August - September 2010
Issue 01
News Letter
Issued by Insurance Foundation of India
 
  Insurance Foundation of India (IFI) is set up under Trust Registration Act. 1882 of Government of India and is a non profit making organization.  
 
In the spotlight
 
Heavy Job Loss Expected In Indian Life Insurance Industry (Source: IFINGO- Sep, 20, 2010)

50000 executives /agency managers & 12 lakh part time agents of Life Insurance companies are going to be out .These are the estimates of Research & Analysis Wing of Insurance Foundation Of India and were released by S. K. Sethi ,Vice President of the foundation...........
Read more
 
Insurance IPOs likely before March’11:Care Source: Economics Times. Sep 19, 2010)

Leading rating agency CARE said that life insurance companies instead of general insurers would hit the capital market earlier and that the market would witness a number of...........
Read more
 
Private non-life companies continue to incur losses (Source: RNIS- Sep, 2010)

Combined Loss Ratio As High As 113% For Private Non-Life Industry............
Read more

Market Development
 
IRDA to finalize non-life IPO norms within three weeks (Source: Business Standard, 10.9.2010)

The insurance regulator will finalise the guidelines that will allow non-life insurance companies to raise funds through public issue of shares within three weeks, Chief of IRDA said............
Read more
 
General insurers seek to offer combi products (Source:Financial Chronicle, 9.9.2010)

General insurance companies are seeking greater freedom to formulate packaged products that will allow them to offer a greater combination of insurance covers under a single policy...
Read more
 
Swiss Re to exit TTK healthcare TPA (Source: Economic Times, 8.9.2010)

Re-insurance firm Swiss Re will sell its entire 26% stake in third party administration firm TTK Healthcare TPA to Vidal Healthcare Services so that it can focus on the re-insurance business in India..
Read more
 
Private insurers likely to adopt PSU rates for cashless mediclaim (Source-Business Standard, 7.9.2010)

Private non-life insurance companies are likely to implement the packaged rates prescribed by their public sector counterparts for cashless mediclaim...
Read more
 
Bharti AXA to give full price for stolen cars upto 2 years (Source: Business Standard, 7.9.2010)

Bharti Axa General Insurance has launched an add-on insurance product for car owners, which will provide them full purchase price of the...
Read more
 
PSU insurers not to undercut each other in group mediclaim(Source: Economic Times, 26.8.2010)

In a bid to clean up their loss making health portfolios, the four public sector general insurers — New India Assurance, National Insurance, Oriental Insurance and United India Insurance — have agreed not to undercut each other in group mediclaim...
Read more
 
Star Health, Shriram Life team up to launch new product (Source: Business Standard, 23.8.2010)

Star Health and Allied Insurance and Shriram Life Insurance have joined hands to bring out the country’s first combi product – a health insurance product that also covers the life of the bread winner of the family.Two insurance companies..........
Read more
 
US health insurer CIGNA planning India JV (Source: Economic Times, 23.8.2010)

American health insurance major, Cigna Corporation, has initiated negotiations with a clutch of state owned banks to form an India joint venture to foray into the country’s fast growing health insurance sector. The US company will hold 26% in the proposed.........
Read more
 
TPA’s to move competition panel against insurers (Source: Financial Chronicle, 23.8.2010)

The association of third party administrators (TPA) has decided to move the Competition Commission of India (CCI) against the four public sector non-life insurance companies and their association, called General Insurers’ Public Sector Association of India (GIPSA), for forming a cartel and abusing their dominant market position.........
Read more

Follow us on

   
 
  Regulatory Rulings  
 
IRDA asks insurers not to do biz with 884 corporate agents(Source: Business Standard, 24.8.2010)

IRDA has asked insurance companies not to do business with 884 corporate agents who have not filed their permanent account number (PAN) details with the sector watchdog. “The insurers shall abstain from doing any business from these 884 corporate agents until.........
Read more

 
  Announcements  
 
‘Project Report Awards - 2011’-
Insurance Foundation of India (IFI) aims to encourage students to undertake Insurance Industry oriented projects through this competition. This is facilitated with a view to broaden the analytical knowledge of students aiming for a successful career in Financial Services /Insurance industry......
Read more

 
  Benefits to Our Members  
  • An opportunity to attend short term training programme in various parts of India
  • Support to spread and start insurance education in your community/state through colleges and schools
  • Insurance material to educate your family and communityabout insurance/risk management
  • Attend programme/workshops in India/abroad as part of IFI delegation
  • Get Health Insurance Policy with better terms and that too at an attractive premium
  • Get Overseas Travel Insurance Policy with better terms and that too at an attractive premium
  • Avail advice from our Claims Department on logging of claims, taking up the claim matter with Insurance Ombudsman, Consumer Forum
  • IFI is a corporate member of Indigo Airlines , a no frills airlines. Employees/members are eligible for benefits like no cancellation charge, snacke are provided free of cost. You can save your money.
 
  Membership  
  Membership Form: Download Membership Form  
  Membership Details: View membership Details  
  If you would like to include any document in this section, please contact us.

 
 
 
     
  Resources  
  Useful Website: Health Insurance India  
  Great website with all details you wished to know about health insurance in India. http://www.healthinsuranceindia.org.

 
 
 
     
 
  Feedback and suggestions are welcomed. Please send mail to: vp@ifingo.org

Insurance Foundation of India (IFI) is set up under Trust Registration Act. 1882 of Government of India and is a non profit making organization. The main objective of IFI is to promote awareness of insurance in India among the masses through education and publishing of books in Hindi, regional, and vernacular languages.

If you are not already subscribed to this newsletter, please click here.
If you would not like to receive this newsletter, please click here.

Insurance Foundation of India, Om Plaza (1st Floor), 430/7, Sant Nagar, East of Kailash, New Delhi-110065 (INDIA)
Phone : +91 11 46581577 | Email : vp@ifingo.org | Website : www.ifingo.org