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General Insurers cut premiums for private cars & CVs

by | Jan 4, 2018 |

General insurers say premiums reduction is largely due to the IRDAI’s MISP(Motor Insurance Service Provider)  circular which reduced the commission to auto dealers. Insurance regulator, had capped distribution fees payable to auto dealers at 22.5 per cent for two-wheelers and 19.5 per cent for four-wheelers and sports utility vehicles (SUVs).Earlier, general insurance companies used to pay this distribution fees in the range of 30-40  per cent, across the segment.

China becoming an increasingly difficult environment for reinsurers: AM Best

by | Jan 3, 2018 |

On the bright side, China’s Belt and Road program has created some hope of new premium sources for Chinese reinsurers, especially state owned companies that can leverage their state-owned relationship. The early stages of the Belt and Road initiative will bring vast investments in infrastructure—the construction of railroads, highways, and tunnels—as well as developing sectors such as energy and telecommunications.

Jan 1 Renewals:Reinsurance Pricing ‘Orderly’ Despite Catastrophe Losses

by | Jan 3, 2018 | ,

Willis Re said, property renewals for U.S. markets at Jan.1 showed average rate increases of 5% to 10% for catastrophe loss-hit areas and rates ranging from flat to up 7% for loss-free areas, according to a renewals report from Willis Re, the reinsurance division of Willis Towers Watson. In the Caribbean property market, catastrophe loss-hit areas saw rate increases of 20% to 40%. Canada’s property reinsurance market saw rates rise 10% to 30% in catastrophe-hit areas.

No proposal of PSB merger under consideration: Govt

by | Jan 2, 2018 |

To facilitate consolidation in the public sector banking space, the Cabinet in August gave in-principle approval for PSBs to amalgamate through an Alternative Mechanism (AM). 

Subsequently in November, a panel under the chairmanship of Finance Minister Arun Jaitley was set up to examine proposals from banks for in-principle approval to formulate schemes of amalgamation 

Indian GDP growth to pick up in 2018; oil, inflation risk factors

by | Jan 1, 2018 |

After falling for five successive quarters from 9 per cent in the fourth quarter of FY2015-16 to a low of 5.7 per cent in the first quarter of FY2017-18, the GDP growth at 6.3 per cent in the July-September quarter of 2017-18 reversed the trend.Within GDP growth numbers, a highly encouraging sign is that while export growth has remained positive, import growth has fallen.

Top insurers & bureaucrats vie for IRDA Chairmanship

by | Dec 31, 2017 | ,

Among the insurers who have applied for the post are- VK Sharma, chairman, Life Insurance Corporation(LIC) , G Srinivasan, CMD, New India Assurance,K Sanath Kumar, CMD, National Insurance, three MDs of LIC, Hemant Bhargava,, Sunita Sharma, K Venugopal, and Rajesh Kandwal, CEO & Managing director,LIC, Bahrain,.Nilesh Sathe, member, IRDAI, is also in the fray

Insurance cos to focus on IPOs, consolidation in 2018

by | Dec 30, 2017 |

The Indian insurance industry is witnessing growth and is projected to have great times in the years to come. This offers immense scope for consolidation as some promoters may look at exiting non-core businesses and existing large insurers desire to achieve scale and bring in better synergies to pass on the cost efficiencies to customers and shareholders, he said.