Live Insurance News

Insurance news from India shows more officials facing suspension

May 9, 2013May 7, 2013 H. Cutner

A growing number of people have been caught in the massive Indian sting operation. At a time when insurance news headlines are already being made because almost all of the banks and insurers that were the target of a recent sting operation in India have promised to take strict action, there have been even more officials that will be facing suspensions. All of the banks and insurers have already started their own inquiries and have promised to take action. Among the actions that have been taken in this insurance news…

Film insurance in India is on the rise

April 3, 2013April 1, 2013 G. Turner

That sector of the industry is growing in the South Asian country. Recent reports are showing that the movie industry in India is purchasing film insurance coverage for its movies on an increasing basis, which is proving to be very promising for the sector. At the moment, the sector has reached only 2 percent of its estimated total volume. Though only 2 percent of movie makers are purchasing film insurance now, the trend is growing at such a rate that it is believed that it will increase to 10 percent…

Insurance news from India ensures Iran crude coverage

February 14, 2013February 13, 2013 H. Cutner

Indian refiners that are running Iranian oil will be able to cover themselves through the government. The Indian government made insurance news on Wednesday that refiners will be able to find coverage for plants that are running crude that was sourced in Iran, helping to assuage some of the concerns that imports made from that Middle Eastern country would need to cease. The worry has been based on the sanctions that have been applied to coverage of Iran’s crude. Hindustan Petroleum Corp, a refiner run by the state in India,…

Life insurance stake at Vysya sold by ING

January 25, 2013April 30, 2013

The 26 percent share in the company was expected to sell and has finally gone to another insurer. ING, the Dutch banking group, has sold its 26 percent share of Vysysa Life Insurance to another insurer in the Asian marketplace, Exide Industries, a local company. This makes ING the second foreign business to step out of India within the last year. This is a notable occurrence as the life insurance sector within India is considered to be competitive. ING made the initial announcement on Wednesday, stating that this decision to…

Life insurance policies are experiencing a lapsing trend

January 1, 2013January 1, 2013 H. Cutner

Insurers in India have been seeing an increase in the number of policies that have been allowed to lapse. Recent data released by the Insurance Regulatory and Development Authority (IRDA) in India has revealed that life insurance companies are experiencing a trend with an increase in policy lapses and forfeitures throughout the last financial year. This information was revealed within the authority’s annual report for the most recent fiscal year. Equally, the Life Insurance Corporation of India (LIC) a public sector insurer, revealed that it had experienced a lapse ratio…

Insurance news from India International expands into Asia

November 27, 2012April 30, 2013

The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…

India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

March 1, 2012March 1, 2012 S.Vagus

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…