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Mumbai: Market share of public sector general insurers dropped to 55.61 percent in FY13 from 57.80 percent in the previous fiscal despite a rise in premium collection during the period, sector regulator IRDA said in its annual report. Meanwhile, market share of private sector insurers rose to 44.39 percent during the reporting period from 42.20 percent in FY12, the report said. "In case of public sector non-life insurers, all four companies expanded their business with an increase in their premium collections. However, their combined market shares decreased from the previous year," the Insurance Regulatory and Development Authority (IRDA) said. As per the annual report, the New India Assurance remained the largest non-life insurer in FY13, with a market share of 15.94 percent and a premium of Rs 10,038 crore. The report pointed out that the motor insurance business continued to be the largest segment with 47.05 percent share in FY13, while health insurance segment constituted 22.19 percent during this period. During the last fiscal, underwriting losses for the industry declined by 20.88 percent to Rs 6,984 crore from Rs 8,827 crore reported in FY12.

General insurance companies are seeking at least a 50 per cent increase in third-party motor insurance premium rates to compensate for heavy losses in this segment. Last year, third-party motor insurance rates had gone up by 20 per cent after transporters opposed the 60 per cent hike demanded by insurers. Two years ago, these rates had gone up by 65 per cent.The premium rates for third-party motor insurance in India are fixed by the Insurance Regulatory and Development Authority (IRDA). Every year, in April, the insurance regulator revises the third-party premium rates for all classes of vehicles based on an actuarial formula, which takes into account the loss ratios for insurers, inflation, higher awards by judiciary, and other factors. In November, IRDA sharply increased the provisioning (the money general insurance companies need to set aside to meet the high level of claims) to 210 per cent of the claims from 145 per cent, based on the loss estimates by an actuarial committee.

 A one-day seminar on the provisions of TDS and TCS applicable in banking and insurance sector was organised at Indore branch of Institute of Chartered Accountants of India (ICAI) in Indore on 25th Jan.'14.Prominent Chartered Accountants  of the city Manish Dafaria and Rajesh Mehta addressed the gathering on the various provisions of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) and the measures which should be taken in the banking and insurance sector.Elucidating on the TDS provisions related to the salary of the employees of banks and insurance companies, Dafaria said, “As an employer, the banking and insurance companies are the first educators of their employees. Hence they should be more responsible about making their employees aware about the aspects related to TDS.”He further informed that giving incorrect information while filing TDS return can attract penalty ranging from Rs 10,000 to 1 lakh under the provisions of Income Tax Act.Later on the occasion, CA Rajesh informed the gathering about the provisions of TDS and TCS under Income Tax Act. “If any person whose income from interest on Fixed Deposit exceeds the limit of Rs 2 lakh, then he cannot submit Form 15G that allows him to avoid paying TDS from his income”, he said. He added that if a bank fails to deduct TDS, than a penalty equal ato the TDS amount can be imposed under the applicable sections of Income Tax Act.

Bharti AXA General Insurance (GI), one of the fastest growing multi-line general insurance companies in India was awarded Best Insurance Company in the Private Sector – General, by the World HRD Congress at the ABP BFSI Awards, 2014. The award was presented at a ceremony held on February 14 in Mumbai.
The BFSI awards aim to recognize excellence across Banking, Finance and Insurance services. The criteria for choosing the finalists across categories include strategic perspective, track record, ability for sustainability, future orientation, competencies, integrity and ethics.

MUMBAI: New India Assurance has reduced health insurance premium for girl child by 50% for in its new health insurance policy targeted at families with girl children. On the occasion of Women's Day the company launched Asha Kiran, a policy for families that have only girl children. The policy will also provide personal accident cover for parents. The sum insured could range from a minimum of Rs 2 lakhs to a maximum of Rs 8 lakhs.

The online insurance market in India is likely to grow 20 times by 2020, a study showed. A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore.

At present, it is in excess of Rs 700 crore online sales. Life insurance sales contribute around Rs 300 crore, motor insurance around Rs. 250 crore, while other insurance lines such as health and travel make up around Rs 150 crore.

With M-Commerce picking up, insurance companies too are coming out with mobile applications offering customers the comfort of choosing products at their will. Companies like public sector New India Assurance, and private Cholamandalam M S General Insurance have already launched their mobile apps that enable customers to renew their policies or buy new ones.
According to industry experts, 65% of mobile users in the country access the internet through mobile phone and 40 percent of them are "active" data users.
Besides this, the company is also focussing on creating awareness among rural people on insurance products by launching a mobile van to reach the prospective customers in their place itself.

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