Chennai, Jul 19 The Insurance Regulatory and Development Authority (Irda) has announced a set of norms for closure of liaison offices established in India by insurance companies registered outside India. Irda’s framework for approval of opening a liaison office of foreign insurance companies registered outside India is already in place.
As per the norms, the requests for closure of liaison office shall be submitted to IRDA in form Irda FIC - 2 attached as annexure ‘1’. The application for closure of liaison offices shall be submitted along with the documents including certified copy of Irda’s permission for establishing the branch/liaison office in India, a chartered accountant’s certificate indicating the manner in which the remittable amount has been arrived at and supported by a statement of assets and liabilities of the applicant indicating the manner of disposal of assets, confirming that all liabilities in India including arrears of gratuity and other benefits to employees etc of the office have been either fully met or adequately provided for; confirming that no proceeds accruing from sources outside India has remained unrepatriated to India.
As per the guidelines, the insurance companies should also enclose the no-objection/tax clearance certificate from Income Tax authority for the remittance or an undertaking from the applicant and a certificate from the chartered accountant regarding undertaking to be obtained from a person making remittance of foreign exchange as advised by RBI from time to time and confirmation from the parent entity that no legal proceedings in any court in India are pending against the liaison office and there is no legal impediment to the closure/remittance.
Source: Financial Express
Friday, July 20, 2007
Insurers cut benefits on mediclaim
New Delhi: If your company's group mediclaim is all you rely on for your medical expenses, it's time to wake up. You could be in for less than what you bargained for as insurers have raised premiums on such policies and are cutting benefits to keep costs down.
Step by step towards a big shock. Arun, an MNC bank employee, depends solely on his company's mediclaim. Insured for Rs 5 lakh, he believes the cover is enough protection.
Arun says, "I haven't even thought about taking the mediclaim because the sum assured is quite sufficient to cover me and my family."
But it might not. Most corporates have been knocking off several benefits from group policies to keep down costs.
Karan Chopra from ICICI Lombard says, "A lot of riders and benefits are being removed from group covers to keep premiums low. Riders like pre-existing illness covers and covers for dependents are being reconsidered."
This year the premium on group mediclaim policies rose 15 per cent to 20 per cent. The claim ratio of these policies is almost 100 per cent. That means for every Rs 100 insurance companies collect as premium, they pay out an equal amount, making it a no-profit proposition.
Until 2006, insurers used premiums from fire and engineering policies to subsidise group mediclaim policies. But after de-tariffing this year, fire and engineering premiums have fallen sharply.
So, mediclaim policies are being issued according to their claim ratios. Experts say it's time people started looking for their own covers.
Source: www.IBNlive.com
Step by step towards a big shock. Arun, an MNC bank employee, depends solely on his company's mediclaim. Insured for Rs 5 lakh, he believes the cover is enough protection.
Arun says, "I haven't even thought about taking the mediclaim because the sum assured is quite sufficient to cover me and my family."
But it might not. Most corporates have been knocking off several benefits from group policies to keep down costs.
Karan Chopra from ICICI Lombard says, "A lot of riders and benefits are being removed from group covers to keep premiums low. Riders like pre-existing illness covers and covers for dependents are being reconsidered."
This year the premium on group mediclaim policies rose 15 per cent to 20 per cent. The claim ratio of these policies is almost 100 per cent. That means for every Rs 100 insurance companies collect as premium, they pay out an equal amount, making it a no-profit proposition.
Until 2006, insurers used premiums from fire and engineering policies to subsidise group mediclaim policies. But after de-tariffing this year, fire and engineering premiums have fallen sharply.
So, mediclaim policies are being issued according to their claim ratios. Experts say it's time people started looking for their own covers.
Source: www.IBNlive.com
Household insurance cover from Reliance
With monsoons in full swing and "Act of God" perils ready to strike, a householders’ insurance plan is a good idea.
Reliance General Insurance Company is in the process of unveiling its first over-the-counter household policy, christened "Reliance Home Protect", with added benefits with coverage of Rs 1-5 lakh. The insurer expects a premium of Rs 150 crore from the product in the first year itself.
The company, in the next stage, is preparing to target the rural market with its existing basket of products, including health and tailor-made farmer package policies. It also aims to have 65 per cent of its premium from the retail segment alone.
Home insurance contributes less than 1 per cent to the Rs 25,000 crore general insurance business in India. Incidentally, only a little over 2 per cent of the 3 crore households in the country have household insurance.
A household policy covers contents and valuables, which may be affected due to various natural calamities such as fire or floods or manmade causes such as thefts.
K A Somasekharan, CEO, Reliance General said, "Most existing household insurance policies are cumbersome as far as their procedures are concerned. We felt that a simple and easily worded mass policy with very competitive rates was needed. People often take cover for buildings leaving the content and valuables uncovered. The lack of hassle-free products has limited the growth of this segment".
"Apart from covering contents, valuables and gadgets on a first loss basis, add-on features like cover for goods in transit, loss of title good expenses, personal accident benefits, cover loss of passport expenses, children education grant would be included," Somasekharan said.
Asked whether underwriting will be an issue, the CEO pointed out: “We have internal limits like a maximum of Rs 1 lakh for fire and allied perils, Rs 1 lakh for burglary cover and lower limits for say title deeds or passport".
Source: DNA Money
Reliance General Insurance Company is in the process of unveiling its first over-the-counter household policy, christened "Reliance Home Protect", with added benefits with coverage of Rs 1-5 lakh. The insurer expects a premium of Rs 150 crore from the product in the first year itself.
The company, in the next stage, is preparing to target the rural market with its existing basket of products, including health and tailor-made farmer package policies. It also aims to have 65 per cent of its premium from the retail segment alone.
Home insurance contributes less than 1 per cent to the Rs 25,000 crore general insurance business in India. Incidentally, only a little over 2 per cent of the 3 crore households in the country have household insurance.
A household policy covers contents and valuables, which may be affected due to various natural calamities such as fire or floods or manmade causes such as thefts.
K A Somasekharan, CEO, Reliance General said, "Most existing household insurance policies are cumbersome as far as their procedures are concerned. We felt that a simple and easily worded mass policy with very competitive rates was needed. People often take cover for buildings leaving the content and valuables uncovered. The lack of hassle-free products has limited the growth of this segment".
"Apart from covering contents, valuables and gadgets on a first loss basis, add-on features like cover for goods in transit, loss of title good expenses, personal accident benefits, cover loss of passport expenses, children education grant would be included," Somasekharan said.
Asked whether underwriting will be an issue, the CEO pointed out: “We have internal limits like a maximum of Rs 1 lakh for fire and allied perils, Rs 1 lakh for burglary cover and lower limits for say title deeds or passport".
Source: DNA Money
Private players look at hinterland to drive growth
The scorching pace of growth in the life insurance business, along with a two-way competition between private players and the Life Insurance Corporation (LIC) and among the 16 private players themselves, is likely to see a 25-50 per cent increase in number of branches in the current year.
Private companies are expected to blitz the market with 50,000-1,00,000 new agents, a bulk of them chipping away at the monopoly of LIC in smaller cities and towns.
Eyeing a big growth in selling volumes and increase in ticket size of policies, private biggies such as SBI Life, HDFC Standard Life, Bajaj Allianz, Kotak Insurance, ICICI PruLife, Aviva, Max NewYork Life and others have been sizing up aggressive plans for major expansion to Tier II and III markets. Many feel that almost 50-60 per cent of sales can come in from these towns.
With the aggressive new entrants, LIC, the strongest among life companies, is likely to face threats to its near-monopolistic hold in smaller towns and cities.
The new entrants are sharpening their weapons for an assault on LIC's life insurance empire. Bert Paterson, managing director, Aviva Insurance said: "We've extended to 187 branches covering the full geographical spread of the country, including rural areas. We are reaching out to customers in close to 500 locations and are successfully following a dual distribution approach".
Trevor Bull, managing director, Tata AIG Life, also has a similar strategy. "As part of our overall strategy of expansion, we wish to have a major presence across the country.
The second stage of expansion will be largely in the second and third tier towns," he said.
According to Sanjay Tripathy, head marketing, HDFC Standard Life, research among people in smaller towns indicated that customers are much more open to a private insurer these days, mainly due to brand awareness and their high disposable incomes. The company's objective is to be one of the top-most considered brands in all non-metro markets in India.
A recent report by Macquarie Research Equities points out that LIC is being challenged on its own turf.
"In the last two years, the private life insurers have been rolling out to the smaller towns, with Bajaj Allianz having set the trend two years ago. We think this will put LIC under more pressure.
"Anecdotal evidence suggests that private players tend to make a large impact on LIC's market on initial entry into a particular geography. This process is intensifying as most of the major players are on a large distribution push through FY3/07 and FY3/08E," the report stated.
Source: DNA Money
Private companies are expected to blitz the market with 50,000-1,00,000 new agents, a bulk of them chipping away at the monopoly of LIC in smaller cities and towns.
Eyeing a big growth in selling volumes and increase in ticket size of policies, private biggies such as SBI Life, HDFC Standard Life, Bajaj Allianz, Kotak Insurance, ICICI PruLife, Aviva, Max NewYork Life and others have been sizing up aggressive plans for major expansion to Tier II and III markets. Many feel that almost 50-60 per cent of sales can come in from these towns.
With the aggressive new entrants, LIC, the strongest among life companies, is likely to face threats to its near-monopolistic hold in smaller towns and cities.
The new entrants are sharpening their weapons for an assault on LIC's life insurance empire. Bert Paterson, managing director, Aviva Insurance said: "We've extended to 187 branches covering the full geographical spread of the country, including rural areas. We are reaching out to customers in close to 500 locations and are successfully following a dual distribution approach".
Trevor Bull, managing director, Tata AIG Life, also has a similar strategy. "As part of our overall strategy of expansion, we wish to have a major presence across the country.
The second stage of expansion will be largely in the second and third tier towns," he said.
According to Sanjay Tripathy, head marketing, HDFC Standard Life, research among people in smaller towns indicated that customers are much more open to a private insurer these days, mainly due to brand awareness and their high disposable incomes. The company's objective is to be one of the top-most considered brands in all non-metro markets in India.
A recent report by Macquarie Research Equities points out that LIC is being challenged on its own turf.
"In the last two years, the private life insurers have been rolling out to the smaller towns, with Bajaj Allianz having set the trend two years ago. We think this will put LIC under more pressure.
"Anecdotal evidence suggests that private players tend to make a large impact on LIC's market on initial entry into a particular geography. This process is intensifying as most of the major players are on a large distribution push through FY3/07 and FY3/08E," the report stated.
Source: DNA Money
Tata AIG launches ULIP
Tata AIG Life Insurance Company has launched ‘InvestAssure Gold,’ a whole life unit-linked insurance plan (ULIP), in Chennai. Mr Joydeep Roy, Chief Distribution Officer, said that the product offered the advantage of combining protection and tax advantages with the prospect of investing in different kinds of securities through multiple fund options. There is the option to pay premiums for only five years, besides the enhanced entry age up to 70, to ensure that the elderly population is not excluded, he said. The policy provides life cover till the age of 100. He said that nearly 55 to 60 per cent of the premium was through sale of ULIPs while the balance came from term, pension, health and endowment products. —
Source: The Hindu Business Line
Source: The Hindu Business Line
IRDA balking at migration to new solvency norms
Non-acceptance by some insurers; Regulator opts for step-by-step approach
Bangalore, July 19 Implementation of Solvency II guidelines prescribed by the International Association of Insurance Supervisors (IAIS) is likely to be delayed in the country.
The Insurance Regulatory and Development Authority (IRDA) made it clear that it was no hurry to implement Solvency II guidelines.
Its Chairman, Mr C.S. Rao, said: “We are in no hurry to immediately implement the guidelines.”
The IAIS final guidelines released in February this year address material risks that insurers face — underwriting risk, market risk, credit risk and operational risk.
Solvency margin is the excess of the value of assets and capital that non-life insurers have to maintain over the insured liabilities.
Solvency regime
Under the current solvency regime, insurers are expected to maintain a 150 per cent margin over the insured liabilities. Solvency II however, does not imply any change in the margin. The new guidelines make the solvency margins dynamic.
But according to industry sources, the regulator’s balking at migration to Solvency II guidelines has more to do with the ground situation in the country. This implies that some of the insurers are simply not ready for migration. The situation is somewhat identical to the situation faced by the banking sector’s migration to the Basel II capital standards. Solvency II is the insurer’s equivalent of the Basel II.
Step-by-step approach
Instead, the insurance regulator has opted for step-by-step approach. As the first step, life insurers are now expected to file their audited reports on solvency compliance on a quarterly basis effective from this financial year. For the non-life sector, the IRDA has indicated that the reporting would be done on a half-yearly basis, though this is likely to begin only after the completion of tariff deregulation.
However, the public sector Oriental Insurance Company Chairman and Managing Director, Mr M. Ramadoss, said: “We are ready for moving into half-yearly reporting. This is not an issue. It is up the regulator to decide the timeframe.”
Complete transition
The migration though would still be short of a complete transition to Solvency II. This is because the asset valuation is currently done on a year-end basis. A half-yearly solvency regime would imply that the asset valuations would also have to be on similar terms.
“Yes valuation of investments would have to be done on a half-yearly basis. Equities could be done on a half-yearly basis. For Government securities we need a regulatory direction,” Mr Ramadoss said.
Government securities are still valued on a book value basis by the insurers.
Moreover, some of the western countries that have implemented advanced management information solutions (MIS) are also yet to fully accept the IAIS guidelines, the sources added.
The absence of such MIS in the Indian insurance industry is a major stumbling block for migration to new solvency guidelines.
Only the private sector is in readiness for the migration, though they account for only about 30 per cent of the domestic market.
Source: The Hindu Business Line
Bangalore, July 19 Implementation of Solvency II guidelines prescribed by the International Association of Insurance Supervisors (IAIS) is likely to be delayed in the country.
The Insurance Regulatory and Development Authority (IRDA) made it clear that it was no hurry to implement Solvency II guidelines.
Its Chairman, Mr C.S. Rao, said: “We are in no hurry to immediately implement the guidelines.”
The IAIS final guidelines released in February this year address material risks that insurers face — underwriting risk, market risk, credit risk and operational risk.
Solvency margin is the excess of the value of assets and capital that non-life insurers have to maintain over the insured liabilities.
Solvency regime
Under the current solvency regime, insurers are expected to maintain a 150 per cent margin over the insured liabilities. Solvency II however, does not imply any change in the margin. The new guidelines make the solvency margins dynamic.
But according to industry sources, the regulator’s balking at migration to Solvency II guidelines has more to do with the ground situation in the country. This implies that some of the insurers are simply not ready for migration. The situation is somewhat identical to the situation faced by the banking sector’s migration to the Basel II capital standards. Solvency II is the insurer’s equivalent of the Basel II.
Step-by-step approach
Instead, the insurance regulator has opted for step-by-step approach. As the first step, life insurers are now expected to file their audited reports on solvency compliance on a quarterly basis effective from this financial year. For the non-life sector, the IRDA has indicated that the reporting would be done on a half-yearly basis, though this is likely to begin only after the completion of tariff deregulation.
However, the public sector Oriental Insurance Company Chairman and Managing Director, Mr M. Ramadoss, said: “We are ready for moving into half-yearly reporting. This is not an issue. It is up the regulator to decide the timeframe.”
Complete transition
The migration though would still be short of a complete transition to Solvency II. This is because the asset valuation is currently done on a year-end basis. A half-yearly solvency regime would imply that the asset valuations would also have to be on similar terms.
“Yes valuation of investments would have to be done on a half-yearly basis. Equities could be done on a half-yearly basis. For Government securities we need a regulatory direction,” Mr Ramadoss said.
Government securities are still valued on a book value basis by the insurers.
Moreover, some of the western countries that have implemented advanced management information solutions (MIS) are also yet to fully accept the IAIS guidelines, the sources added.
The absence of such MIS in the Indian insurance industry is a major stumbling block for migration to new solvency guidelines.
Only the private sector is in readiness for the migration, though they account for only about 30 per cent of the domestic market.
Source: The Hindu Business Line
Rajan Raheja, Australia’s QBE setting up insurance co
Mumbai, Jul 19 The Rajan Raheja Group (RRG) and the Australian QBE Insurance Group (QBE) have signed a joint venture agreement to establish a general insurance company in India.
QBE will hold a 26 per cent equity stake in the joint venture company, while Prism Cement Ltd, an RRG company, will hold the remaining 74 per cent stake.
QBE will leverage its expertise in technical insurance functions as well as process and systems.
RRG will assist in distribution and other areas through its knowledge of the Indian market, said a press release.
QBE is Australia’s largest international general insurance and reinsurance group. It has offices in 45 countries and is listed on the Australian Stock Exchange with a market capitalisation of approximately $23 billion.
Lineage
The company traces its origins back to North Queensland Insurance Company Ltd, founded in Australia in 1886.
Interestingly, its antecedent companies had insurance operations in India for close to 50 years until the sector was nationalised in 1972.
The Rajan Raheja Group has interests in a range of industries including cement, automotive and industrial batteries, real estate development, ceramic tiles, ready-mixed concrete, life insurance, asset management, retailing, cable television, publishing, petrochemicals and software.
“This entry into the general insurance market in India is part of QBE’s ongoing strategy of product and geographic diversification and strengthens RRG’s interest in the financial services sector, which currently includes shareholdings in ING Vysya Life Insurance and ING Mutual Fund,” said the release.
The licensing of the company is subject to approval by the Insurance Regulatory and Development Authority and other applicable approvals.
According to the release, Mr Frank O’Halloran, QBE’s Group Chief Executive Officer, said: “We are delighted to partner with the Rajan Raheja Group which has extensive interests in India and a track record of successful joint ventures with foreign partners.”
Source: The Hindu Business Line
QBE will hold a 26 per cent equity stake in the joint venture company, while Prism Cement Ltd, an RRG company, will hold the remaining 74 per cent stake.
QBE will leverage its expertise in technical insurance functions as well as process and systems.
RRG will assist in distribution and other areas through its knowledge of the Indian market, said a press release.
QBE is Australia’s largest international general insurance and reinsurance group. It has offices in 45 countries and is listed on the Australian Stock Exchange with a market capitalisation of approximately $23 billion.
Lineage
The company traces its origins back to North Queensland Insurance Company Ltd, founded in Australia in 1886.
Interestingly, its antecedent companies had insurance operations in India for close to 50 years until the sector was nationalised in 1972.
The Rajan Raheja Group has interests in a range of industries including cement, automotive and industrial batteries, real estate development, ceramic tiles, ready-mixed concrete, life insurance, asset management, retailing, cable television, publishing, petrochemicals and software.
“This entry into the general insurance market in India is part of QBE’s ongoing strategy of product and geographic diversification and strengthens RRG’s interest in the financial services sector, which currently includes shareholdings in ING Vysya Life Insurance and ING Mutual Fund,” said the release.
The licensing of the company is subject to approval by the Insurance Regulatory and Development Authority and other applicable approvals.
According to the release, Mr Frank O’Halloran, QBE’s Group Chief Executive Officer, said: “We are delighted to partner with the Rajan Raheja Group which has extensive interests in India and a track record of successful joint ventures with foreign partners.”
Source: The Hindu Business Line
Apollo Hospitals to launch health insurance scheme
Jointly with Germany-based DKV Health Insurance
Apollo Hospitals will be launching, on August 8, a health insurance scheme jointly with Germany-based DKV Health Insurance with an initial corpus of Rs 100 crore, said Dr Prathap C. Reddy, Chairman, Apollo Hospitals, here on Thursday.
To be inaugurated by Union Finance Minister, Mr P. Chidambaram, the scheme would bring in new and innovative packages with a focus, especially on school children, he said in an exclusive interview to Business Line .
Speaking further, Dr Reddy said that Apollo Hospitals has been trying to build chest pain centres across the country where primary care would be ensured.
The centres, to be manned by doctors from Apollo, would be coming up within a radius of 50 miles from a major hospital identified in an area where further treatment would be possible.
Hundred centres have been planned to be established before September this year, he mentioned. He underscored the need to bring about awareness on preventive check up.
Asked on global expansion plans of Apollo, Dr Reddy said that they were in the look out for acquisitions in South East Asia and China and were not in a hurry, as right pricing needs to be ensured for better and cost effective delivery of health care.
Referring to Madurai Apollo Speciality Hospitals, he said that plans are underway to make the 300 beds plus hospital, a Centre of Excellence in Cardiology and Cancer together with research. Lands have been identified but are to be finalised yet, for the proposed cancer institute to be established in association with CBCC, US, in the city, he added.
Source: The Hindu Business Line
Apollo Hospitals will be launching, on August 8, a health insurance scheme jointly with Germany-based DKV Health Insurance with an initial corpus of Rs 100 crore, said Dr Prathap C. Reddy, Chairman, Apollo Hospitals, here on Thursday.
To be inaugurated by Union Finance Minister, Mr P. Chidambaram, the scheme would bring in new and innovative packages with a focus, especially on school children, he said in an exclusive interview to Business Line .
Speaking further, Dr Reddy said that Apollo Hospitals has been trying to build chest pain centres across the country where primary care would be ensured.
The centres, to be manned by doctors from Apollo, would be coming up within a radius of 50 miles from a major hospital identified in an area where further treatment would be possible.
Hundred centres have been planned to be established before September this year, he mentioned. He underscored the need to bring about awareness on preventive check up.
Asked on global expansion plans of Apollo, Dr Reddy said that they were in the look out for acquisitions in South East Asia and China and were not in a hurry, as right pricing needs to be ensured for better and cost effective delivery of health care.
Referring to Madurai Apollo Speciality Hospitals, he said that plans are underway to make the 300 beds plus hospital, a Centre of Excellence in Cardiology and Cancer together with research. Lands have been identified but are to be finalised yet, for the proposed cancer institute to be established in association with CBCC, US, in the city, he added.
Source: The Hindu Business Line
Insurers get core equity leeway
Insurance companies will have more infrastructure firms in their equity investment portfolio soon.
At a meeting with the finance ministry, the Insurance Regulatory and Development Authority (Irda) has agreed to allow insurance companies to invest in equities of non-dividend-paying infrastructure companies.
Currently, an insurance company is allowed to invest in an infrastructure company only if the latter pays dividend not less than 4 per cent for at least seven out of nine immediately preceding years.
“Relaxation will enable investment in such companies on the basis of project risk assessment and developers’ risk-rating,” the Irda said.
The Irda is also planning to allow insurance companies to invest in highly-rated mortgage-backed securities and securitised assets with underlying infrastructure assets. The regulator may also allow insurance companies to invest in equity derivatives to hedge risks.
An executive of a public sector insurance company said life insurance companies looked for long-term investments for better asset-liability management. The relaxation in norms would give them more avenues to invest in long-term equity instruments.
“Mortgage-backed securities are like debt papers and give a minimum assured return. This instrument is suitable for general insurance companies, whose funds are short-term in nature,” a senior executive of Oriental Insurance Company said.
Source: Business Standard
At a meeting with the finance ministry, the Insurance Regulatory and Development Authority (Irda) has agreed to allow insurance companies to invest in equities of non-dividend-paying infrastructure companies.
Currently, an insurance company is allowed to invest in an infrastructure company only if the latter pays dividend not less than 4 per cent for at least seven out of nine immediately preceding years.
“Relaxation will enable investment in such companies on the basis of project risk assessment and developers’ risk-rating,” the Irda said.
The Irda is also planning to allow insurance companies to invest in highly-rated mortgage-backed securities and securitised assets with underlying infrastructure assets. The regulator may also allow insurance companies to invest in equity derivatives to hedge risks.
An executive of a public sector insurance company said life insurance companies looked for long-term investments for better asset-liability management. The relaxation in norms would give them more avenues to invest in long-term equity instruments.
“Mortgage-backed securities are like debt papers and give a minimum assured return. This instrument is suitable for general insurance companies, whose funds are short-term in nature,” a senior executive of Oriental Insurance Company said.
Source: Business Standard
Tata AIG to ramp up operations in TN, Kerala
Tata AIG General Insurance Company Limited (Tata AIG), a joint venture between the Tata group and American International Group, Inc. (AIG), is to open more outlets in Kerala and Tamil Nadu.
V Vendhan, head - branch operations, Tata AIG, on the sidelines of opening a distributor office at Trichy recently said the company planned to open extension branches at Salem and Erode before month end in Tamil Nadu.
Similarly, in Kerala it would open branches at Thiruvananthapuram, Palakad, Thrissur and Kozhikode of which at least two will come up by August end.
The southern region comprising Kerala, Tamil Nadu and Puducherry collected about Rs 70 crore premium in the year 2006-07 and for the current fiscal, this is expected to touch Rs 80 crore, added Vendhan.
Source: Business Standard
V Vendhan, head - branch operations, Tata AIG, on the sidelines of opening a distributor office at Trichy recently said the company planned to open extension branches at Salem and Erode before month end in Tamil Nadu.
Similarly, in Kerala it would open branches at Thiruvananthapuram, Palakad, Thrissur and Kozhikode of which at least two will come up by August end.
The southern region comprising Kerala, Tamil Nadu and Puducherry collected about Rs 70 crore premium in the year 2006-07 and for the current fiscal, this is expected to touch Rs 80 crore, added Vendhan.
Source: Business Standard
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