General insurance premium to top Rs.1 trillion by 2015: Report

October 11th, 2009 CHENNAI - The four government-owned non-life insurers - National Insurance, New India, Oriental Insurance and United India - have posted a combined business growth of 10.55 percent for the first half this fiscal. "The four companies earned a total premium of Rs.9,991.18 crore during the period, up from Rs.9,059.3 crore earned during the first half of 2008-09," J.

September 15th, 2009 Health insurance premiums rose modestly in 2009Researchers say the cost of employer-sponsored health insurance is rising modestly again this year but bigger increases may lie over the horizon. The average annual premium for employer-sponsored family health coverage rose 5 percent in 2009 to more than $13,000, mirroring last year's increase.

September 6th, 2009 CHENNAI - A flurry of plane crashes across the world this year will find its echo in the domestic aviation insurance premium rates in the form of a 25-40 percent hike. The year 2009 will go down as a bad year for airlines with three major accidents - Air France, Yemenia and Caspian Airlines - killing around 550 people.

August 4th, 2009 CHENNAI - Non-life insurer Cholamandalam MS General Insurance (Chola MS), a joint venture between city-based Murugappa Group and Japan's Mitsui Sumitomo Insurance Group, Tuesday said it will continue targeting Korean and Japanese firms operating in India for selling its products. "Our strategy in India will be to expand the retail business, bring the technical knowhow in risk management from Japan to the country and train Chola MS employees in Japan and Singapore," Toshiaki Egashira, president and chief executive of Mistsui Sumitomo Insurance, told reporters here.

July 28th, 2009 AIG sells life insurance premium finance businessNEW YORK — Insurer American International Group Inc. said on Tuesday that it closed the sale of its life insurance premium finance business for $679.5 million in cash.

July 9th, 2009 PANAJI - Private life insurer Aegon Religare Thursday said India, where barely one-fifth of the total population is covered by life insurance, is a huge market for insurance companies. "It is a misconception that the life insurance market in India is saturated.

July 2nd, 2009 CHENNAI - Life insurance penetration in India dipped in 2007, first time since the sector was opened up for private players a decade ago, said the country's Economic Survey for 2008-09 released here Thursday. "The life insurance penetration in India increased from 1.77 percent in 2000 to 4.1 percent in 2006, before declining to 4 percent in 2007," the survey tabled in parliament by Finance Minister Pranab Mukherjee said.

June 24th, 2009 NEW DELHI - Life Insurance Corporation of India (LIC) on Wednesday announced that it would invest about 50,000 crore rupees in the equity market during this financial year. Addressing media persons in the national capital, Life Insurance Corporation of India's Managing Director Thomas Mathew said: "We expect to invest nearly Rs 50,000 crore in equities this year against Rs 40,800 crore last year." The largest life insurer in the country has invested about Rs 8,000 crore in the equities so far in this fiscal.

June 23rd, 2009 KOLKATA - Life Insurance Corp of India (LIC), the country's largest life insurer, is targeting 20 percent growth in premium this fiscal, a top official said here Tuesday. "Last year we have received total premium of Rs.155,000 crore.

May 4th, 2009 CHENNAI - Public sector non-life insurer United India Insurance Co Ltd is planning to launch overseas operations shortly, a top official said here Monday. Announcing the company's performance for fiscal 2008-09, G.

April 16th, 2009 NEW DELHI - Public sector insurance major Oriental Insurance Co Ltd (OICL) expects a steep fall of over 78 percent in profit for 2008-09, thanks to the economic slowdown. The profits will be reduced 'substantially' due to the slowdown in the economy, leading to defaults in premium payments and the company itself reducing the premium amount, OICL chairman-cum-managing director M.

March 5th, 2009 CHENNAI - India's insurance regulator has warned insurers against violating its anti-money laundering (AML) guidelines, and said it would take 'serious actions' if such cases were found. In a notice to the insurers, the Insurance Regulatory and Development Authority (IRDA) expressed concern that some insurers were splitting insurance policies and accepting premium in cash even if the amount is more than Rs.50,000.

February 10th, 2009 NEW DELHI - The government will soon launch a new rural postal life insurance scheme at a monthly premium of Rs.1.25 for the rural people, Minister of State for Communications and IT Jyotiraditya Scindia said here Wednesday. 'The new policy will be of Rs.100,000 of sum assured in which a person has to contribute only Rs.1.25 per month or Rs.15 per year as premium.

January 13th, 2009 KOLKATA - Future Generali, the joint venture with the Italian insurance giant Generali, is expecting to touch a premium income of about Rs.10 billion by 2010, a senior official said Wednesday. Future Generali is the insurance joint venture between Future Group of India and Italy-based Generali Group with a 74:26 stake.

January 1st, 2009 CHENNAI - State-owned Life Insurance Corp (LIC) increased its new business income by Rs.5.63 billion in November over the previous month, but the 20-member private sector club stagnated, data released by the sectoral watchdog Friday showed. According to the figures released by Insurance Regulatory and Development Authority (IRDA), LIC earned a total premium of Rs.33.46 billion (Rs.3,346 crore) in November, selling nearly 2.58 million policies.