Insurance Sector

'Growth may re-emerge in Q3 FY10'

Max New York LifeMax New York Life, one of the earliest entrants into the private insurance market, grew 54% on new business premium in the first nine months of the current fiscal. It has also gone for major expansion last year. Rajesh Sud, the CEO and managing director of Max New York Life, who took charge four months ago, spoke to DNA Money's Nandini Goswami on a host of industry and company specific issues. Excerpts from the interview:

How has the current slowdown affected MaxNYL's business and how do you see the situation unfolding in the coming months?

Rainfall cover turns a cropper

Insurance scheme may not see an uptick in demand this year too

Despite being badly affected by last year’s unseasonal rainfall, coffee growers in the country are still sceptical about the rainfall insurance scheme for coffee (RISC). “The first phase of receiving insurance applications for this year was held between February 23 and 28. It did not receive a great response as growers are a still a little unsure about the scheme,” said Sudarshan AC, secretary of the Coorg Planters Association.

The Coffee Board had late last year revised the coffee production estimates by 5.6% to 2,76,600 tonne for the current crop year and indications are that a further cut in estimates is expected in the coming days.

HCL bags IT project worth Rs 393 crore from NIC

HCL bags IT project worth Rs 393 crore from NICIT giant HCL Technologies has managed to bag an order worth Rs 393 crore from National Insurance Company (NIC) to provide information technology related services and operation management modules, necessary to equip NIC with cutting edge technology.

The company, for the project worth Rs 393-crore, is entitled to provide IT services and modernization of business process for a period of seven years to NIC.

HDFC Standard Life To Launch Third Health Savings Plan By Next Fiscal

HDFC Standard Life To Launch Third Health Savings Plan By Next FiscalHDFC Standard Life has decided to roll out health savings plan next fiscal.

From health insurance sector, the private life insurer targets a premium income of Rs 50 crore by the end of next fiscal.

Moreover, the company is eyeing a premium income of Rs 20 crore during the existing fiscal.

Health Premiums Go Up by 6%

Health Minister Nicola Roxon Health Minister Nicola Roxon announced that private health insurance premiums will go up by an average of 6.02% on April 1. She said she had written to several large funds in this regards and had challenged their request for larger premium rises.

"Without that close scrutiny, premium rises would have been higher for up to eight million Australians," she said.

"This year's increase is the result of increased benefits paid to patients, rising health service costs, and investment losses from the global financial crisis."

Insurance watchdog confronts wrong info

Inadequate or wrong information regarding insurance policies and consequent failure of consumers to get the benefits are major issues facing the Insurance Regulatory & Development Authority (IRDA), headquartered at Hyderabad.

The genesis of the problem arises out of the various Unit Linked Insurance Plans (ULIPs) sold by public and private insurance companies. With the insurance industry opening up to private players since 2000, there has been fierce competition for getting in as many people as possible to invest with the insurance industry with various incentives and promises, most of which are either false or misleading.