Insurance firms News

Last year's devastation caused by the second wave of the Covid 19 outbreak sparked a trend that is now a full-fledged policy for all insurance firms. Furthermore, depending on the severity of the infection, test results are required.

In order to work out a mechanism to enable an insurance framework for electronic wallet transactions, government has initiated talks with mobile wallet players and insurance companies.

It was also noticed that the officers were not frequently changing their password. "

Competition Commission has imposed a penalty of Rs 251.07 crore on New India Assurance, Rs 162.8 crore on National Insurance, Rs 156.62 crore on United India Insurance and Rs 100.56 crore on Oriental Insurance, respectively.

Domestic and foreign insurance companies have been allowed to set up IFSC Insurance Office in special economic zones if they meet certain conditions.

The cash settled instrument, which was launched in the capital markets in January 2014, had recorded a turnover of Rs 39,944 crore during 2013-14.

Insurance companies have settled almost 90 percent of over Rs 2,700 crore claims made after 'Hudhud' cyclone in Visakhapatnam last year, a senior Insurance Regulatory and Development Authority of India official said on Thursday.

Under the newly promulgated Ordinance, insurers cannot appoint any "principal agent, chief agent and special agent", neither they can transact any insurance business through them.

Those having seen growth in individual premiums in first half included ICICI Pru, HDFC Life, Max Life and Kotak Life.

The Monday's wage negotiations will be the second round on the issue, as the first round had already taken place earlier during the year.

Barring a few, such as ICICI Prudential, Reliance Life and Kotak Life, most of the life insurance companies have disclosed lower 'persistency ratios' for the first quarter of the current fiscal ended June 30, as also for the full financial year ended March 31, 2015.

Right now government is almost paying from tax payers' money for any losses out of natural disasters as people are not accustomed to buy such cover.