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 more officials facing suspension
A growing number of people have been caught in the massive Indian sting operation. At a time when insurance news headlines are already being made because almost all of the banks and insurers that were the target of a recent sting operation in India have promised to take strict action, there have been even more officials that will be facing suspensions. All of the banks and insurers have already started their own inquiries and have promised to take action. Among the actions that have been taken in this insurance news…
Read MoreLife insurance policies are experiencing a lapsing trend
Insurers in India have been seeing an increase in the number of policies that have been allowed to lapse. Recent data released by the Insurance Regulatory and Development Authority (IRDA) in India has revealed that life insurance companies are experiencing a trend with an increase in policy lapses and forfeitures throughout the last financial year. This information was revealed within the authority’s annual report for the most recent fiscal year. Equally, the Life Insurance Corporation of India (LIC) a public sector insurer, revealed that it had experienced a lapse ratio…
Read MoreInsurance news from India International expands into Asia
The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…
Read MoreInsurance news from India shows the bill has a chance of passing
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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