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Private insurer Reliance Life Insurance Company (RLIC) has recently announced the launch of ‘Face-to-Face’ distribution channel aiming to provide services to its customers whose agents have become inactive and also to provide post-sales service to policyholders. Read more
London Mayor Boris Johnson has backed India’s verdict to open up the insurance and multi-brand retail sectors for FDI, arguing it might augur well for the poor even as he suggested that India can experiment with more ‘openness’. Read more
ICICI Lombard General Insurance Scheme today signed an agreement with Meghalaya government to roll out a comprehensive health insurance scheme in the state aimed at benefitting close to three million citizens, officials said. Read more
A district consumer forum has asked the National Insurance Company to pay Rs 1 lakh for repudiating the insurance claim of one of its clients. The complainant, Ratan Sethi, had purchased a vehicle from Tajinder Sethi in December 2008. He had insured the car for an amount of Rs 90,000 with the company and claims to have stated that the “formalities of the transfer of the registration certificate of the vehicle was still in process”. When the car was stolen, the company refused to pay the insurance amount saying that he was “not the registered owner of the vehicle on the date of the theft”. Read more
Bucking the industry trend, ICICI Prudential Life Insurance has reported 7 per cent increase in premium collection in the April-October period. ICICI Prudential premium collection, which is a reflection on the performance of the company, has gone up to Rs 2,365 crore during the April-October 2012, as compared to Rs 2,210 crore in the corresponding period last year. Read more
Private sector general insurer Bharti AXA, which has crossed Rs 1,000-crore gross written premium mark for 2012, said it will come up in new products in commercial line. “In four years of operation, we have reached Rs 1,000 crore of gross written premium. Going ahead, we will concentrate on new products in the commercial line along with focus on southern and eastern region for future business growth,” Chief Executive Officer of Bharti AXA General Insurance, Amaranath Ananthanarayanan told reporters here. He said the company is light on commercial line, which was a deliberate policy of the company due to low premiums. Read more
Private insurer SBI Life Insurance  launched a guaranteed traditional savings plan, Smart Income Protect, offering a tax-free regular income. Smart Income Protect offers regular income at the guaranteed rate of 11 percent of sum assured or paid sum assured for next 15 years after maturity, SBI Life Insurance said in a release issued here. Read more
British pension providers are asking insurers to identify people likely to die young in a bid to reduce the amount of retirement income they have to pay out. Pension trustees ask people to provide private medical information. The data is then given to an insurer which may take on the brunt of the liabilities of the pension scheme if it believes members will die shortly after retirement. Read more
United India Insurance Co Ltd has been directed by the apex consumer commission to pay Rs 5.1 lakh to the son of a policy holder who had died of a poisonous insect bite while working in the fields. The National Consumer Disputes Redressal Commission gave the order dismissing the insurance firm’s plea against the Rajasthan State Consumer Commission’s direction to it to pay the policy holder’s son the assured amount of Rs five lakh and Rs 10,000 as litigation cost. Read more
The Health Protection Gap in the Asia-Pacific region could reachUSD197 billion in 2020, according to Swiss Re’s latest study, entitled Health Protection Gap: Asia-Pacific 2012. This study is the first of its kind whichpresents and compares the Health Protection Gap across 13 markets in the Asia-Pacific region: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Thailand, Taiwan and Vietnam. Read more