Honda in pact with United India Insurance

Chennai: Honda Motorcycle and Water Scooter Republic Of Republic Of India Pvt Ltd today announced that it have inked an MoU with United India Insurance Company Limited recently to supply insurance coverage to its customers.

United Republic Of India Insurance would supply coverage for new vehicles at competitory rates, besides providing ''cashless repairs'' on the dealer's premises in lawsuit of accidents, a company release here said.

The tie-up envisaged United Republic Of India Insurance providing value-added insurance services to all clients of Honda through its trader mercantile establishments across the country. In the first stage, clients would be able to help coverage screen for water scooters and bikes purchased from the outlets.

Subsequently, it would be expanded to include other personal line coverages like dwellings, personal accident and wellness insurance, the release said.

Air India to go for highest insurance cover

New Delhi: National Aviation Carbon Dioxide of Republic Of Republic Of India (NACIL), which runs the state-run carrier Air India, will travel for a $6.5 billion insurance screen from Monday, the peak coverage coverage by any air hose company in North American Indian sub-continent, said an air hose official.

All state-owned and private coverage houses are expected to offer for the concern while some of them have got already started treatments to hammer confederations for the twelvemonth long coverage time period that volition run out June 30, 2009.

The coverage screen will be provided to a fleet of the incorporate Air Republic Of Republic Of India (erstwhile Indian Airlines), Air India Express and Alliance Air, which in all are about 140 aircraft, said the official.

The 2007-08 coverage contract for Air Republic Of Republic Of India was bagged by a pool led by the state-run New India Assurance Carbon Dioxide Ltd with ICICI's Langobard General Insurance Carbon Dioxide Ltd as co-insurer.

The NACIL have already managed to acquire at least 15 percentage price reduction on existing coverage rates for covering its non-aviation concern in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business.

The entry of private coverage companies into the air power marketplace have intensified competition in the business, resulting in less insurance premium rates. Among the private companies expected to offer for the NACIL legal tender are Bajaj Allianz, General Insurance Carbon Dioxide Ltd, ICICI Lombard, Cholamandalam multiple sclerosis General Insurance Carbon Dioxide Ltd and Reliance General Insurance Carbon Dioxide Ltd.

Four populace sector coverage firms, Asian Insurance Co, New Republic Of Republic Of Republic Of India Assurance Co, United India Insurance Carbon Dioxide and National Insurance Carbon Dioxide predominate the aircraft coverage concern and cover NACIL's rivals such as as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.

Last year, the exposure value of Air India, before the amalgamation with North American Indian took place, was around $3 billion natural covering around 50 aircraft. But this twelvemonth - with addition in aircraft - the coverage screen would travel up considerably, the functionary said.

DLF Pramerica Life Insurance to start operation by Dec-end

New Delhi: DLF Pramerica Life Insurance Carbon Dioxide Ltd (DPLI) today said it bes after to establish its life coverage concern and commence gross sales by this year-end.

The firm, a joint venture between real property major DLF and the US-based fiscal services supplier Prudential Financial Inc (PFI), have received an R3 license from the Insurance Regulatory Authority of Republic Of India (IRDA) which will let it to begin life coverage trading operations in the country.

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''We are delighted that DLF Pramerica Life Insurance have achieved this of import milepost in the procedure of launching its concern in India,'' DLF Frailty President Rajiv Singh said.

He said with the reception of this license, DPLI anticipates to establish its life coverage concern and commence gross sales in the third-quarter of this year.

The company, based in Gurgaon, means to raise the criteria of life coverage in Republic Of India by providing high quality service and relevant merchandises to our clients in a cost-effective manner, DPLI Head Executive Military Officer Kapil Mehta said.

The formation of DPLI to offer life coverage merchandises and services in Republic Of India was announced by DLF and PFI in March 2007.

Life insurance hits a rough patch

SRIKUMAR BONDYOPADHYAY

Calcutta, July 6: The life coverage concern in the state is fast losing its steam. The coverage premium income of life insurance companies from the gross sales of new policies in 2007-08 grew only 23.3 per cent compared with 110 per cent in the former fiscal year.

Life insurers’ income from first twelvemonth insurance premiums stood at Rs 92,988.17 crore at the end of March this twelvemonth compared with Rs 75,406.52 crore in 2006-07 and Rs 35,897.95 crore in 2005-06.

Since the gap up of the section to private participants and the introduction of market-linked merchandises envisaging better tax return than traditional plans, the first twelvemonth insurance premium income of life insurance companies have been growing over 100 per cent. A big portion of this growing came from an unprecedented rush in single insurance premium policy sales, both in the grouping and the individual segments.

However, last financial proverb a important lag in gross sales of single insurance premium policies. Person single insurance premium policy gross sales in 2007-08 grew to Rs 28,770.68 crore from Rs 23,545.99 crore in 2006-07 and Rs 10,998.99 crore in 2005-06.

A similar lag was seen at the grouping policy level, too. Group single insurance premium policy gross sales in 2007-08 were Rs 11,872.17 crore, which were less than Rs 12,422.04 crore in 2006-07. In 2005-06, grouping single insurance insurance premium policies accounted for a sum premium income of Rs 4,406.24 crore.

In individual non-single insurance premium policies, growing came from the gross sales of unit-linked programs only.

The first twelvemonth insurance premium income from the gross sales of individual unit-linked policies went up to Rs 39,454.50 crore at the end of March this twelvemonth from Rs 19,365.45 crore a twelvemonth ago and Rs 6,248.28 crore in 2005-06.

New insurance premium incomes from traditional policies, on the other hand, have got come up down to Rs 10,314.69 crore from Rs 18,544.57 crore at the end of March 2007 and Rs 13,619.27 crore in 2005-06.

Sum assured in individual regular insurance premium policies grew 17 per cent to Rs 5,54,862.39 crore from Rs 4,74,379.10 crore at the end of March 2007. The slow growing in sum of money assured is attributable to a diminution in the gross sales of individual traditional policies and riders there on.

ICICI Pru bets big on health insurance

ICICI Prudential Life is betting large on wellness business, a new country for life coverage companies. About 12-15 per cent of the life programs that the private-sector life insurance company composes every calendar month are said to be wellness products.

The firm, which have created a specialised squad dedicated to merchandising "benefit" products, is likely to unveil a category-specific campaign shortly. Also on the anvil are programs to research new boards within the class such as as reimbursement policies that are similar to mediclaim merchandises from general coverage companies.

Most specialised healthcare merchandises by life companies are structured to supply a co-ordinated attention proposition - providing fiscal support and some kind of an income substitution to ran into the cost of wellness complications.

Currently, the range of the healthcare marketplace is estimated to be around Rs 60,000 crore and the share of coverage is less than 1 per cent. Moreover, over 80 per cent of the marketplace is insurance driven and is largely covered by mediclaim.

Bhargav Dasgupta, executive manager director, ICICI Prudential Life Insurance, said, "It is a large challenge to make consciousness and apprehension of the demand of wellness coverage products. As a category, wellness coverage is generally is not a top of the head product. We be after to establish a suite of merchandises eventually that screens the full demand spectrum. The thought is not just to supply against medical measures but take part in client wellness plans".

The company have set up a dedicated squad to sell wellness coverage products, for which, it is disbursement on preparation frontline statistical distribution teams. It bes after to traverse sell and up-sell to the existent base.

Without divulging any marks on wellness insurance, Dasgupta said, "The present wellness insurance premium of life companies is very little at present. But sensing immense potential, almost all life coverage companies would eventually lend to the wellness category. In fact, they could drive bigger growing in the wellness space".

ICICI Prudential currently have a portfolio of hospitalization programs and critical and specialised unwellness products.

DRL eyes health insurance, organised pharma retail

HYDERABAD:
DR Reddy’s Laboratories (DRL) is eyeing an entry into wellness coverage and
pharma retail as portion of its ambitious program to diversify in the wellness business. The growth concern chances in both these sections could be the
trigger. “We have got taken
note of recent developments in wellness coverage where infirmaries are tying up
with foreign coverage companies for joint ventures as well as organised retail. Our board is still looking at ways to react to these developments, though the
deliberations are still at the preliminary stage,” Dr Reddy’s
vice-chairman GV Prasad told ET. Last month, the Phoebus Hospital Group and
Europe’s biggest private coverage company DKV joined custody to begin a standalone
health insurance company, the 2nd 1 in India. But this is the first ever
insurance venture of a infirmary grouping in the
country. The lower limit paid-up capital
requirement for companies entering coverage is Rs 100 crore. The existing
regulations let only up to 26% FDI in the coverage sector. This agency DRL may
have to look for a foreign coverage spouse if it makes not desire to bit in the
entire Rs 100 crore. At present, there are 15 general
insurers offering traditional wellness coverage policies. But new participants are
keen on entering the wellness segment, considering that less than 3% of the
country’s population is covered by wellness insurance. Analysts tracking
DRL, however, look sceptical on the core pharmaceutical maker’s possible
entry in new countries of business. “If DRL makes desire to come in organised
retail, it necessitates to do immense investings to put up iron and use trained
pharmacists. The company may have got to raise other working capital to fund a retail
venture. So is the lawsuit for an coverage venture,” said a senior industry
analyst. Some other analysts,
however, keep that Dr Reddy’s possible entry into the $5-billion
Indian retail space is logical from a branding position and the company can
leverage on its countrywide statistical distribution concatenation to drive sales. A host of participants are already
operating in the market, including Subhiksha, Phoebus Pharmacies, Master Of Education Asset and
98.4 degrees. In fact, Master Of Education Asset is also looking at starting a manufacturing unit
to develop it have trade name of pharmaceuticals that volition be sold through its
outlets. As of now, DRL is
pushing its rural gross sales hard. The rural marketplace contributed to a whopping
one-fifth of its sum gross sales in Republic Of India and the marketplace goes on to turn at a
rapid rate. “Now, there is no differentiation on drug ingestion patterns
between rural and urban areas. For instance, our bosom disease-related drugs
sell rather well in rural areas, as cardiac (heart-related) diseases are no more
rampant lone in cities,” said GV Prasad.