Riding high on motor and fire premia and government-run social security schemes, the general insurance industry grew 12.5 per cent in the April-June quarter mobilising Rs 23,418 crore in premium income.
The Allianz Group has expressed interest in raising its shareholding in the two insurance joint ventures with the Bajaj Group. Bajaj Finserv, which is the holding company for the two insurance businesses, has a 74% stake in the ventures, while Allianz has 26%.
Country’s insurance regulator IRDA has formed panels to look into existing regulations for life and general insurance businesses. “It has become necessary to relook (at) the existing regulations, particularly related to acturial valuation aspects of life insurance business and its regulatory requirements.”(mydigitalfc.com)
Non-life insurance companies have settled only 11.12 percent of the claims received in the three months following the April 25 earthquake. The value of the claims settled as of the end of the last fiscal year amounted to Rs1.86 billion against the total claims worth Rs16.8 billion.
China will expand its critical illness insurance system to cover more urban and rural residents, authorities have said. All participants in the country's basic medical insurance system for urban and rural residents will be protected against critical illness by the end of this year, according to an official statement.
The local Olympic bid committee would seek to buy $500 million in insurance to cover a loss of revenue if an event is canceled due to a major disaster, and $350 million in coverage for decreased ticket revenue if a major competitor dropped out of the Games.
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