India
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Indian insurance employees' association calls for public merger
The All-India Insurance Employees' Association has called for the merger of four public sector general insurance companies to help bring down costs.
Indian regulator IRDA soft on rule defaulters, claims report
Insurance companies are flouting their "social and rural responsibilities" and the regulator, IRDA, lacks the will to punish them, according to a new report.
Indian shippers to stop handling Iranian oil if government can't agree cover
Indian state-owned refiners look set to halt oil imports of 173 000 barrels a day from Iran, unless the government permits them to use insurance and freight arranged by Tehran.
LIC investigated over Rs10m death benefit scam
The Life Insurance Corporation of India is being investigated for alleged "serious financial irregularities" in a scheme designed to provide insurance for the country's rural poor.
Indian health insurance market predicted to be worth $7.6bn by 2015
One in 10 people in India could end up buying health insurance products against the current 2%, according to a new survey.
High Net Worth: Asia's growing wealthy and insurers gradually waking up to opportunities
The population of wealthy people in Asia is continuing to soar, creating significant opportunities for insurers offering premium products catering to their needs.
Indian regulator outlines plans to speed up health insurance claims and increase age limits
The Insurance Regulatory and Development Authority in India has put forward a proposal to make it mandatory for health insurers to offer cover to people up to 65 years and settle all claims within a month.
Indian insurance giant appoints new chairman
Dinesh Kumar Mehrotra has taken over as chairman of India's largest insurer, Life Insurance Corporation of India.
Munich Re pulls Indian reinsurance support over premium concerns
Munich Re has almost pulled out of India entirely, it has been reported.
India's insurance sector faces manpower shortage
India's insurance sector is facing a potential dearth of qualified professionals owing to the rapid growth of insurance penetration in the country, according to industry insiders.
Travelers considering India market entry
US-based Travelers Group is believed to be in talks with Indian farm equipment maker Mahindra & Mahindra regarding a bid to enter the country's fast growing general insurance market.
ISA 2012: Insurer bosses claim no foreign player has 'Pan-Asian edge'
As mature markets sink deeper into the eurozone crisis, Asia remains a bright spot for global insurers. That was the view of Johnny Chen, CEO of Zurich Financial Services, who told the audience at ISA 2012 yesterday that he remains positive in his firm's…
Talanx enters Indian market via joint venture
Talanx-owned insurer HDI-Gerling will enter the Indian market through a joint venture with Indian firm NBFC Magma Fincorp after a three-year bid to gain a licence for the region.
Indian health insurance dependent on income
Around 15% of Indian households have reported hospitalisation of one member at least once in the past year, according to an ICICI Lombard-NCAER survey.
Consumers will suffer if Indian insurers can't increase rates
Pricing is a major challenge for India’s insurance industry, according to the new head of Bajaj Allianz General Insurance.
Countdown to ISA: Is the renminbi the new dollar?
As the valuation of the Chinese renminbi has an impact on the global currency markets, Andrew Leung looks at Chinese monetary policy and the Global Reserve Currency System in a global context.
Q&A with RSA's Phil Bulgin
Despite media coverage of Asia's restrictive and sometimes protectionist regulatory regimes, the markets remain appealing to foreign insurers. Philip Bulgin, RSA's head of mergers and acquisitions in emerging markets, spoke to Francesca Nyman about Asian…
Malaysian employers must insure foreign workers
Malaysia's government has promised to take a hard line on employers that flout rules on insuring foreign workers.
Microinsurance not an adjunct to microfinance, says Indian regulator
Microfinance institutions have come under fire from the head of India's insurance regulator for high service charges on the sale of microinsurance products.
Japan and South Korea petition EU for Iran sanctions exemption
South Korea and Japan are asking the European Union to allow access to European insurance for Iranian oil shipments even after a 1 July embargo comes into effect, according to Al Arabiya news.
FDI raise postponed as government fails to win over doubters
The long awaited decision on India’s foreign direct investment cap has been deferred by the cabinet and may not be revisited until after the 2014 elections.
Countdown to ISA: Q&A with RSA's Chris Colahan
As part of a series counting down to Insurance Strategy Asia, Insurance Insight spoke to Chris Colahan about his views on the Asian insurance market.
HSBC rumoured to be considering exit from Indian JV
Rumours in the market suggest that banking giant HSBC may exit its Indian insurance venture.