Standalone Insurance company by Centrum Group in near future
Centrum Group plans to set up a standalone insurance company over a span of next 3 to 5 years through both organic and inorganic routes. Separately, the group has won…
InstaSpect launch by ICICI
A live video inspection feature for motor insurance claims named ‘InstaSpect’ was launched by ICICI Lombard General Insurance. To enable customers to raise an instant claim via the company’s ‘insure’…
Motor covers can now be sold via dealers
Recently IRDAI allowed all general insurers to sell motor cover policies through auto dealer networks by offering differential pricing. Earlier, it was mandatory for customers to buy auto insurance from…
Updates in crop insurance scheme
After one year of launch, the farm insurance scheme is under revamp with the focus on increasing competition among insurers and lowering the average premium. It also aims to widen…
ICICI Lombard tops among the private sector players
Amongst the private sector players, the ICICI Lombard topped charts with a total underwritten premium of Rs.1,010 crores. Bajaj Allianz and HDFC Ergo General mobilised Rs.590 crores (Rs.598 crores) and…
Underwriting losses as warned by Ministry of Finance
Recently in a letter to the chiefs of PSU non-life insurers by the Department of Financial Services, it was mentioned that “It has been brought to the notice of this…
Need of an agri insurance regulator
The insurance scheme “Pradhan Mantri Fasal Bima Yojana (PMFBY)” insists that insurance firms offering agricultural insurance have to have offices at block levels, whereas, such penetration is non-existent in most…
Global Insurance Buys 26% Stake of Aon
India's Global Insurance Services has bought Aon's entire 26 per cent share in their joint venture Aon Global Insurance Brokers and thus the brand name was changed to Global Insurance…
Improved scheme to attract non-loanee farmers
The Narendra Modi government launched the Pradhan Mantri Fasal Bima Yojana early last year to replace the previous National Agricultural Insurance Scheme and its modified form. It claimed that the Pradhan Mantri…
Crop insurance schemes, no major development
The CSE report says insurance companies had benefited by a cumulative Rs 10,000 crores in profit as on April, due to low claims reported in relation to the premium charged. The gross…