Page 17 - Insurance
Lloyd's to set up India reinsurance branch in 2017
John Nelson, Chairman of Lloyd's, said that they intend to begin small in India and would start off with a few syndicates and managing agents
 "Lloyd's to set up India reinsurance branch in 2017")
Insurance via e-commerce to make insurance cheaper for customers
This will be done through a self-network platform
On a free fall
HDFC Ergo General Insurance, the insurance arm of mortgage lender HDFC, has acquired L&T General Insurance for Rs 551 crore, the first such consolidation in India's crowded general insurance sector.The country's insurance market which currently has 29 players in the general insurance space and 24 players in the life insurance space has seen continuous activity with respect to stake sale deals, there have also been cases of complete exit of one partner in the joint venture.Business Standard gives you a snapshot of similar such deals in the past:July 2012 Tata AIG rechristened as TATA AIA following exit of American International Group (AIG) from Hong Kong-based insurer AIA GroupJanuary 2013 Exide Industries decides to acquire 50 per cent remaining stake in ING Vysya Life Insurance for Rs 550 crore. Post this, ING exits ventureMarch 2013 Pantaloon Retail enters into agreement with Industrial Investment Trust Limited (IITL) to sell 22.5 per cent of its stake in Future General India Lif
 "On a free fall")
Heavy discounts in insurance to come under scanner
Regulator has now come up with new set of norms for maintaining solvency ratio by insurance companies based on each line of business
 "Heavy discounts in insurance to come under scanner")
Go by performance, not only insurance premium
To minimise the chance of disappointment, look at other parameters like persistency ratio, speed of claim settlement and other crucial factors
 "Go by performance, not only insurance premium")
Coverfox.com launches doorstep claims assistance program in Mumbai
Launches Express Claims Service as it looks to ensure timely & professional claims support
 "Coverfox.com launches doorstep claims assistance program in Mumbai")
Insurers now offer value-added services, assistance
Reliance General Insurance is now offering specialised services to the home insurance customers
 "Insurers now offer value-added services, assistance")
Over-the-counter product norms for insurance soon
Once the norms are approved, insurance companies will be able to sell simple products without lengthy forms or documentation
 "Over-the-counter product norms for insurance soon")
Get the right cover when travelling abroad
Read the fine print carefully because even a policy with a high sum assured may have sub-limits
 "Get the right cover when travelling abroad")
The distribution gridlock
Regulator facilitates more insurance channels, but sales incentives need to be improved
Premiums rising, not policies
The insurance industry's actual growth is not only measured by new business premiums in life insurance, but also by the number of new policy sales that have happened in a particular period. While overall the industry has seen a healthy growth in new premiums, new policy numbers have remained flat.Among private life insurers, at least 10 companies had reported a decline in the number of policies. Some saw a decline of as high as 30 per cent while their new premium collections were on the rise. Industry experts said that while the size of the covers have seen a rise leading to new premium collection growth, the number of new policies being sold haven't gone up dramatically.During the last financial year too, insurers had ended the year with a steep 37 per cent drop in the number of new policies. Here, both public sector and private sector insurers saw a decline in the number of policies. This was primarily due to the fact that a new traditional product regime had led to product refiling
 "Premiums rising, not policies")
Health insurance TPA to begin operations from next fiscal
After it becomes operational, 8-10% of claims now being handled by external agencies will be processed by the new body
 "Health insurance TPA to begin operations from next fiscal")
Banks keen to tie up with multiple insurers
According to corporate agency rules, banks can tie up with up to three life, three non-life and three standalone health insurers to sell their insurance products
 "Banks keen to tie up with multiple insurers")
Insurance questions
Far-reaching changes afoot in a vital sector
Non-life insurers offer cover against loans
An array of products are available in the market to ffer covers against unemployment, personal accident that could impact the loantaker's ability to repay the loans
 "Non-life insurers offer cover against loans")
PM's Jan Suraksha schemes suffer from fraudulent claims
According to data available, of the 25,398 claims filed so far, 800 were rejected for fraud
Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns
Its plan offers 101% of the premiums paid as returns and offers a guaranteed loyalty addition if one chooses to be invested till maturity period
 "Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns")
Organised crime touches new high in insurance
Gangs have been operational in the insurance space for a long time
 "Organised crime touches new high in insurance")
Birla Sun Life moves to cluster method to get better sales, higher persistency
Company sets up innovation lab to bring better solutions
 "Birla Sun Life moves to cluster method to get better sales, higher persistency")
Why life insurers reject accident claims citing breach of law
General and life insurers may view accident claims differently because of the difference in product structures
 "Why life insurers reject accident claims citing breach of law")
