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Preferred Provider Network (PPN) has been introduced by National Insurance, Oriental Insurance, NewIndia Assurance and United India Insurance to limit the mounting losses in the health insurance portfolio. The health portfolio has a high claim ratio of around 100-200% due to overcharging/excess charging by hospitals for the same disease.
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Read morePrivate life insurer Future Generali is open to having banks as equity partners, according to a top official of the company. Read more
South Korea’s Samsung Life Insurance said it is interested in acquiring ING Groep’s Asia-Pacific insurance operation as part of its overseas expansion strategy. Read more
Insurance Regulatory and Development Authority (Irda) has proposed to set a maximum limit for sum assured on life insurance policies. The move is to ensure that insurers take on the maximum risk on themselves rather than the current practice of heavily relying on reinsurance companies to honour insurance claims. Read more
FICCI in its pre-budget memorandum has asked the government to pass pending insurance legislation, which should help infuse long term funds for infrastructure development. Read more
Buying general insurance such as health, motor or property cover could cost more from April. The finance ministry has asked the national reinsurer, General Insurance Corporation, to stop underwriting loss-making businesses. The government has also said if insurers take on loss-making businesses, they should bear the risk in their books or increase premium rates. Read more
The slowdown in the life insurance industry has taken a toll on individual agents. According to data collected by Life Insurance Council, around 331,000 agents lost their jobs in the April-December period, resulting in a 34 per cent drop in new premium collection from agency channels. Read more
The Economic Advisory Council to the Prime Minister of India (PMEAC) has strongly recommended increasing the attractiveness of life insurance and mutual fund schemes to limit Indian investors’ appetite for gold. Read more
The Insurance Regulatory and Development Authority (Irda) is set to revamp product designing practices in the life insurance industry to protect consumer interest. Read more