Insurance Sector

Max New York Life Insurance inks partnership with SOTC

New-York-Life-InsuranceMax New York Life Insurance, one of the leading private insurer, has tied knot with SOTC, a division of Kuoni Travel India Private Limited and India's No. 1 holiday brand to offer financial planning sessions and insurance solutions to latter's customers.

As part of the exclusive personal financial planning session, SOTC customers will be assisted by Max New York Life's Financial Planning Manager who will offer customized need based life /health insurance solutions.

Royal Sundaram ties knot with American Express

Royal Sundaram ties knot with American Express Royal Sundaram Online, one of the leading general insurance company, has entered into a tie-up with American Express Payment Gateway.

Under the arrangement, all existing and potential customers of Royal Sundaram, who have an American Express card can now log on to company's website and buy or renew their policies online through the American Express Online Payment Gateway.

The latest initiative is in addition to the existing Citibank Payment Gateway tie up, which allows online transactions by Visa or Master cards.

Bajaj Finserv, Alliance Global enter into Indian asset management joint venture

Bajaj Finserv, Alliance Global With Bajaj already has life insurance and general insurance business tie-ups with Allianz since eight years, the Rahul Bajaj-owned Bajaj Finserv lately entered into a shareholders' deal with Allianz Global Investors, which is venturing into the asset management arena in India.

The Munich, Germany-based insurer will hold a majority stake of 51 percent in the asset management joint venture.

Bajaj Allianz aims to two-fold its market share in next three years

Bajaj Allianz aims to two-fold its market share in next three yearsBajaj Allianz Life Insurance, one of the leading private insurance companies in India, is eyeing to double its market share to 10 per cent in the health insurance segment over the next three years.

The latest information was revealed by a senior executive of the company, during launching of new insurance plan.

Presently, the company's market share in health insurance, among all the life insurers, is around 5%, which it plans to increase it to 10% in a three-year period.

Life Insurance Sector’s Premium Incomes Fall 11%: IRDA Report

Life Insurance Sector’s Premium Incomes Fall 11%: IRDA ReportThe latest figures released by Insurance Regulatory and Development Authority (IRDA) disclosed that life insurance industry has posted an 11% decline in its premium incomes during the 11 months period, which ended on 28 February, 2009.

IRDA’s data also showed that the life insurers collected Rs 36,467 crore as premium incomes in the period under review.

The report also highlighted that the premium incomes earned during Feb 2009 were 12 per cent up as compared to the premium incomes in January 2009.

AIG bonuses higher than previously reported, reports official

AIG bonuses higher than previously reported, reports official Washington - Bonuses paid to top officials at ailing insurer American International Group Inc (AIG) were higher than previously reported, a Connecticut state prosecutor told CNN Saturday.

AIG employees received 218 million dollars in bonuses in recent months, higher than the 165 million dollars previously reported, Connecticut Attorney General Richard Blumenthal told the broadcaster, citing information he'd gathered from subpoenaed documents.

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