Insurance Sector

Premera Blue Cross suffers Cyber-Attack

Premera Blue Cross suffers Cyber-Attack

Healthcare insurance provider Premera Blue Cross revealed that it faced a cyber-attack that might have exposed medical records and financial information that belong to more than 10 million customers.

According to the health insurer, the attackers might have gained access to data involving clinical information, banking account numbers, birth dates, Social Security numbers and other data. Premera said that the attack took place last year.

Insurance sector eyes FDI worth billions in new year

New Delhi - A political hot potato for long, the insurance sector got its long-awaited dose of reforms, as 2014 neared the end and will keenly await moneybags from abroad in the new year to bring in the much-aspired foreign investments, estimated at up to Rs 60,000 crore.

After hanging in balance for over six years, hike in foreign investment cap for insurance sector has become a reality, although the government had to take ordinance route, as a bill in this regard could not go through Parliament.

LIC to invest Rs 50,000 cr in equity market this fiscal: Roy

Life Insurance CorporationNew Delhi - Country's largest insurer Life Insurance Corporation plans to pump in about Rs 50,000 crore in the equity market, taking its total investment including in bonds to Rs 3 lakh crore during the current fiscal.

"We plan to invest about Rs 50,000 crore in the equity market, while Rs 2.50 lakh crore in bonds," LIC Chairman S K Roy said.

He said LIC picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors.

As for the bond market, he said investment in this area was Rs 2.40 lakh crore in the last financial year.

Reliance General Insurance Q1 profit up 138%

Reliance-General-InsuranceNew Delhi: Reliance General Insurance has saw its profits more than double to Rs 24.3 crore in the first quarter of 2014-15, as the total number of policies sold during the period crossed the one-million mark.

The company, a leading private sector general insurance player and part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, also beat the overall industry trends with a significant surge in its premium collection.

Insurance Bill sent to Select Committee of Rajya Sabha

InsuranceNew Delhi: Giving in to opposition pressure, the government on Thursday referred the controversial Insurance Bill to the Select Committee of Rajya Sabha.

The House adopted a motion in this regard after Finance Minister Arun Jaitley moved it while informing members that the panel has been asked to look into the Bill and submit its report on the last day of the first week of the next session.

Insurance Bill likely to be soon referred to Select Committee

Insurance Bill likely to be soon referred to Select CommitteeNew Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.

The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.

Bajaj Allianz GI plans 4,000 virtual offices in 2-3 years

Bajaj-AllianzMumbai: Bajaj Allianz General Insurance on Tuesday said it plans to open over 4,000 virtual offices spread across Tier 2 and 3 cities over the next 2-3 years.

The Pune-based private company, one of the key players in general insurance space, has already launched a dozen such offices on a pilot basis.

"We are looking at opening more than 4,000 virtual offices across Tier 2 and 3 cities of the country within the next 2-3 years. We have already launched 12 such offices in Pune and Bangalore on a pilot basis and our experience has been good so far," Bajaj Allianz GI Managing Director and CEO Tapan Singhel said.

Cabinet approves 49 percent FDI in insurance sector

FDI-in-insurance-sectorNew Delhi, July 24 : The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.

However, the management control of insurance companies will be with the Indian companies only.

The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital. (ANI)

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.

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