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There’s something about investment return as far as state general insurers are concerned. With gains round the corner, this looks to be their best possible bet to make up for their underwriting losses. And less discounting of premiums and offloading high-risk portfolios mean there’s a double sweetener on the hands. Read more
Get ready to pay more for your health insurance. All four public sector insurers — United India Insurance, Oriental Insurance, New India Assurance and National Insurance Company — have got the green signal from the Insurance Regulatory and Development Authority (IRDA) to hike premiums on retail health plans. The state-owned insurers are in the process of filing redesigned products in terms of price and features. Read more
To tap the Indian diaspora, public sector general insurers are considering expanding their operations to other countries in the next financial year. Given the large number of Indians and Indian businesses in South-east Asia, West Asia and Africa, these regions are emerging as preferred destinations. Read more
You may soon have to shell out more to buy motor, health or fire insurance. Concerned over the high level of losses in general insurance and pressured by a government direction to move further towards market-linked pricing, insurers are planning to raise premiums by an initial 2-5% and further up gradually, sources said. Some of the hike will be inflation-linked, but a major portion will be due to the new pricing strategies adopted by insurers after assessing risks. Read more
It’s a dog’s life – in insurance, too. Though public sector general insurers and some private ones have offered this cover to tap the growing number of canine lovers in the country, interest in the product has been languishing. Read more
Oriental Insurance Company Ltd has been asked by the Delhi State Consumer Commission to pay Rs 11.63 lakh to the owner of Liberty Cinema hall here as balance of reimbursement of expenses on repairs of the theatre after a bomb blast on May 22, 2005. Read more
The family members of a man, who died in a road accident involving a rashly-driven Blueline bus, have been awarded a compensation of 27.51 lakh by a Motor Accident Claims Tribunal here. Read more
State-run non-life insurers that have started setting up a common third-party administrator (TPA) would initially invest Rs. 1 billion. The four insurers plan to set up the TPA company in the next six months, the media reports said. Read more
Once an insurance company has issued a policy, it cannot later reject the insured person’s claim on the ground that cover was given in violation of terms and conditions, the Delhi State Consumer Commission has ruled.
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