Optima Insurance Brokers Pvt. Ltd.

19/08/2016

Starting 1st October 2016, most insurance companies go electronic

Almost all insurance policies will be issued in electronic form with effect from 1 October this year, with insurance buyers required to have an e-insurance account (eIA) to buy or renew policies thence.

18/07/2016

he insurance regulator is considering allowing more outlets for the sale or renewal of motor insurance for the convenience of customers, and has barred insurers from discriminating between dealers.

IRDAI said that it might consider relaxing agency norms to facilitate the distribution of simple policies including motor third-party policies through agencies such as vehicle pollution-check centres, reported the Business Standard.
- See more at: http://optima.co.in/insights/industry-news/437-regulator-to-broaden-auto-insurance-sales-outlets .voYAkNgQ.dpuf

The insurance regulator is considering allowing more outlets for the sale or renewal of motor insurance for the convenience of customers, and has barred insurers from discriminating between dealers.

22/06/2016

The process of listing of four public sector general insurance companies will be carried out one by one and a "lot of action" is expected in this arena shortly, a top official has said.

“Modalities are being worked out and I think we should see lots of action on that front in the next few months," Economic Affairs Secretary Shaktikanta Das said. He was speaking at a business summit, according to the Press Trust of India.
- See more at: http://optima.co.in/insights/industry-news/436-state-owned-general-insurers-to-be-listed-one-by-one .qOGzGWaB.dpuf

The process of listing of four public sector general insurance companies will be carried out one by one and a "lot of action" is expected in this arena shortly, a top official has said.

14/06/2016

Specialist insurance market Lloyd's will open up its branch in India in 2017, according to Mr John Nelson, Chairman of Lloyd's. The plan is to begin small in India with a few syndicates and managing agents. - See more at: http://optima.co.in/insights/industry-news/435-lloyds-expects-to-set-up-branch-in-2017 .mEffYpfR.dpuf

Specialist insurance market Lloyd's will open up its branch in India in 2017, according to Mr John Nelson, Chairman of Lloyd's. The plan is to begin small in India with a few syndicates and managing agents.

06/06/2016

HDFC ERGO General Insurance has acquired L&T General Insurance, a wholly owned subsidiary of Larsen & Toubro, a move which will turn HDFC ERGO into India's third biggest private-sector non-life insurer.

he transaction, an all-cash deal, is valued at INR5.51 billion (US$82.5 million), according to filing with the Bombay stock exchange. The deal was sealed last Friday. The acquirer is a 51:49 joint venture between HDFC and ERGO International (part of the Munich Re Group) and the fourth largest private sector general insurer in India before the acquisition. In December last year, ERGO increased its stake in the joint venture from 25.84% to 48.74% at a cost of INR11.22 billion. L&T General Insurance is among the few players operating in the Indian market without a foreign partner.
- See more at: http://optima.co.in/insights/industry-news/434-hdfc-ergo-to-be-3rd-largest-private-general-insurer .JdnCaUWn.dpuf

HDFC ERGO General Insurance has acquired L&T General Insurance, a wholly owned subsidiary of Larsen & Toubro, a move which will turn HDFC ERGO into India's third biggest private-sector non-life insurer.

26/05/2016

State Owned GIC Re, has a 5.5% share (of the total claim) in the Egyptian airline Airplan crash. "For us, the claim will come from two segments—hull and machinery, and passengers' liability. This could come to $5-$7.5 million." Added and representative from GIC. The flight carried 56 passengers and 10 crew members. Insurance companies are assessing liability claims, which depend on the nationality and profiles of passengers. - See more at: http://optima.co.in/insights/industry-news/433-gic-re-may-pay-up-to-us75-mln-for-crashed-egyptair-plane .JNR2wQxH.dpuf

State-owned GIC Re, India's only local reinsurer, expects a $5-$7.5 million insurance claim in connection with the 12 May crash of an EgyptAir Airbus A320 in the Mediterranean Sea. The claim will relate mainly to passenger liability and damage to the airline.

06/05/2016

Twenty-five to 30 banks will soon start distributing the products of more than one insurer, according to Mr Nilesh Sathe, Member-Life of IRDAI.
Since last month, the insurance regulator has allowed banks to tie up with three life insurers, three general insurers and three standalone health insurers to distribute insurance products. Earlier, banks were allowed to have bancassurance arrangements with one insurer each in the life, non-life and standalone health insurance categories.
- See more at: http://optima.co.in/insights/industry-news/432-25-30-banks-to-sell-products-of-more-than-one-insurer .Y61uzsLi.dpuf

Twenty-five to 30 banks will soon start distributing the products of more than one insurer, according to Mr Nilesh Sathe, Member-Life of IRDAI.

03/05/2016

Life insurers in India reported growth of 22.6% in total first-year premium collection to INR1,387 billion (US$21 billion) for the year ended March 2016 as compared to the previous financial year, according to IRDAI data. - See more at: http://optima.co.in/insights/industry-news/431-life-sector-reports-robust-22-growth-in-first-year-premiums-for-fy2015-16 .5aFvXnjY.dpuf

25/04/2016

The general insurance industry has reported premium revenue of INR964 billion (US$14.5 billion), an increase of 14% for the financial year ended 31 March 2016, driven by motor and health insurance segments which are traditionally the largest segments of the industry - See more at: http://optima.co.in/insights/industry-news/430-non-life-insurance-premiums-hit-us145-bln-in-fy2015-16 .9CimgG5d.dpuf

The general insurance industry has reported premium revenue of INR964 billion (US$14.5 billion), an increase of 14% for the financial year ended 31 March 2016, driven by motor and health insurance segments which are traditionally the largest segments of the industry. .

11/04/2016

The insurer of the Vivekanda Road flyover in Kolkata that collapsed last Month may not foot the bill for reconstruction if it is found that raw materials of inferior quality were used or there was gross negligence on the part of the contractor. The sum insured with the government-owned United India Insurance under a Contractor All Risk policy is INR1,646.4 million (US$24.7 million). The completion of the construction was already delayed by five years at the time of the crash. - See more at: http://optima.co.in/insights/industry-news/428-flyover-construction-failure-could-spare-insurer-from-payout .pbTYhOYK.dpuf

The insurer of the Vivekanda Road flyover in Kolkata that collapsed last Month may not foot the bill for reconstruction if it is found that raw materials of inferior quality were used or there was gross negligence on the part of the contractor. The sum insured with the government-owned United India…