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Lloyd’s claims US hinders disaster recovery
By Matt Kennard in New York
Lloyd’s of London, which is the largest reinsurer of US risk, has complained that the US government is too interventionist in the insurance market and could damage recovery efforts in the aftermath of national catastrophes.
A report to be released on Tuesday by Lloyd’s, the insurance market, argues that “[g]overnment intervention in insurance markets should be kept to a minimumâ€, although it claims that the trend is moving in the other direction.
http://www.ft.com/cms/s/0/47a1df74-e84d-11e0-ab03-00144feab49a.html
Critical illness cover to take care of home loan repayment: The Insurance Regulatory and Development Authority
27 Sep, 2011, 03.59AM IST, Shilpy SinhaShilpy Sinha,ET Bureau
MUMBAI: The insurance regulator has asked companies selling home insurance packages to extend the scope of critical illness cover to include home loan repayment benefit as well. A home insurance package covers critical illnesses, permanent total disability, loss of job and fire and burglary.
The Insurance Regulatory and Development Authority (Irda) asked insurance companies to add the loan repayment benefit to critical illness cover to make the home insurance product a complete collateral. The insurance regulator had recently rejected home insurance packages filed by two insurers on this ground.
Insurers offer bonus for claim-free year, but no premium refund
fe Bureau l Posted: Tuesday, Sep 27, 2011 at 0058 hrs IST
Am I allowed to make a claim under more than one health insurance policy when the claim amount is more than the maximum sum assured of any one policy?
Health insurance is basically an indemnity insurance, which is designed to reimburse the amount spent in hospital, subject to various terms and conditions set by each policy. Ideally, one should disclose to the insurers that he or she holds multiple policies. In the event of a claim, provided it is admissible under both the policies, each insurer will pay according to the respective proportion of coverage to the total coverage.
Can I change my TPA for the health policy as I am not getting any service from them?
An immediate resolution on any concern on service deficit is possible by approaching your insurer. However, if the service levels are continuously lower than your expectations, then you may approach your insurer at the time of the renewal for changing the third-party administrator.
Edelweiss Capital to dilute stake in life insurance biz
Niladri Bhattacharya / Mumbai September 27, 2011, 0:10 IST
Tokio Marine Holdings, the foreign partner in Edelweiss Tokio Life, is expected to increase its stake in the company to 49 per cent, as soon as the government allows it to. The transaction would take place on the basis of a pre-determined price agreed between the shareholders.
Edelweiss Tokio Life, is a joint venture between non-banking financial company Edelweiss Capital and Japanese insurer Tokio Marine. Tokio Marine Holdings is the holding company for the Tokio Marine Group, and currently holds a stake of 26 per cent in the venture, the maximum permissible limit for the insurance sector in India. Edelweiss Group holds the remaining stake in the company.
Finance ministry asks PSU general insurers to bring down expense ratio
NEW DELHI: The Finance Ministry has asked public sector general insurance companies to bring down their expense ratio and prune management expenses to improve profit.
The ministry has assessed the performance of four public sector insurance companies recently. Health and motor insurance remain the concern area, official sources said.
Expenses ratio has to be more competitive. Besides, these companies have also been advised to bring down management expenses, sources said.
Expense ratio, in insurance parlance, is the proportion of premium used to pay all the costs of acquiring, writing and servicing insurance and reinsurance.
Not a silent spectator in insurer wars, IRDA tells HC
Rosy SequeiraRosy Sequeira, TNN | Sep 26, 2011, 12.50AM IST
MUMBAI: The Insurance Regulatory Development Authority (IDRA) denied before the Bombay high court that it had been a silent spectator to the spat between insurers and hospitals. The IRDA filed its affidavit in reply to a public interest litigation filed by social activist Gaurang Damani highlighting the plight of over 5.50 crore consumers of medical insurance, especially after Third Party Administrators (TPAs) suddenly stopped offering cashless mediclaim benefits. The PIL stated that reason provided by the insurers was that they were suffering losses due to higher claims against medical treatment provided to consumers.
The affidavit opposing the petition was filed by Ramana Rao, joint director (Intermediaries), IRDA, and it denied that the cashless treatment facility wasn’t being offered by hospitals and had been stopped by public sector undertaking insurers. “Hospitals had refused to negotiate treatment
rates for standard procedures with insurers,” he said, adding that they subsequently agreed.
Rao said on August 24, 2010 the IRDA issued a circular directing all insurers to ensure that patients are not put through inconvenience due to the insurers’ negotiations with the hospitals. The circular had also directed insurers to inform policyholders at all times of the nearest possible alternate hospitals where the cashless facility was available in view of the four public sector general insurance companies having withdrawn it to certain hospitals.
A rider can help expand your insurance coverage
By Sagar Sen Sep 26 2011 , FC Research Bureau
If you want to increase the coverage of your life insurance policy so that a higher sum insured is paid in case of eventualities like disability or death due to an accident, then going for the disability and accidental death rider with a term insurance policy or a personal accident policy along with a term insurance are suitable options.
A personal accident policy, offered by general insurance companies, is suitable for those who are adequately covered by a separate term insurance policy to take care of natural as well as accidental death. The disability rider is suitable for policyholders who want the convenience of paying only one yearly premium towards life insurance and riders. An accident policy works as a standalone policy and provides coverage up to the sum insured for accidental death and accidental disability.
A term insurance on the other hand, provides the sum insured in the event of the policyholder’s death, however, there is no provision for the sum insured to be paid in the event of disability. Hence, taking a disability rider on term insurance allows a policyholder to claim the sum insured for physical disability due to an accident.
In addition, an accidental death rider on term insurance allows the nominee of the policyholder to claim the total sum insured in term insurance, along with the sum insured for the accidental death rider.
http://www.mydigitalfc.com/insurance/rider-can-help-expand-your-insurance-coverage-609
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