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  • Tamil Nadu floods could cost insurers over Rs 1,000 crore | The Financial Express
    hard to say the second deluge could be far worse because of the water being discharged from the reservoirs Ravichandran explained Tata AIG has so far received claims for an approximate R30 crore across roughly 100 claims for motor and property insurance SBI General Insurance MD CEO Bhaskar Sarma told FE his firm had received claims worth R50 55 crore These claims relate to damages that have taken place till Tuesday Given the rains are expected to continue we re expecting a spike in claims Sarma said The insurer has already despatched a team from Mumbai since its executives in Chennai are unable to operate and is advertising on radio channels to assist customers with their claims Bhargav Dasgupta MD CEO ICICI Lombard said the maximum damage would be to property such as factory buildings including that of SMEs Insurers pay for the loss of revenue There will also be claims for damage to automobiles Dasgupta noted At his company claims have touched Rs 40 crore Ritesh Kumar CEO and MD HDFC Ergo told FE that close to 350 claims primarily from individuals had been received involving an amount of Rs 30 crore The number is likely to be significantly higher than the current estimate of Rs 500 crore Kumar added Given the very low penetration of insurance in the household goods sector of less than 1 there will be very small claims against the damage of such goods Among the private sector insurers that have a bigger exposure to the southern part of the country are Cholamandam MS General Insurance and Royal Sundaram Alliance Insurance First Published on December 3 2015 3 56 am Tags Chennai Rains Please Wait while comments are loading More on this story Jayalalithaa seeks Rs 2 000 cr more for flood relief FM Arun Jaitley calls for need to bring large population under insurance cover Chennai floods the aftermath Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea

    Original URL path: http://www.financialexpress.com/article/industry/insurance/tamil-nadu-floods-could-cost-insurers-over-rs-1000-crore-chennai-rains/173652/ (2016-02-08)
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  • New investment norms: IRDA may bring clarity on instruments, procedures | The Financial Express
    has allowed insurers to invest in T 1 bonds of banks in view of their huge capital requirements under Basel III plan Forcing IRDA s hands to permit insurers to subscribe to T 1 capital bonds is not such a smart idea It will just be shifting the solvency issues of banks to insurers It may be true that banks more particularly PSU banks who are reportedly saddled with huge NPAs will require huge capital to comply with Basel III solvency norms said KK Srinivasan former Member IRDA If the banks can write off such capital T 1 bonds or convert them into equity when they are in stress as reported all that the insurers will be left with in their hands will be junk investments It is useful to remember that what insurers are largely investing is not their funds but the funds of the policy holders he said Why should insurers take up the risk of banks While providing export and trade credit guarantees in favour of banks insurers got into trouble in recent years Banks lost some Rs 3 000 crore and insurers reportedly repudiated the claim of the banks as not in compliance with policy terms IRDA then moved in to prohibit granting of credit guarantees in favour of banks According to Srinivasan irony of NPAs of PSU banks is that they have happened right under the nose of RBI officers who are in the boards of PSU banks Thus in a way RBI becomes directly responsible for the banks decisions on credits that became NPAs A regulator should not be part of the apex business decision making body board of directors of regulated entities Srinivasan said First Published on November 29 2015 7 56 am Tags IRDA Please Wait while comments are loading More on this story IRDAI issues guidlines on FDI in insurance firms Banking On Insurance Irdai guidelines may delay transition to paperless system Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo

    Original URL path: http://www.financialexpress.com/article/industry/insurance/irda-investment-guidelines-for-insurance-companies/171837/ (2016-02-08)
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  • George Mathew | The Financial Express
    corporate investments released on Thursday estimates that a total capital expenditure of Rs 1 93 300 crore would have been incurred by the companies in 2014 15 reflecting a reduction of 27 per cent over the previous year Aug 24 market crash Is there a lesson for retail investors Last Monday when panicky foreign investors were dumping stocks domestic institutions went on a buying spree and bought stocks worth Rs 4 000 crore Is there a lesson for retail investors LIC funding of Indian Railways projects slowly taking shape The mega plan of the Indian Railways to tap funds from India s largest financial entity Life Insurance Corporation LIC is slowly taking off Investment challenge Smart cities need smart funding options One of the biggest challenges on the growth front for successive governments in India has been infrastructure development Govt set to unveil farm health insurance for masses Centre is planning to come out with a universal health scheme and an exclusive all in one insurance product for farmers as part of its ongoing efforts to bring people under the social security net LIC is market leader in Bahrain No 3 in the UAE Besides Bahrain LIC has overseas operations in 13 countries including Fiji Mauritius the UK Singapore Nepal Sri Lanka Kenya and Saudi Arabia General insurers agree to retain 5 compulsory cession Public sector insurance companies including New India Assurance have suggested retention of the five per cent compulsory reinsurance business with state owned GIC Re Foreign fund flow China Greece loss is India s gain The two ongoing global crises Greece debt woes and the China s market meltdown have not led to a sell off by foreign investors in India How China s loss may become India s gain The two ongoing global crises Greece debt woes and the China s market meltdown have not led to a sell off by foreign investors in India at least till July 8 Recruitment drive LIC to hire 2 lakh new agents LIC chairman SK Roy said the corporation is set to regain the market share in premium income 1 2 3 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo 2016 Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real

    Original URL path: http://www.financialexpress.com/author/george-mathew/ (2016-02-08)
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  • Govt extends RuPay card usage condition to 90 days regarding insurance claim | The Financial Express
    Requests were received to increase this condition of 45 days Finance Ministry said in a statement The issue was taken up by government with National Payment Corporation of India NPCI which operates the scheme of RuPay debit cards NPCI has extended 45 days usage condition to 90 days for RuPay Classic cardholders with effect from November 2015 Accordingly accident arising on or after 00 00 01 November 25 2015 will be considered for extended period it said However claim intimations on RuPay Classic cards where accident has occurred before November 24 2015 will not be eligible for claim benefit under 90 days usage condition As on November 20 out of 697 claims lodged for accidental insurance under RuPay debit card in PMJDY accounts 644 claims have been disposed off First Published on November 27 2015 10 30 am Tags RuPay Cards Please Wait while comments are loading More on this story Banking on rural deposits Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2

    Original URL path: http://www.financialexpress.com/article/industry/insurance/govt-eases-conditions-regarding-insurance-claim-on-rupay-cards/171104/ (2016-02-08)
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  • Global insurance review 2015 and outlook: Narendra Modi reforms push a booster shot, says Swiss Re | The Financial Express
    direct investment FDI ceiling in Indian insurers to 49 from 26 and Allowing foreign reinsurers to establish branch offices in India These are expected to significantly facilitate foreign participation in the booming Indian market The Liability Market India is the sixth largest liability market in Asia with estimated premiums of USD 254 million in the year 2014 The market is still underdeveloped with penetration of just 0 01 of GDP Underwriting profits though have remained strong Rates in liability have been stable over the last couple of years with the exception of medical malpractice where they increased by 10 20 in 2014 General liability is the biggest line of business currently Recent trends suggest that after the enactment of a new Companies Act in 2013 there has been an uptick in corporate interest in D O liability cover More engineering pharmaceuticals and automotive companies are buying product liability insurance Demand for professional indemnity is also increasing Mortality Protection Gap The mortality protection gap is the difference in actual protection compared to the protection needed to sustain a household at its same living standard after the death of a breadwinner The aggregate mortality protection gap in 13 Asia Pacific markets widened to USD 58 trillion in 2014 from USD 42 trillion in 2010 India has the second largest mortality protection gap in absolute terms at USD 8 6 trillion Mobile Data and Technology Insurers are using mobile data and mobile technology to track potential claims identify policyholders reduce graft speed up claim verification and processing and lower the cost and headcount required for processing claims In India financial services company FINO has used smart card based biometric authentication technology to verify claimant identity and IFFCO Tokio has used biometric tags for cattle to reduce fraud in livestock insurance First Published on November 26 2015 11 26 am Tags Economic Reforms Indian Economy Insurance Sector Narendra Modi Please Wait while comments are loading More on this story Need new work culture of completing projects before time Narendra Modi Digital India Startup India American firms asked to take advantage of PM Narendra Modi initiatives Working effectively with Barack Obama can advance India s interest US Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to

    Original URL path: http://www.financialexpress.com/article/industry/insurance/global-insurance-review-2015-and-outlook-narendra-modi-reforms-push-a-booster-shot-says-swiss-re/170634/ (2016-02-08)
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  • LIC employees agree for 15% salary hike, 5-days week | The Financial Express
    differences and agreed on a 15 per cent hike in wages All India LIC Employees Federation general secretary A V Nachane told PTI today What is remarkable about the new wage pact is that there is no cap on annual increase in the basic pay at any stage unlike the bank employees who have a 2 per cent cap on the increase in basic pay at all pay scales he said As a result there is a steep rise in the basic pay that makes all the difference he said adding that the new wages will be applicable from August 2012 Nachane also said that the deal is likely to get the finance ministry s nod shortly The LIC management has been in discussions with the unions from September and has held 15 rounds of meetings before arriving at the final agreement First Published on November 25 2015 11 32 pm Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by

    Original URL path: http://www.financialexpress.com/article/industry/insurance/lic-employees-agree-for-15-salary-hike-5-days-week/170429/ (2016-02-08)
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  • Bupa to Pay Rs 191 Crore to Max India to Raise Stake in Max Bupa by 23 Percent | The Financial Express
    in India to build on the great foundations of the last few years and use our global expertise to take the business to the next level We are committed to growing an insurance business that not only provides the best quality healthcare funding but that is at the forefront of helping Indian people to live healthier lives Max India has successfully managed several joint venture partnerships in its diverse businesses Apart from Bupa it also has partnerships with Japan s Mitsui Sumitomo for its Life Insurance business and South Africa based Life Healthcare for its healthcare business About Max Bupa Health Insurance Max Bupa is a 74 26 joint venture between Max India Limited a multi business corporate with expertise in life insurance and health care and Bupa a leading international healthcare provider with 65 years of healthcare knowledge Max Bupa brings together a combination of Bupa s health insurance and customer service expertise with Max India s understanding and experience of the Indian health and insurance sectors Max Bupa offers quality health insurance services through a dedicated team of over 1400 people and its network of 26 offices across 16 cities Delhi Mumbai Hyderabad Chennai Bangalore Pune Ludhiana Chandigarh Jaipur Surat Kochi Kolkata Patna Goa Jodhpur and Ludhiana Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers with plans to extend its network of hospitals to other parts of the country Max Bupa services customers directly without third party involvement For more details about the company and a list of all our network hospitals please visit www maxbupa com About Bupa As a leading global health and care company Bupa offers health insurance medical subscription and other health and care funding products Bupa runs care homes retirement and care villages primary care diagnostic and wellness centres hospitals and dental clinics Bupa also provides workplace health services home healthcare health assessments and long term condition management services Bupa has 29 million customers in more than 190 countries With no shareholders it invests its profits to provide more and better healthcare and fulfil its purpose longer healthier happier lives Bupa employs almost 80 000 people principally in the UK Australia Spain Poland New Zealand and Chile as well as Saudi Arabia Hong Kong India Thailand and the USA For more information please visit www bupa com About Max India Group Max India Group is a leading Indian multi business corporate with a commanding presence in the Life Insurance Healthcare and Health Insurance sectors In the financial year 2015 the Group recorded a consolidated turnover of Rs 14 877 Cr It has a total customer base of over 7 5 million nearly 300 offices spread across India and people strength of around 17 000 as on 31st March 2015 Max India Limited is a widely held company listed on the BSE and the NSE Its founder

    Original URL path: http://www.financialexpress.com/article/industry/insurance/bupa-to-pay-rs-191-crore-to-max-india-to-raise-stake-in-max-bupa-by-23-percent-4/169498/ (2016-02-08)
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  • Business Wire India | The Financial Express
    Award at Healthcare Excellence Summit 2015 Adding a new feather in his cap renowned plastic surgeon Dr Debraj Shome of the Esthetic Clinics Mumbai was named the Best Plastic Surgeon Hero Cycles announces appointment of Sreeram Venkateswaranas Director Marketing Hero Cycles the world s largest cycle manufacturer by volume today announced a senior level executive appointment of Mr Sreeram Venkateswaran as Director Marketing He joins Hero Cycles from Daimler India Commercial vehicles where he extensively contributed to establish the BharatBenz brand in India successfully Odd even car formula 69 pct of Delhi believes scheme cannot be implemented Sixty nine percent of citizens in Delhi say the odd even vehicle rule cannot be implemented effectively from January 1 2016 while sixty one percent citizens believe Somany Unveiling the Wide Range of Bathroom Fittings and Sanitary Ware Acetech Delhi was organised amidst the big brands conceptualized to bring all the architects designers developers engineers contracting Toshiba Launches DMOS FET Transistor Arrays with Industry s First 1 5A Sink Output Driver Toshiba Corporation s Semiconductor Storage Products Company today announced the launch of a new generation of highly efficient transistor arrays Corporate Social Responsibility Weekly Recap December 2 2015 December 16 2015 The following releases focus on Corporate Social Responsibility and moved during the weeks of December 2 Delta PMH Panel Mount Power Supply Series Extends Operating Temperature to 30 degree Celsius at 5000m Altitude Delta Electronics Inc a global leader in thermal and power management solutions has extended the PMH panel mount power supply series operating temperature to 30 C This applies to all the models within the series with 24V output in power range of 50W 100W 150W and 200W Arabic Language TV Channel of Deutsche Welle Now Available Via Astra 19 2 East in Western Europe SES S A NYSE Paris SESG LuxX SESG announced a cooperation with Deutsche Welle DW to transmit its Arabic language TV programme via the orbital position Astra 19 2 degrees East The DW channel will be available in Western Europe as of Tuesday December 15 2015 Spain s SENSAR Makes a Commitment to the Patient Safety Movement Foundation Patient Safety Movement Foundation announced a commitment from Spain s anesthesia national incident reporting system Sistema Español de Notificacion en Seguridad Analogix and Pinecone Collaborate on USB C Technology Analogix Semiconductor Inc and Beijing Pinecone Electronics Co Ltd announced their licensing agreement of Analogix s Intellectual Property IP for USB C technology 1 2 3 4 5 6 7 8 9 10 11 65 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo 2016 Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed In the news

    Original URL path: http://www.financialexpress.com/author/businesswire-india/ (2016-02-08)
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