With the Insurance Regulatory and Development Authority (Irda) cracking its whip on insurance firms by bringing in sweeping reforms in a bid to make the industry more customer-friendly, the insurance industry saw a shift in 2010. The year 2011 was when these reforms, largely in the life insurance industry, were tested. While traditional plans stole the show from unit-linked insurance...
While cricket superstar Sachin Tendulkar awaits a 'century of centuries', his new five-storey bungalow in Bandra has already scored one. The "little master" has taken an insurance cover worth a whopping Rs 100 crore for the house. The cover, touted as one of the highest taken by an individual, is in two parts: a fire insurance policy of Rs 75 crore and an additional...
Rise in global reinsurance rates this year may force Indian insurers to shell out extra for the upcoming renewals, thus leading to an increase in premium rates on insurance covers. Global reinsurance companies , hit by natural calamities such as earthquake in Japan and floods in Thailand and Australia, will charge 15-20% higher for policies that come up for renewal on January 1. ...
The Kolkata-based retail finance player Magma Fincorp is hopeful of getting general insurance licence in the first half of the next year. "We have already received R1 from Irda. Hopefully, R2 will be granted in the current fiscal and the final approval is likely in first half of the next year," Magma Fincorp Chief Financial Officer V Lakshmi Narasimhan told PTI here ...
The underwriting losses of the non-life insurance companies increased 68 per cent to Rs 9,969 crore in 2010-11 compared with Rs 5,944 crore in the year-ago period. "The increase in underwriting losses was observed in both public and private sector non-life insurers, impacted by the provisioning requirements in the third party liability segment," the Insurance Regulatory...
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