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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. Read more
Year 2012 wasn’t the best for Indian insurers, bogged by several regulatory changes and slowing in premium growth. However, company executives hope the situation would see some improvement in the next year, especially with some stability expected on new product guidelines and bancassurance. Read more
The Insurance Regulatory and Development Authority (IRDA) said that since opening up of Indian insurance sector for private participation, India has reported a fall in the insurance density for the first time in the year 2011. The figure fell to $49 (about Rs 2,695) in 2011, from $55.7 (about Rs 3,063) in 2010. Read more
IndiaFirst Life Insurance announced a tie up with an arm of local bourse Calcutta Stock Exchange-CSE Capital Markets Ltd to distribute its products. Read more
Given the significant regulatory changes in the industry over the past two years and the current level of uncertainty, over the last few weeks Milliman has been talking to CEOs across the life insurance industry to gauge their views on the current state of the sector and the outlook for the future. Read more
Liberty Videocon General Insurance, a joint venture between Videocon Industries and the US-based Liberty Mutual Insurance Group, is the newest (27th) entrant to the general insurance segment in India. In his first interview after becoming chief of the company, Roopam Asthana, director and chief executive officer, tells M Saraswathy they would like to move with caution for now. Edited excerpts: Read more
IndiaFirst was awarded the ISO 9001:2008 certification within 7 months of operations. The company’s belief in the  power of thinking new and always keeping customers as first priority has earned the company a number of  recognitions and awards during its journey towards completing 3 glorious years. IndiaFirst has been awarded with  Company of the Year Award – Life Insurance at The Indian Insurance Awards, 2012. It has also won the prestigious  Celent Model Insurer Award (Asia), 2012 and the CIO 100 Award (India Edition), 2011. Read more
SBI Life Insurance will soon be launching a host of plans across savings, protection and pension platforms. The products have been filed with the Insurance Regulatory and Development Authority (IRDA) for approval.
Atanu Sen, MD & CEO, SBI Life said, “We would shortly be launching four new products, subsequent to IRDA approval. These plans include a family income protection plan, monthly income savings plan, traditional pension plan and market linked plan (ULIP) targeting younger audience. Read more
The concept of insurance plans being sold through banks is called ‘bancassurance’ and there is a lot of interest in this distribution channel from all the stakeholders – customers, banks, insurance companies and the regulator. Read more
Late last week, the regulator sent out six draft regulations on standardization of products, product design, investment norms, bancassurance and reinsurance.
The Insurance Regulatory and Development Authority (IRDA) is moving quickly on the directions of the finance minister. Late last week, the regulator sent out six draft regulations on standardization of products, product design, investment norms, bancassurance and reinsurance. The draft guidelines on bancassurance is up on IRDA’s website, but the remaining drafts are with the industry, which is expected to give its feedback in three week’s time. Read more