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New India Assurance to pay Rs 4.7 lakh to vehicle owner
Consumer court has directed an New India Assurance company to pay Rs 4.7 lakh to the vehicle owner. The forum said that the insurance company had rejected the claim on flimsy grounds. Thus, it is guilty of deficiency of service.
General insurance industry posts robust figures
The private players posted a growth figure of 27.68 per cent over the last fiscal where as the public players posted a growth figure of 4.04 per cent during the same tenure.
Reliance General Insurance flies high
Reliance General Insurance has grown 125% in business this fiscal year, outdoing its chief competitors ICICI Lombard and Bajaj Allianz.
UCO Bank puts on hold its non-life insurance venture
UCO Bank, in its fifth Annual General Meeting, said that it has decided to put hold on its proposed venture into non-life insurance business. The bank is instead planning to enter into another business.
No impact of de-tariffing on private insurers
Total de-tariffing, which came into effect from January 2008, has not had any impact on premium income of general insurers.
Insurers will have to settle claim even if license is invalid
The Supreme Court has said that insurance companies will have to compensate the victim of an accident even if the driver of the insured car is does not have a valid license.
'Red Carpet' initiative by ICICI Lombard
ICICI Lombard starts claim initiative service in the motor insurance sector called 'Red Carpet'.
Oriental Insurance opens service center in Mumbai
Oriental Insurance Company, has opened its first service center in Mumbai. Initially, it will handle motor claims for all Mumbai offices.
General insurance to grow 18% in 2008
According to Mr. K. N. Bhandari, Secretary General of the General Insurance Council, the general insurance industry is set to grow at 18% in 2008.
ICICI Lombard to pay Rs 3.33 lakh Consumer Forum
District Consumer Forum has asked ICICI Lombard General Insurance Company to pay Rs 3.33 lakh as insurance and compensation to a vehicle owner.
MyTVS tie-up with Oriental Insurance to provide cover
MyTVS comes together with Oriental Insurance and launches a product for roadside emergency along with the cashless facility. This scheme will provide immediate roadside assistance by calling on a toll free number. This scheme will initially be provided i
Escorts offers insurance to farmers
Escorts offers insurance to farmers
HMSI and United India in strategic partnership
United India Insurance (UII) and Honda Motorcycle and Scooter India (Private) Limited (HMSI) have tied up to provide motor insurance for the latter's new vehicles.
India Infoline gets insurance broking nod from IRDA
The Indian Infoline Group has an approval in principle from IRDA to start its insurance broking business.
Changes galore in insurance sector in '08
Insurance buyers can expect more mature, custom-made products and better services this year.
How cheap will Nano insurance be?
The good news is that insurance for the small car could be available for as low as Rs 2,000 and could fall further if Tata assures insurers of the availability of low-cost spares.
Insurance cos criticized by Delhi High Court
The Delhi High Court has criticized insurance companies for the lack of interest in settling compensation claims of motor accident victims.
FDI limit in insurance may be raised
Finance Minister Mr. P. Chidambaram has hinted that the FDI limit in the insurance sector will be raised from 26% to 49%, and that it would be passed by Parliament in this government's term itself.
ROI on Sensex gains offsets underwriting and detariffing losses for general insurers
In spite of losses due to detariffing of the insurance sector leading to underwriting losses, general insurance companies more than made up by return-on-investment (ROI) incomes due to the booming stock market.
GIC asks to keep premiums out of service tax net
The General Insurance Council (GIC), the representative body of non-life insurance insurers, has proposed that health insurance premiums and premiums below Rs 2,500 for non-health insurance polices should be out of the service tax net.
PSU insurance companies to form a single corporation
Four PSU insurance companies to join and form Single Corporation like LIC to meet business objectives.
Dabur and Liberty Mutual venture into non-life
Dabur and Liberty Mutual come together to form a non-life insurance firm. Their focus will be on selling personal insurance products such as car, home and personal accident insurance.
J Harinarayan new IRDA Chief
Mr. Jandhyala Harinarayan is appointed as a chairman of Insurance Regulatory Development Authority of India (IRDA), succeeding CS Rao who retired in May this year.
Insurance agent malpractices to be made public
Insurance agent malpractices to be made public as per IRDA rules. Corrective steps taken after getting several complaints from the customers. The names of the errant agents to be published on the insurance websites of each insurance firm.
Future Group in insurance venture
Future group and Italian Assicurazioni Generali S.p.A comes together to start a life insurance venture and have received a liscence to conduct life and non-life insurance business in India.
United India joins hands with Honda Motors
United India ties with Honda Motors to provide insurance to two-wheeler buyers at dealers outlets. The company has also announced a new plan called family medicare policy where the entire family is covered under a single sum assured for hospitalization a
Govt trying to ease investment norms
The government of India is trying hard to win agreement from their coalition allies in order to ease foreign investment, banking and pension.
Bajaj Allianz goes SAS
Bajaj Allianz decides upon SAS tools a leading business analyst to meet the growing insurance demands.
Supreme Court rule for Emergency Care
Supreme Court has given a rule that a person injured especially in the case of road traffic accident or assault etc. should be provided with the first aid and then the hospital should fulfill with the police formalities.
IRDA committee to examine insurance distribution networks
A committee has been constituted by IRDA to examine the functioning of the various distribution channels for life insurance products