Fire insurance – for example. Others were too low – like Motor insurance, especially Motor Third Party Liability. This led to [...]
This year results will show that no company has made profits, not even
after investment. Detariffing, the economic slowdown, terrorist events and
Satyam have all taken their toll, says Mr Gaurav Garg, Managing Director and CEO of Tata AIG General Insurance Company.
This year results will show that no company has made profits, not even
after investment. Detariffing, the economic slowdown, terrorist events and
Satyam have all taken their toll, says Mr Gaurav Garg, Managing Director and CEO of Tata AIG General Insurance Company.
Insurance companies deny that they had been rejecting claims against the Health insurance agreements signed, according to media reports. Both the public and private insurance companies say that Insurance Regulatory and Development Authority (IRDA) instructions required them to either conduct a series of tests on the patient before they sign the policies or they expect [...]
HDFC Standard Life Company generated a total premium income of Rs 5,564.69 crore in the financial year 2008-09 registering a year-on-year growth of 15 per cent. A press release listed the company’s customised products, wide range of product portfolio and diverse distribution network as reasons for the growth. Mr Paresh Parasnis, Principal Officer and Executive [...]
Cholamandalam MS General Insurance Company is part of the Chennai headquartered Murugappa Group with major presence in engineering, abrasives, sugar and agricultural and farm inputs. It is a joint venture with the Mitsui Sumitomo Insurance Group, the second-largest insurance group in Japan. Mr S S Gopalarathnam, a Cost and Management Accountant by qualification, joined the [...]
‘Assets Side Needs Urgent Attention’ Health insurance, a prudent solvency regime and what needs to be done to safeguard the investment of policyholders’ funds in the insurance industry. These were the concerns of Dr R Kannan, Member (Actuary,) Insurance Regulatory and Development Authority (IRDA) at this point. Dr Kannan who has held this position since [...]
