Chennai: The Insurance Regulatory Development Authority (IRDA) has granted license to Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Ltd and Oriental Bank of Commerce (OBC) to jointly launch a life insurance company in India.
The new company, to be called Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, has already been capitalised at Rs 325 crore, a release said.
Source : UNI
Monday, May 12, 2008
Insurance cos meet $27.6 bn bills on catastrophes in 2007
New Delhi, April 7: Insurance Companies across the globe settled claims for USD 27.6 billion on natural disasters in 2007, even as 40 per cent of the property losses were insured with India figuring among the worst hit countries, says a report.
"Individuals, Companies and state institutions absorbed most of the USD 70.6 billion in catastrophe losses in 2007. Only 40 per cent of the total losses, USD 27.6 billion, were insured," Swiss Reinsurance Company said in its latest report.
Swiss Re, which is world's largest reinsurance company, has presence in India's health insurance sector through a partnership with TTK Healthcare Services.
The report says that Bangladesh, China, India and Pakistan were worst catastrophe hit countries last year. Europe was worst hit in terms of property losses, while losses in the US were minor in comparison, the report said.
Of the total 21,500 people falling victim to catastrophes last year, 32 per cent were from Bangladesh and India alone. "About 6,700 people lost their lives last year in India and Bangladesh. About 14,600 died as a result of natural catastrophe, wherein about 90 per cent was due to storms and flooding."
The report revealed that in developing countries like India and Bangladesh losses were mostly due to floods, and the government had to pay compensation to the affected families as the insurance cover for natural disasters is almost non-existent.
"Individuals, Companies and state institutions absorbed most of the USD 70.6 billion in catastrophe losses in 2007. Only 40 per cent of the total losses, USD 27.6 billion, were insured," Swiss Reinsurance Company said in its latest report.
Swiss Re, which is world's largest reinsurance company, has presence in India's health insurance sector through a partnership with TTK Healthcare Services.
The report says that Bangladesh, China, India and Pakistan were worst catastrophe hit countries last year. Europe was worst hit in terms of property losses, while losses in the US were minor in comparison, the report said.
Of the total 21,500 people falling victim to catastrophes last year, 32 per cent were from Bangladesh and India alone. "About 6,700 people lost their lives last year in India and Bangladesh. About 14,600 died as a result of natural catastrophe, wherein about 90 per cent was due to storms and flooding."
The report revealed that in developing countries like India and Bangladesh losses were mostly due to floods, and the government had to pay compensation to the affected families as the insurance cover for natural disasters is almost non-existent.
Sonia seeks corporate help in providing health insurance
New Delhi, April 29: Expressing concern over an abysmally low percentage of people of the country being covered by health insurance, UPA Chairperson Sonia Gandhi today asked the corporate sector to pitch in to provide health security to a greater population.
"Less than two per cent of the families outside the governmental sector have some form of health cover. This is abysmally low," Gandhi said launching the `Healthy Villages Project' of the Confederation of Indian Industries (CII) in New Delhi.
"This is another area where the corporate sector's participation would be of great help," she said. Gandhi noted that some states like Andhra Pradesh and Karnataka have introduced health insurance schemes for the poor and the UPA Government has announced special health cover for vulnerable sections like the handloom weavers and craftsmen.
"We also have a Bill in Parliament that provides for social security, including health insurance, for workers in the unorganised sector. As much as 93 per cent of the workforce belongs to the unorganised sector," Gandhi said.
Underlining the importance of rural infrastructure as a prerequisite for having inclusive growth, she said there were "terrible lacunae" everywhere, especially in the northern part of the country.
Gandhi, who launched the CII's project for improving health, sanitation and education conditions in 100 villages of the country, said the UPA Government's National Rural Health Mission envisaged an important role for public-private partnership.
"Less than two per cent of the families outside the governmental sector have some form of health cover. This is abysmally low," Gandhi said launching the `Healthy Villages Project' of the Confederation of Indian Industries (CII) in New Delhi.
"This is another area where the corporate sector's participation would be of great help," she said. Gandhi noted that some states like Andhra Pradesh and Karnataka have introduced health insurance schemes for the poor and the UPA Government has announced special health cover for vulnerable sections like the handloom weavers and craftsmen.
"We also have a Bill in Parliament that provides for social security, including health insurance, for workers in the unorganised sector. As much as 93 per cent of the workforce belongs to the unorganised sector," Gandhi said.
Underlining the importance of rural infrastructure as a prerequisite for having inclusive growth, she said there were "terrible lacunae" everywhere, especially in the northern part of the country.
Gandhi, who launched the CII's project for improving health, sanitation and education conditions in 100 villages of the country, said the UPA Government's National Rural Health Mission envisaged an important role for public-private partnership.
Saturday, October 6, 2007
LIC to file its first health insurance plan this month
MUMBAI: Life Insurance Corporation of India (LIC) will lodge its first long-term health insurance plan with the insurance regulator, IRDA, this month, said the insurance major’s executive director-health insurance DD Singh.
SOURCE: Economic Times
SOURCE: Economic Times
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