Ready Insurance

15/04/2016

Rs 1 Lakh health coverage from Central Govt.
Union Health Minister J P Nadda today said the Centre will be providing Rs one lakh annual health insurance coverage to eight crore economically weaker families through an Aadhar-linked programme.
“Beneficiaries from economically weaker families will be given Rs 1 lakh annual health coverage and those above 60 years of age will get Rs 30,000 extra coverage,” he said.
“The money will not be given to individuals but to institutions for the services rendered. This will help reduce out-of-pocket expenditure of common man.”

14/04/2016

Claims for Private jets
KOLKATA: The massive flood in Chennai and adjoining areas in Tamil Nadu turned out to be costly for the insurance companies. According to reports, 2015 was one of the worst in aviation losses for insurance companies in India. Eight private jets owned by corporate houses were damaged in the Chennai floods last December that could cost up to Rs 500 crore for the general insurance players.

13/04/2016

10 new Insurance Companies - to start operations in INDIA.
MUMBAI: Insurance Regulatory and Development Authority of India (IRDAI) has received applications from ten new players to start operations in the country, a senior official said.

"The regulator is currently processing applications of ten players " IRDA member VR Iyer told PTI today.

Aditya Birla Group is setting up a health insurance company in partnership with South African firm MMI Holdings, market sources said.

11/04/2016

Chennai Flood - CLAIMS.
New India Assurance Received 10,000 claims amounting to Rs 2,500 crore.
G Srinivasan, chairman and managing director of state run New India Assurance told ET that general insurers so far has received around 10,000 claims amounting to Rs 2,500 crore.
"These are being settled expeditiously," he said, adding that for his company the losses will be around Rs 400 crore. "Since we had re-insurance, so around Rs 350 crore will be covered by it," he added.
Srinivasan said that industry is already looking to settle claims early. "We have made the process simpler, increased our teams and have asked surveyors to give quick reports," he said.
Insurance Regulatory and Development Authority of India (IRDAI) on Thursday said that said data pertaining to loses is being collected on a daily basis and companies have been asked to relax provisions as well.
"We are collecting every day the types of losses that have happened in Chennai and how much is settled. We have told the companies to relax some of the provisions (regarding claim settlement)," said IRDAI chairman TS Vijayan. "We are monitoring how claims are being settled," he added.
The finance ministry has already directed insurers to organise awareness camps for facilitation and coordination in settlement of claims. In a statement last week, the finance ministry had noted that insurers have delegated additional financial power to their field functionaries so that claims can be approved in minimum time at the local level.

08/04/2016

New India achieves good figures among Insurance Companies.
New India Assurance Co Ltd, is a 100 % Government owned multinational general insurance company operating in 22 countries and headquartered at Mumbai, India. It was founded by Sir Dorabji Tata 1919 in Mumbai. The New India Company was nationalized in the year 1973. Mr. G. Srinivasan is the present Chairman cm Managing Director of New India Assurance Company.
The financial strength of the Company is reflected from the figures mentioned in this chart.

07/04/2016

United India to pay for Kolkata bridge collapse.
United India Insurance Company will foot the bill of rebuilding the IVRCL Bridge that collapsed in north Kolkata as well as liability arising out of lives lost. "We have received intimation and have deputed surveyors," said a United India Insurance executive, who did not wish to be identified.
"The claim will be paid as per the policy as part of the construction policy that covers both cost of rebuilding and third-party liability," he said. This could come as a relief to the Hyderabad-based infrastructure company which is grappling with liquidity issues and high debt.
The policy insures against physical damage to the works, including materials on site. The other part of the policy covers the full reinstatement value of the works and other costs such as consultancy and professional fees that are incurred.

02/04/2016