PSU General Insurers on Promotion Spree, Elevate 21 DGMs to GMs
Public sector general insurers have promoted their 21 young officials to the posts of General Manager. General Manager is Read more
PSU
Get ready to shell out more for motor, health & fire insurance
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
State Bank of India to focus more on retail loans, primarily auto and housing loans
Due to subdued demand from large corporates in absence of investment activity and higher bad assets in mid corporates, State Bank of India has turned its focus on retail loans, primarily auto and housing loans to grow its asset book. Read more
PSU general insurers to set up a common TPA to settle medical claims
State-run general insurance companies are setting up a common third-party administrator to settle medical insurance claims, a  move aimed at trimming their unwieldy claims ratio and boosting profitability.
The claims ratio, or percentage of claims to the premium earned, of these public sector companies in health insurance is over  120% and they blame third-party administrators (TPAs) for their spiraling losses in the segment. Read more