Friday, October 25, 2013
Insurance business in India may touch Rs 4 lakh cr in FY14: IRDA Insurance watchdog IRDA today said it estimates the insurance business in India to touch Rs 4 lakh crore in the current fiscal. Insurance Regulatory and Development Authority (IRDA) Chairman T S Vijayan also said the regulator is mulling to bring out norms for sub-brokers of insurance products. He, however, did not put any timeframe for bringing out guidelines. "October seems to be business is good for all companies, both life and non-life. Whole year there should be a good growth compared to last year. Last year industry has collected Rs 3.75 lakh crore," Vijayan said on the sidelines of a programme. When asked if the business would touch Rs 4 lakh crore in the current fiscal, he said: "Anybody's guess. It will be somewhere around that (Rs 4 lakh crore)."
Posted by cheran at 7:57 AM
Monday, October 14, 2013
LIC laps up Essar Power's bonds for Rs 1,000 crore At atime when banks are wary of increasing exposure to the troubled power sector, the Life Insurance Corporation of India (LIC) has shelled out R1,000 crore to pick up Essar Power's entire 11-year rupee bond offering.
Posted by cheran at 9:51 AM
Private insurers cut down on branches, LIC ups the ante The number of branches operated by life insurers across India has come down by over 10 per cent in the last two years, primarily because of branch closures by private players even as state-run LIC expanded its footprint. The total number of branches or offices operated by private sector life insurance companies stood at 6,759 at the end of latest fiscal 2012-13, down by 1,416 branches from the level of 8,175 branches two years ago on March 31, 2011. During the same period, public sector player LIC's network grew by 155 to 3,526 offices as on March 31, 2013.
Posted by cheran at 9:45 AM