State insurers latch on to investment income

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

Mediclaim Insurance plans to cost 30% 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

PSU general insurers mull expansion abroad

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

United India Insurance Company and Tata AIG to pay Rs 41 lakh compensation: MACT

The Motor Accident Claims Tribunal (MACT) has directed insurers to pay the family of a deceased chartered accountant Rs 41 lakh as compensation towards their claim. The tribunal judge N B Dhaytadak also directed the transport agency to pay an interest at the rate of 7.5% till realisation of the claim amount.

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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