India’s government approved major insurance industry overhaul

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Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted  to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…

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Indian government approves ordinance for the insurance industry

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Ordinance aims to allow foreign companies to hold a stronger position in the Indian insurance industry The Indian government has been mulling over an ordinance concerning the insurance industry for some time. The issue involves allowing foreign insurance companies to hold greater ownership over local domestic insurance endeavors. Some lawmakers had suggested that this would be a bad move for the domestic market, making it more difficult for domestic companies to compete in India or changing how these companies operate altogether. Supporters of the measure suggested that foreign companies could…

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South Asian Insurance industry suffering massive losses from cyclones

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Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…

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Insurance industry won’t hurt too much from Cyclone Phailin

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It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

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Insurance news looks good for the industry’s profitability

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India’s insurers have fared quite well over the last quarter, even in the case of life products. The latest insurance news that has been released from India has shown that the industry has done better than expected in terms of its profitability, including the life sector, which had been experiencing a slowdown in its collection of new business premiums. The industry has been struggling under the widespread economic challenges and low penetration in the country. However, the most recent insurance news appears to be showing that the industry in the…

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Liability insurance demand is increasing in India

Companies are experiencing exponential increases in the number of lawsuits and need protection. In India, businesses are experiencing an increase in the number of lawsuits that are filed against them, at a rate of 30 to 40 percent per year, which has caused companies to flock to their insurers to purchase liability insurance. This has boosted demand in that sector at a staggering rate, with an estimated growth of 10 to 20 percent annually. Among the more popular forms of liability insurance that businesses are purchasing include credit, director and…

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Insurance news from India shows the bill has a chance of passing

Finance Minister of India, P. Chidambaram - Insurance News Headlines

Chidambaram has expressed his confidence about the success of the measure. Finance Minister of India, P. Chidambaram, has made insurance news by promising further reforms for the country and has expressed his confidence that the FDI bills for the insurance and pension industries will be passed by Parliament, in which he will soon hold an open dialogue with the country’s opposition parties. He did point out that there is still some debate and controversy over the topic. But at the same time, the Finance Minister feels that it will be…

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Insurance news from India could mean caps on foreign insurers will be lifted

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This move could be made in the hopes that it will give the country’s economy a boost. Manmohan Singh, the Prime Minister of India, is making insurance news around the world, in his latest efforts to create the largest opening in the Indian economy has seen in ten years, as the cabinet considers proposals for lifting the foreign investment caps for insurers as well as in the pension industry. The country’s ministers will be considering a large new opportunity for overseas insurers. Should the measure pass, it would make tremendous…

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India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…

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GoDB Tech develops Mobile Insurance POS (point-of-sale) platform for Reliance General

GoDB Tech, a leading software product firm specializing in enterprise mobility solutions, today announced it has led the development of a mobile insurance point of sale (M-POS) application for Reliance General Insurance (RGICL), one of India’s leading private general insurance companies. The M-POS application is presently rolled out on Android devices and is powered by the GoDB Mobility platform, which is already deployed on the existing PC based Offline POS systems at RGICL across the country. The Mobility platform is a state-of-the art Mobile Enterprise Application Platform (MEAP).The platform equips…

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