According to a report just released by BRICdata, the health and accident insurance market in India is expected to keep up its trend toward massive growth, and will see an increase of 22 percent over a span of 5 years. The anticipated rise, along with the lower need for capital will form an appealing marketplace for new firms to start to take their place. The report also explained that the environment may also be quite attractive for new startups, as well. Though the market is currently dominated by insurance providers…
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Berkshire India announces intentions to sell either health or life insurance
A branch of Berkshire Hathaway – a firm owned by Warren Buffet – called Berkshire India has announced that it will be selling either Bajaj Allianz life or health insurance products to consumers in India. Bajaj Allianz corporate agent, Berkshire India is already providing retail customers with online travel and auto insurance products through its distribution website. However, according to Arun Balakrishnan, the CEO of BerkshireInsurance.com, within the upcoming six months, the insurer plans “to launch one more product which would be either health insurance or term life product.” Their…
Read MoreIndia’s Finance Ministry requests public sector general insurance companies to reduce expense ratio
The Finance Ministry in India has requested that the public sector insurance companies drop their expense ratio and reduce their management expenses in order to achieve better profits. The ministry has examined the performance of the four PSU insurers and, according to official sources, the motor and health insurance areas are those that continue to present a concern. The goal is to make the expense ratio more competitive. Moreover, these companies have already been told that it will be important to reduce their management expenses. The four PSU insurance companies…
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