Monday, April 21, 2014

Consumer Forum Asked Insurer To Compensate For Death On Railway Tracks

The Maharashtra State Consumer Disputes Redressal Commission has directed Cholamandalam M S General Insurance Company Limited to pay up the insurance amount to the family of a man who died on railway tracks at Chembur Railway Station while crossing.

The insurer had rejected the claim of the victim's wife Shalini Gupta citing that the victim was trespassing the railway tracks and since it is an illegal act, the firm would not compensate.

Later, the complainant Shalini Gupta moved to the State Consumer Disputes Redressal Commission where the forum observed that the processing of the claim on the part of the insurer was heartless and mechanical. The officers processing such claims should be intelligent enough to read documents properly and refer matters to their lawyers when in doubt.

The forum found insurance firm guilty for not settling the claim and ordered to pay the complainant, Shalini Gupta, an insurance amount of Rs 10 lac.

Thursday, April 17, 2014

65% Indians Choose Private Insurers For Health Insurance Policies: ASSOCHAM

According to a study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the apex industry body, about 65 percent of people in India having health insurance policies, prefer to choose private sector health insurers. The public sector insurers have managed to win confident of just 35 percent of the insured people.

However, as per the study titled 'Health Insurance in India: A review,' in terms of premium, the public sector insurance companies account for maximum share of over 61percent.

Releasing the report, ASSOCHAM Secretary General Mr D S Rawat said, “Private voluntary health insurance will continue to grow in terms of covering the non-vulnerable, the middle class and higher income segments of the population that can afford to purchase private health insurance."

Bharti Axa To Focus More On Commercial, Health Insurance Segments

Private sector insurer Bharti AXA General Insurance Company has decided to focus on commercial lines, which has seen a formidable growth of 40% in the recent years. The insurer has witnessed growth in Marine and engineering segments along with various others despite the overall slump in general insurance.

The insurer will reduce its dependence on motor insurance segment step-by-step, and will focus on commercial lines and increase its share in the total business from the current 13% to up to 20 % next fiscal year.

“With the regulated pricing mechanism continuing in third party motor insurance, we will maintain our exposure in commercial vehicles to the minimum stipulated levels. In two years we expect commercial vehicles to account for 10% of the motor insurance revenue, with remaining 90% coming from private motor insurance," said Bharti Axa Chief Executive Officer & Managing Director Mr. Amarnath Ananthanarayanan.

“Globally AXA is a strong player in commercial lines and we are getting aggressive in India as well", he added.

Wednesday, April 16, 2014

SBI General Hopes To Grow Premium By 60% In The FY' 2014-15

Private sector leading insurer SBI General Insurance Company has set a 60% target in premium growth in the fiscal year 2014-15 by maintaining its growth momentum of recent years.

SBI General Insurance is the joint venture between State Bank of India, the country's largest lender and Australian insurer Insurance Australia Group. SBI holds the majority stake in the joint venture.

SBI General had a gross written premium of Rs. 770.85 crore in fiscal year 2012-13, and has registered about 55 % growth in premium of around Rs. 1,200 crore in fiscal year 2013-14.

Speaking to the reporters, SBI General Managing Director & Chief Executive, Mr. Bhaskar J. Sarma said, “In this fiscal we expect to grow at around 60 per cent, which we feel is reasonable."

“This fiscal, our focus will be on the motor, health and commercial lines among other things," Mr. Sarma said, adding, “SBI General will also focus on increasing the marine insurance pie during this period."

The insurer which draws around 60 % of its business from banking channel also said it would focus more on the other channels like brokers.