Insurance
Insurers ”could provide welfare”
Rather than government, the insurers could provide benefits like sick leave, says a report into the industry. Setting out a possible scenario for 2020, the report said that a 5% shift in the £340bn welfare state burden could result in saving of £17bn a year for the government. But the consumers would need to take [...]
LIC pares its holdings in a few Sensex companies though holds over 10% stake
Life Insurance Corporation of India (LIC), has decreased its holdings slightly in a few Sensex companies whereas it holds more than 10 per cent stake, according to BSE data. As per the data, up to30th June 2009, LIC has reduced it stake in engineering major L&T from 17.44 per cent in the last quarter of [...]
Complaint redressal by insurance companies to get speedier
The Insurance Regulatory and Development Authority (IRDA) is setting up an automated complaint tracking system with insurance companies life and non-life. Customers can check the status of their complaints online through this facility. The move is aimed to strengthen the consumer grievance mechanism. The IRDA will be in a better position to review insurance companies’ [...]
Centre considers modified agri insurance scheme
Centre is considering extensive change of the National Agriculture Insurance Scheme. The government wants change to bring 50 per cent of the country”s total farmers under crop and weather insurance cover within the five-year term of the UPA Government. The planned ”Modified National Agriculture Insurance Scheme”, is likely to be in place before the next [...]
Irda recommends self-regulatory body for health insurance
A panel of the Insurance Regulatory and Development Authority (Irda) has recommended forming a self-regulatory body called Health Insurance Development Council, for health insurance. The aim of the body will be to ensure that customers are getting health insurance cover with high service standards. The panel revealed that the body may be formed with representatives [...]
Penetration level of general insurance in India at 0.60 pc of its GDP
Penetration level of general insurance in India is only 0.60 per cent of it’s GDP as against the world average of 2.14 per cent, according to a joint research paper on Indian insurance industry, brought out by Crisil and Assocham. However, the general insurance busienss has been growing at a rate of 16 per cent [...]