San Diego, California: Arjun Atwal, playing on the tough South Course at Torrey Pines, had a nightmarish round with a card of five-over 77 that left him well outside the cut after the second round of the Farmers Insurance at Torrey Pines on Friday. Atwal's good work of five-under 67 was all undone with a round that had seven bogeys and just two birdies, and he finished the two rounds...
01:41 PM, Jan 28, 2012
Mumbai: Having moved into his "dream house", ace cricketer Sachin Tendulkar has now secured his five-story Bandra residence with a staggering Rs 100 crore insurance cover, one of the biggest insurance deals by an individual. The cricket icon has bought the insurance from a consortium of general insurers, according to industry sources. "A consortium of general insurance companies has given an insurance cover for the cricketer's home in Bandra for...
06:56 PM, Dec 29, 2011
New Delhi: In an another instance which may stall reforms, a Parliament panel has rejected the government proposal to hike the FDI cap in the insurance sector to 49 per cent, saying this may not have the desired effect and could expose the economy to global vulnerability. The Standing Committee on Finance in its report on the Insurance Laws (Amendment) Bill, 2008, said the proposal to increase the FDI cap...
05:56 PM, Dec 13, 2011
New Delhi: After the fiasco on retail FDI, the UPA government is facing failure in another key reform it has long contemplated - hiking FDI cap in insurance from 26 per cent now to 49 per cent to give Indian insurance firms an avenue to raise much-needed growth capital. The Parliamentary Standing Committee has rejected the government's proposal to raise FDI in the Insurance sector. The government is likely to...
06:55 AM, Dec 09, 2011
Mumbai: Reliance Industries has mutually agreed to end negotiations with Bharti Enterprises to buy its stakes in two insurance joint ventures with France's AXA, the two companies said on Friday. Reliance said the negotiations to acquire Bharti's 74 per cent stakes in the life insurance and general insurance joint ventures were terminated as it was "unable to reach agreement on the long-term vision and joint governance of the ventures" with...
09:08 PM, Nov 25, 2011
Is health insurance good for your health? One way to answer this would be to randomise people into a group that receives insurance and another that doesnt, and see which group is healthier over time. The only such study was done back in the 1970s by the RAND Corporation in the US. Participants were randomised into a number of insurance schemes that had zero to 95 per cent co-payments on...
12:56 PM, Oct 04, 2011
Mumbai: Ending months of indecision, the government is set to appoint a full-time chairman for life insurance giant LIC in the next ten days, a top Finance Ministry official has said. "I say it will be very shortly, that could be a week or ten days," Financial Services Secretary DK Mittal told a select group of reporters here over the weekend. Mittal blamed the delay on the long process to...
04:47 PM, Sep 18, 2011
London: Insurance firms in Britain have said the riots in London may cost them around 200 million pounds. Thousands of home-owners and companies were expected to seek damages from the riots. Insurance firms, however, said they expect to recover their costs from the Police Compensation Scheme, it was reported. The Association of British Insurers chief for general insurance, Nick Starling said, "Insurers are working as quickly as they can to...
05:40 PM, Aug 10, 2011
Carlsbad, USA: Fourth seeds Sania Mirza and Elena Vesnina's campaign ended in the doubles event of the Mercury Insurance Open following a right-hand injury to the Russian. Up against Elena Bovina of Russia and Jie Zheng of China, the Indo-Russian pair were trailing 2-5 in the opening set when they decided to opt out of the contest. Sania is already out of the singles event after losing the first round...
03:02 PM, Aug 04, 2011
New York/Tokyo: One of Sony Corp's insurers has asked a court to declare that it does not have to pay to defend the media and electronics conglomerate from mounting legal claims related to a massive data breach earlier this year. The dispute comes as demand soars for "cyberinsurance," with companies seeking to protect themselves against customer claims and associated costs for data and identity theft. How to write such policies...
12:38 PM, Jul 22, 2011
New Delhi: After nearly five years of its association, Bharti group on Friday exited from its financial services joint ventures with French firm AXA and sold its entire 74 per cent stake in both general and life insurance businesses to Mukesh Ambani-led RIL for an undisclosed amount. "The decision is in line with Bharti's strategy of focusing its energies and financial resources in businesses where it is making a deeper...
09:02 PM, Jun 10, 2011
Mumbai: From June 1, 2011 LIC of India is launching a New Non-Linked Health Insurance Plan "Jeevan Arogya". The plan offers comprehensive hospitalization benefits for the whole family of the Principal Insured. A unique feature of this plan is that it also offers to cover the Parents in-law of the Principal Insured besides spouse, minor children and parents. There is a provision for inducting additional members or removal of existing...
11:35 AM, Jun 01, 2011
Mumbai: In the largest such deal in Indian insurance space, the Reliance Anil Dhirubhai Ambani Group on Monday said it has roped in Nippon, the sixth largest in the business globally, for a 26 per cent stake in a group company for $680 million. "Nippon Life Insurance will invest an aggregate value of Rs.3,062 crore ($680 million) to acquire a 26-per cent strategic stake in Reliance Life Insurance," the Anil...
02:53 PM, Mar 14, 2011
New Delhi: The all-India Life Insurance Corporation (LIC) entrance exam paper for the 375 posts of assistant administrative officer was allegedly leaked. The police got a tip off on Saturday night and had the examination paper in their possession. The Delhi crime branch has the exam paper in its possession. Raids were carried out at the two centres in Janakpuri and Andrews Ganj. "The question papers have been leaked. We...
10:13 AM, Feb 27, 2011
New Delhi: The Economic Survey 2010-11 on Friday said there will be different set of norms for life and non-life insurance companies for coming out with a public float. "It is proposed that the disclosure requirements for life and non-life companies would be separately mandated given the nature of their respective business," the Economic Survey tabled in the Parliament said. The Survey said that investors would be required to be...
01:36 PM, Feb 25, 2011
Budget 2010-11 is round the corner. In the last year's budget announcement, some significant changes were made to the taxation of insurance and saving instruments. The removal of service tax on all charges under unit linked insurance products (ULIP) except on FMC, has benefited the policyholders. Also, the reduction in tax rate upto Rs 8 lakhs ensures more money in the hands of the tax payer, which will promote savings....
02:10 PM, Feb 23, 2011
London: Driving has always been synonymous with teenage independence. But not anymore, as an insurance company is offering parents the chance to place a video camera in cars driven by their children. The tiny two-way camera, which also records audio, is placed on the rear-view mirror at the centre of the windshield. It tapes both the driver and his view of the road ahead. Should a driver violently swerve or...
07:15 AM, Jan 27, 2011
New York: Everyone knows it would be prohibitively expensive to actually gift someone the treasures from the "12 Days of Christmas," but it turns out to be even more pricey to insure - nearly 20 times the cost of buying the presents from the famed holiday carol in the first place. A recipient of turtle doves, partridges and leaping lords would end up paying nearly half a million dollars in...
10:45 AM, Dec 23, 2010
Mumbai: Over the years, airfares have increased significantly, but the crucial question remains if the city airports are actually legal. CNN-IBN has found more than 60 airports in India, many of them major international hubs, are without valid licences. Major aerodromes in the country like Chennai, Kolkata, Goa and Ahmedabad, which are international airports seeing hundreds of domestic and international flights a day, are all functioning without valid aerodrome licences,...
09:03 AM, Oct 22, 2010
New Delhi: The stand-off between insurance companies and private hospitals that came to a head in July, may be nearly over. It looks like people are going to have to pay more for health insurance, to cover treatment at super-specialty hospitals. "If you want to go to a Max, or Apollo or Fortis, you have to pay a different price premium, which is not the case as of now," says...
10:33 PM, Aug 19, 2010
