Indian News

Jun Zhang, IFC Country Head for India

IFC led investors infuse USD 22 mn in Murthy’s Coverfox

Technology Apr 19, 2018

Mumbai:: Coverfox.com, an online broking firm. has raised USD 22 Mn in a Series C funding from a clutch of investors led by IFC, a member of the World Bank Group; Transamerica; and other existing investors.IFC itself has invested up to $10 million. Coverfox, one...

Amitav Chaudhry, MD & CEO, HDFC Life .

With 32 pc growth in new business, HDFC Life's net profit rises by 24 pc to Rs 11.1 bn in 2017-18

Life-News Apr 18, 2018

Mumbai: HDFC Life, which has seen its total premium growing by 21 per cent to Rs 235.6 billion,has recorded a 24 per cent jump in its profit after Tax (PAT) to Rs11.1 billion during 2017-18. The company's insurance profit (policyholder surplus) comprised of 76 per...

Hemant Contractor, chairman,PFRDA

AUM of pension fund industry grows by 38 pc to Rs 2.40 trn in 2017-18:PFRDA Chief

Pension Apr 18, 2018

Mumbai: Showing a substantial pick-up, the total assets under management(AUM) of the pension fund players - operating in the National Pension System (NPS ) and as regulated by the the Pension Fund Regulatory and Development Authority (PFRDA)- have gone up by 38 per cent to...

8 dead, several injured as massive storm hits Kolkata, suburbs

Disaster Management Apr 18, 2018

KOLKATA: Eight people were killed and several others injured on Tuesday after strong winds of up to 98 km per hour hit the West Bengal capital and its adjoining areas, disrupting public transport and traffic, officials said. Unconfirmed sources, however, put the death toll at...

Debasish Panda, newly appointed additional secretary, Insurance, Ministry of Finance

MoF to meet CMDs of three PSU general insurance cos on Apr 18, to discuss merger roadmap

Non Life-News Apr 16, 2018

New Delhi: The ministry of finance(MoF) has convened a meeting of chiefs of three merging PSU general insurers- United India Insurance (UII), National Insurance Company(NIC), Oriental Insurance Company(OIC)- on Apr 18, to iron out the key challenges- particularly on IT,HR and branch rationalisation- of the...

Leading Indian life insurers partner with Cognizant to develop industry-wide Blockchain solution

Technology Apr 16, 2018

MUMBAI: Cognizant and a consortium of leading Indian life insurers — comprising SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life...

Insurers gear up for new accounting regime `Ind AS 117'

Regulation Apr 15, 2018

Mumbai: In a matter of two years, the Indian life insurers will have to implement a new accounting regime, known as Indian Accounting Standard (Ind AS) 117, that will sweepingly change existing format of preparing their balance sheets. The new Ind AS 117, scheduled to...

CVC wants details of frauds from banks to devise preventive mechanism

Risk Management Apr 15, 2018

NEW DELHI: The probity watchdog Central Vigilance Commission (CVC) has asked banks to give details of any fraud worth over Rs three crore to devise a preventive mechanism. "Because this data is originally lying with respective banks and RBI. We felt if we know what...

Prime Minister Narendra Modi

PM Modi Inaugurates First Health Centre Under Ayushman Bharat Scheme

Health Apr 14, 2018

Jangala (Bijapur): Prime Minister Narendra Modi inaugurated the first health centre under Ayushman Bharat Scheme here on Saturday. He also visited Jangala Development Hub, situated in a panchayat that has emerged as a model panchayat. He interacted with local Champions of Change' in this Left...

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News in Brief

Markel International, the specialist insurer, has appointed Lin Wanshi as assistant marine underwriter to join the marine underwriting team in its Singapore office. Wanshi joins Markel from insurance broker Marsh

The appointment reflects Markel’s ambitions in marine, one of its core markets, in addition to further enhancing its underwriting capabilities in the Asia Pacific.

Apr 18

MoF-CMDs meeting on 3 PSU merger postponed to Apr 23

The meeting between the ministry of finance(MoF) and CMDs of three merging PSU general insurers- United India Insurance (UII), National Insurance Company(NIC), Oriental Insurance Company(OIC)- to discuss about merger plans, scheduled on Apr 18, has been postponed to Apr 23

Debasish Panda, the newly appointed additional secretary,Insurance, Ministry of Finance, will be meeting the CMDs of three companies to brainstorm the key challenges- particularly on IT,HR and branch rationalisation- of the proposed mega mergers that would create the largest general insurer in the country with over Rs 45,000 crore of premiums and 30 per cent of the market share..

Max Life recognized among top 15 Indian BFSI employers

Max Life Insurance, has been recognized as one of the top 15 ‘Best Workplaces in BFSI (Banking, Financial Services and Insurance Sector)’ in a study conducted by the prestigious Great Place to Work institute. More than 600 companies participated in the survey this year, out of which 55 were from the BFSI sector.

Shailesh Singh, Director and Chief People Officer, Max Life Insurance said, “It is the culture of excellence, customer centricity and meritocracy along with a highly talented team that we have developed over the years, to help us being amongst the best today.’’

HDFC ERGO launches Overnight Vehicle Repair Service

HDFC ERGO General Insurance Company has announced the launch of Overnight Vehicle Repair Service. This new service will enable customers to get their cars professionally repaired overnight, thereby not affecting their daily routine and vehicle downtime.

Anurag Rastogi, Member of Executive Management, HDFC ERGO General Insurance Company said, “The Overnight Vehicle Repair Service allows customers to get their cars repaired after the regular commuting hours and will be delivered back to their doorstep, making its ready to be used the very next day, without them having to compromise on their commuting routine.”

Apr 11

QBE appoints Inder Singh as chief financial officer

Australia’s QBE Insurance Group on Wednesday appointed Inder Singh as chief financial officer, replacing current CFO Michael Ford who joined the group less than a year earlier in May 2017.

Inder Singh is currently the chief financial officer for QBE’s Australian & New Zealand Operations, the company said in a statement.

This follows QBE recording an annual loss of about $1.2 billion in February and logging a $600 million earnings hit last October, impacted by a medley of natural disasters.