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 [...]

Mr M Ramadoss, the outspoken Chairman-cum-Managing Director of The New India Assurance Company, has worked out a strategy to use individual agents to the maximum to achieve his plans for the company. Agents are the most cost effective distribution method, he says in this interview with K Nitya Kalyani, and he is putting things in place for New India to nurture and celebrate its agents, unlike in the past.

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.

A report sent to the Insurance Regulatory and Development Authority (IRDA) by Motor insurance companies is proposing to charge higher premiums for certain colours of cars, according to a media report. The report added that dark red and blue and black cars are more prone to being involved in accidents during night hours and have [...]

Mr Mukesh Thakkar, DO with New India Assurance Company, shares his success story.

EMI cover in motor policy! Motor insurance policies are being designed to give attractive add on benefits. This follows the freedom given by Insurance Regulatory and Development Authority (IRDA) to companies to fashion different types of covers from January 1, 2009 when the second phase of detariffing started. One of the new benefits being offered [...]