Insurance Sector

Stan Chartered to invest Rs 500-cr in Sterlite Power Grid

Stan Chartered to invest Rs 500-cr in Sterlite Power GridMumbai - Power transmission solutions provider, Sterlite Technologies has entered into an agreement to raise Rs 500 crore through equity infusion from Standard Chartered Private Equity for funding its existing as well as new projects, the company said Monday.

"Sterlite Technologies has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures Ltd (SPGVL)," a release issued here said.


Insurance sector to benefit from any hike in investment limit: AIG

Tata-AIG-General-InsuranceCoimbatore: The reported proposal to double the exemption limit for investments by individuals to Rs 2 lakh in the forthcoming budget will accelerate growth in the insurance sector and also give some relief to the people, a top Tata AIG General Insurance official said Tuesday.

"Since insurance is linked to the economy, giving boost to household savings would provide some relief to the people and I am hopeful of accelerated growth in the insurance sector, due to this proposal", K K Mishra, Managing Director and Chief Executive Officer, Tata AIG General Insurance, told reporters here.


HDFC Ergo signs outsourcing pact with Accenture

HDFC-ErgoMumbai: Private sector HDFC Ergo General Insurance on Wednesday said it has signed a multi-year application outsourcing agreement with Accenture under which the software firm will develop, implement and manage a range of existing digital applications for the insurer.

Accenture will maintain and upgrade HDFC Ergo's existing digital channels, including web portals and mobile applications. Accenture will also develop analytical models to help the insurer better adapt its sales strategy according to its customers' evolving needs, a release said, without disclosing the deal size.


'75% of insurance sales to be online by 2020'

insuranceMumbai: As many as three-fourths of insurance policies sold by 2020 will be influenced by digital channels, says a report by global management consulting firm Boston Consulting Group and Google India.

"We estimate that digital adoption could result in potential savings of 15-20 percent of total costs in the case of life insurance and 20-30 percent in the case of non-life, thereby showing the path towards profitability for the industry," said Alpesh Shah, BCG India senior partner and director who authored the report.


HDFC Life expects premium growth of 10-15% in FY'15

HDFC-LifeNew Delhi: Private sector insurer HDFC Life on Tuesday said it expects premium growth of up to 15 percent in the current fiscal as the market conditions have improved.

"We expect a growth of 10-15 percent in 2014-15," HDFC Life Senior EVP (marketing) Sanjay Tripathy said.

The company's total premium witnessed 7 percent growth at Rs 12,063 crore in 2013-14, compared to Rs 11,323 crore in the previous fiscal.

Assets Under Management of the company grew by 25 percent to Rs 50,258 crore, from Rs 40,108 crore in 2012-13.


Insurance stocks gain 9% on hopes of FDI hike

Insurance stocks gain 9% on hopes of FDI hikeMumbai: Stock prices of insurance companies saw renewed buying interest and surged up to 9 percent in view of the reports that government is contemplating raising FDI cap in the sector.

Max India rose by 9.01 percent, while Reliance Capital shares rallied 5.22 percent on the BSE.

Shares of Bajaj Finserv gained 4.83 percent, while Religare Enterprises was up 2.58 percent.

Reports said earlier this week that the Finance Ministry is contemplating raising FDI cap in insurance sector from 26 percent to 49 percent with some riders like restriction on voting rights.


Insurance stocks spurt up to 10.5% on FDI buzz

Insurance stocks spurt up to 10.5% on FDI buzzMumbai: Shares of companies related to insurance business surged up to 10.5 percent Monday following reports that the Finance Ministry is contemplating raising FDI cap in the sector from 26 percent to 49 percent with some riders.

Reliance Capital shares rallied 10.41 percent, while Max India rose by 10.05 percent on the BSE.

Shares of Bajaj Finserv gained 3.15 percent, while Religare Enterprises was up 1.97 percent.


Chola MS Insurance aims Rs.2,500 crore premium

Cholamandalam-MS-InsuranceChennai, May 6 :  Non-life insurer Cholamandalam MS General Insurance Company Ltd. (Chola MS) will focus on increasing its corporate and health insurance business to get a gross premium of Rs. 2,500 crore this fiscal, a top company official said.

"We will now start looking at increasing our corporate or commercial lines of business (fire, transit, burglary and others) and also the health insurance. Currently only 10 percent of our business is from commercial lines," S. S. Gopalarathnam, managing director, told reporters here Tuesday.


Reliance Insurance launches online life cover plan

Reliance-InsuranceMumbai, April 21 : Reliance Life Insurance Company, a unit of Anil Ambani-led Reliance Capital, Monday launched an online life cover plan called "Reliance Online Term".

"This is one of the most competitive online life insurance plans currently available in the industry, which offers Rs. 1 crore of life cover for as low as Rs. 15 per day (for a 25 year-old healthy male)," Reliance Life Insurance Company said in a statement here.


FCA to probe 30 million insurance policies

FCA to probe 30 million insurance policiesFinancial Conduct Authority (FCA) has indicated that it is planning to launch an investigation into some 30 million policies that were sold by insurance companies from the 1970's to the year 2000.

The shares of insurance companies fell significantly after the report were released prompting the FCA to issue a clarification into the investigation. Some experts had accused the FCA of breaching its own rules by releasing information that is sensitive to the market.


Miffed by Obamacare success, Bobby Jindal offers own plan

Bobby-JindalWashington, April 3 : Making light of the huge success of President Barack Obama's signature healthcare law, Louisiana's Indian American Republican Governor Bobby Jindal, offered his own rival plan for healthcare.

Obama scored a major victory as an estimated 7.1 million people signed up for health insurance under the Affordable Care Act passed in 2010 in the teeth of bitter opposition from the Republican Party, which has since made at least 50 attempts to repeal it.


$140 bn lost in natural, man-made disasters in 2013: Report

Swiss ReGeneva, March 27 - Global natural catastrophes and man-made disasters had brought as much as $140 billion economic losses in 2013, according to the latest report released by Swiss Re Group Wednesday.

The Zurich-based insurance company noted that last year's total loss was down from the $196 billion in 2012 and well below the 10-year average of $190 billion, Xinhua reported.

The report said global insured losses reached around $45 billion last year due to large contributions from flooding and hail disasters, down from $81 billion in 2012.


Government to sell holding in Medibank through IPO

Government to sell holding in Medibank through IPOThe central government has said that it is planning to sell its holding in the nation's biggest health insurer Medibank Private through an Initial Public Offering.

The country's Finance Minister Mathias Cormann has said that the company, which is owned by the government, will launch an initial public offering in the next financial year, 2014-15. Cormann also said that a study has showed that the insurance premiums are not likely to rise due to the privatisation.


Fall in payouts from private insurance

Fall in payouts from private insuranceAs stated by investigation from the University of British Columbia, Canadians paid $6.8 billion more in private medicinal services premiums than they accepted in profits in 2011.

People who purchased private health protection fared the most exceedingly awful, illustrated report creator Michael Law of UBC's Center for Health Services and Policy Research, accepting just 38 per cent of their premiums back in profits.  Little and medium-estimated organizations - a bigger bit of the segment - saw 74 per cent of their premiums returned.


Unnamed billionaire buys most expensive life policy

Unnamed billionaire buys most expensive life policyAn unnamed billionaire from Silicon Valley has purchased the world's most expensive life insurance policy.

His agent described him as a ``well-known billionaire'' and said that it took seven months and 19 insurance companies to finalise the deal that surpassed the earlier record $100 million policy of David Geffen in 1990.


Regulator's order to SBI Life puts focus on banks as brokers

Regulator's order to SBI Life puts focus on banks as brokersChennai, March 14 - The insurance regulator's direction to the SBI Life Insurance Company Ltd. to refund Rs. 275.29 crore to policy holders for the absence of informed choice has turned the focus on allowing banks to continue as agents rather than brokers, said experts.

"The spotlight is now on banks being allowed as corporate agents. Banks should ideally be insurance brokers, technically representing the policy holders. Agents, on the other hand, represent the insurers," a senior life insurance official in Mumbai told IANS.


Irda probes ICICI Lombard for irregularities in govt.-sponsored schemes

Irda probes ICICI Lombard for irregularities in govt.-sponsored schemesThe Insurance Regulatory & Development Authority (Irda) has launched a 'focussed inspection' into alleged fraud in some government-sponsored insurance schemes by ICICI Lombard Insurance.

The four insurance schemes in question are: Rajiv Gandhi Shilpi Swasthya Bima Yojana, Rashtriya Swasthya Bima Yojana, Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana, and Panjikrut Kishan Durghatana Bima Yojana.


Aviva records 6% rise in operating profit

AvivaAviva, a leading global insurance giant, has said that it has recorded 6 per cent rise in operating profit on Thursday, which is higher than market expectations.

Aviva is in the middle of a turnaround plan that has seen 2,000 lay-offs and sales of underperforming businesses in various countries in Asia. The company said that its operating expenses fell 7 percent and cost saving targets for the year was ahead of plans, indicating that the company might restore the confidence of its investors.


Authorities rolling in inmates into Obamacare

Authorities rolling in inmates into ObamacareThe authorities in the US have said that they are planning to enrol inmates in health care coverage that is available to them under the new Affordable Care Act.

The Affordable Care Act, which came into effect from 1 January, 2014, offers health coverage to the people in the US. Jail officials in San Francisco will enrol inmates in health care coverage and experts have said that former convicts with health coverage will be less likely to repeat offenses. The Department of Public Health said that the inmates with health insurance are likely to return to normal life.


RSA planning to sell Canadian unit Noraxis

RSA planning to sell Canadian unit NoraxisRSA Insurance Group, a leading insurance firm in the UK, has indicated that it might be planning to sell the Noraxis Capital Corp, which includes a range of regional insurance brokers in Canada.

According to estimates the company could raise as much as $369 million from the sale of the Canadian business. RSA spokeswoman said a business review is underway and the management will announce its decision on 27 February, 2014. The company has not commented on the reports suggesting that it is planning to sell the Canadian business.


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