Zurich - Switzerland's reinsurance giant Swiss Re reported a surprise third-quarter loss Tuesday, slipping 304 million Swiss francs (259 million dollars) into the red after registering a profit of

The union government has approved the proposal to increase FDI limit in insurance sector to 49 percent. FDI limit in insurance sector is currently 26 percent. The government took decision on the matter in the recent meting of union cabinet. It would introduce a bill in parliament in the forthcoming session to effect this change. However, the bill is unlikely to pass due to lack of time and opposition of the communist parties.

Union finance minister, P Chidambaram said that the government would introduce Insurance (Amendment) Bill, 2008 to amend the Insurance Act 1938, General Insurance Business (Nationalization) Act, 1972 and Insurance Regulatory and Development Act, 1999. The government would introduce it in the upper house of parliament as it is not a money bill.

Life Insurance Corporation of India (LIC), the largest insurance organizations in the country is all set to open a representative office in Singapore next month.

According to the source, the upcoming office will initially explore opportunity for selling insurance products to the people of Indian origin.

Additionally, the insurance giant is also planning to expand its footprints into Australia and New Zealand. At present, LIC has international operations in seven countries - UK, Mauritius, Fiji, Nepal, Gulf, Saudi Arabia and Bahrain.

For the convenience of the senior citizens, the General Insurance Council is working on portable medical insurance product for senior citizens. 

SBI Life Insurance, the third largest private life insurance company in the country has launched its first group health insurance plan "Criti9" for State Bank Group customers, to provide a superior health insurance option.

The newly introduced policy will be available for State Bank Group account holders aged 18 to 55 years, with maximum cover ceasing age being 65.

Life Insurance Corporation of India (LIC), the largest life insurance company in India, has entered into an agreement with state-owned Corporation Bank to launch credit cards in the country.

LIC intends to launch the business through its wholly owned subsidiary, LIC Cards Services Limited, which will manage all aspects of its credit card venture. The company already has taken approval from Government of India to form a wholly owned company for this purpose.