Complaints pile up at Mumbai insurance ombudsman office

At least 2,500 complaints are lying with the Insurance Ombudsman’s office here for a decision. And, it will take more than a year to clear these. Reason: There is no ombudsman. The post has been vacant since October 2012. Given the backlog, it could take up to a year to clear just the pending cases, before the new ones could be perused.

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IRDA allows insurance for markets

In a move likely to give a fillip to the markets recently, as well as help meet the demands of the finance ministry to bolster the participation of insurance companies in PSU disinvestments, the Insurance Regulatory and Development Authority (IRDA) recently allowed insurance companies to increase their equity holding in companies by up to 15%, from 10% earlier.

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Insurance policies see a dip in average ticket size

The average premium per policy of a life insurance policy has decreased by nearly 8% in FY12 over last year, according to a study carried out by Deloitte India. The study, called Life Insurance Channel Management Benchmarking Study 2012, included nine Indian private life insurers as participants.

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