Construction giant, L&T is planning to invest Rs 500 crore in L&T General Insurance over the three to four years.

L&T General Insurance has completed one year of operation and has earned a premium income of around Rs 80 crore. Joydeep Roy, CEO and wholetime director, L&T Insurance pointed out that the company already caters to
1,000 locations around the country and has issued 60,000 policies in its first year of operations.

Mumbai, Oct 9 - With the sixth largest insurer in the world acquiring a 26-percent stake in the company, Reliance Life will get Japanese Nippon Life's expertise in areas like risk management, valuation, derivative investment and accounting norms, official said.

"This deal takes us to the next stage in risk management, customer relations, retention. Nippon will help us migrate to global norms on reporting, actuarial valuation and risk-based capital calculation after the regulator permits," said Reliance Life president Malay Ghosh.

The insurance sector tycoon of South Africa, Sanlam has entered into a stake deal with the financial service organization Shriram. As per the deal, Sanlam has purchased 26% of the stake of the Indian Company at the cost of2 billion rand.

According to the information revealed by Sanlam CEO Johan van Zyl, the Company has not only bought the stake, but has also bought back the shares to the Company after paying out an amount of 944 million rand.

With internet, everything becomes easy whether to talk about personal gains or professional gains. Having a website or information about company on the internet is quite essential for the company head, as it not only increases revenues but also makes the product and company acknowledged by the consumers.

Barcelona (Spain), Aug 22 : Spain's Banco Sabadell acquired nearly all of the assets and certain liabilities of Florida-based Lydian Private Bank under the terms of an agreement with the Federal Deposit Insurance Corporation (FDIC).

The FDIC closed down Palm Beach-based Lydian Private Bank Friday and reached a loss-share agreement with Banco Sabadell under which the Spanish bank's Sabadell United Bank unit will take over the failed institution.

Legal & General Group Plc (LGEN) has posted an increase of 12% to £442m from £388m in its global sales on May 4. The revenue of the U. K.’s fourth-biggest insurer has climbed in the first three months of last years.

The operational cost generation has increased by 25%, which is up from £198m to £248m in the first three months of 2010. While, the net cash generation has increased by 18% to £212m from £179m.

The Group Chief Executive of L&G, Tim Breedon, said that the growth in the revenue of the company was already expected.

The National Takaful Company, Watania, is all set to launch its Initial Public Offer on Monday in a bid to meet its financial obligations. Watania, Abu Dhabi-based Sharia compliant insurance company, is expected to raise Dh82.5 million from this IPO. Watania's Founders have subscribed to an aggregate value of Dh67.5 million shares.

The firm said in a statement, "The offer price for each share is fixed at Dh1 with an additional Dh0.05 as subscription fee per offered share."

Anastasios Dalgiannakis, head of trading at Mubasher Financial Services, said that IPO at this stage would be helpful for the market, especially for the new players in the insurance segment.

New Delhi, April 10 : India's insurance industry will outpace economic growth and is likely to reach $350-400 billion in terms of premium income by 2020, making it among the top three life insurance markets, an industry report revealed.

India will also be among the top 15 non-life insurance markets by 2020, according to an industry study conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the US-based Boston Consulting Group.

Recently the Insurance Regulatory and Development Authority (Irda) is screening a proposal for the allocation of life insurance companies so as make investments in gold and exchange-traded funds, or ETFs.

This proposal includes the move which will provide greater extension to local insurers to have their investments in various asset classes. The intention is to provide them with different options to eliminate the risks.

The regulator is considering the two options as stated by a senior IRDA official. The official has said that they may allow insurance companies to invest in gold and equity ETFs with a limit of 5-10%. Moreover it is presenting various companies to make venture in ETFs of commodities and equities.

Leading private sector insurer of India, ICICI Prudential Life has informed today that it is not very much interested to come up with its initial public offer soon. Though the insurance regulator IRDA has announced that IPO guidelines will be out in the coming 45 days, but ICICI Prudential Life is not very much enthusiastic to hit the capital market soon.

Health insurance policy holders can switch companies from July 1 this year. Previously they have fear of losing benefits of a `no claim' record or apprehensions that they may have to wait before certain health conditions are covered.

It is proposed by the insurance regulator (IRDA) that insurers must allow policyholders to transfer the credit in terms of waiting period for pre-existing illness and bonus sum insured from one insurer to another.

Yesterday, it was announced that victims of the Equitable Life scandal will get compensation for their loss. But it will be less than that of 25 per cent of their loss.

50% of the total people were snagged in one of Britain's biggest financial fiasco. These people will receive a payout of below £250.

Moreover, they will not get the payment immediately; they have to wait for at least six months. This is due to the fact that the first payments will be released to the earlier victims.

Aviva has amazed shareholders by establishing Igal Mayer, person in charge of its North American department, at the peak of its European venture, substituting Andrea Moneta.

Mayer, who is accredited with turning around the North American department in the previous year, has been selected as chief executive for Europe with instant effect, being one of Aviva's four executive directors. He shall be followed by the chief financial officer of its North American arm, Richard Hoskins.

The
life insurance sector has grown tremendously over the years, and have
more people covered under its policy than ever before. The Insurance
Regulatory Development Authority now has laid certain guidelines with
concern to the documents required for the policy to be insured.

The insurance companies have to follow all the requirements of the IRDA
regarding the address proofs and identity proofs of the insurer.

The company has the entire right to verify the address proof and
identity proofs. The policy market has changed a lot with the advent of
ULIPs.

PruHealth and Aviva have got three awards for being the best in the healthcare insurance sector. This happened during an event that took place recently.

The name of the award ceremony was known as Health Insurance Awards 2010. it was organized by Health Insurance and Protection magazine and the host of the event was comedian Patrick Kielty at the Grosvenor House Hotel in London.

Indemnifying British motorists moves on to be a gainful venture for Admiral Group, along with the FTSE 100 car insurer posting, that a budge in excess of 50 per cent during the third quarter earnings.

Admiral, who covers approximately 6 per cent of the cars on British infrastructure, on Wednesday expressed that the earnings for the three months to September 30 inclined to £446m, and established that it was on track to convene analysts’ complete-year gain predictions of £237m, up from £215.8m previous year.

New Delhi, Oct 31 - The Indian life insurance industry is at the threshold of having a stable profitable growth, says a study.

"The insurance companies are poised for a quantum leap in performance with unprecedented growth opportunities, notwithstanding a temporary sliding growth curve," says a study by the Confederation of Indian Industry (CII) and Ernst and Young (E and Y).

The Securities and Exchange Board of India (SEBI) has announced out revelation norms for the life insurance corporations if they put up for sale the shares to the public through Initial Public Offer (IPO).

Board accepted the recommendations for revelation by insurance companies made by the SEBI Committee on Disclosures and Accounting Standards (SCODA).

SEBI Chairman C.B. Bhave expressed that the query of public issues by Insurance Companies was believed by the SEBI Board and they are discussing about the life (insurance company) and not non-life (insurance company).

Board thought about the proposals of the SEBI Committee, which was shaped in consultation with Insurance Regulatory and Development Authority (IRDA).

Express gratitude to vigorous retail health insurance and auto sales, non-life insurance groups have witnessed 22.93 per cent development in gross premium earnings in the fiscal year's initial half.

As per the Insurance Regulatory and Development Authority (Irda) statistics, insurers earned Rs 20,679 crore in compilation during April-September as in opposition to Rs16,822 crore in the resultant period most recent year. State- possession insurers have been outperformed by private sector troupe.

The regulator in the Indian insurance industry, i. e. the Insurance Regulatory Authority of India (IRDA) has recently said that it will be placing a ban on covers following reckless sale of the product by a handful of non-life companies.

It is to be mentioned here that credit insurance is similar to a guarantee and the insurance company promises to pay the lender even in a scenario where the borrower defaults to make payment. Lender is a person that will be buying the cover recovers in such a case from the insurance premium from the borrower.