Insurance majors presume increase in health insurance products sale

Insurance companies are anticipating that the sale of health insurance products will rise over the next few months due to growing fear of the spread of swine flu cases in India.

The awareness of a health insurance product will spread much faster due to the pandemic. Meanwhile, all existing health insurance policies cover hospitalization expenses of patients affected by swine flu.

"Enquiry calls on health insurance have increased significantly over the past few weeks," said Reliance General Insurance president and CEO KA Somasekharan.

As of August 25, the total number of people affected from the H1N1 virus stood at 17,015 across the country, while the number of casualties was 64, as per government data.

Non-life premium collection up

The non-life insurance industry has recorded a marginal growth in premium collection on the back of rise in auto sales last month

As per the data collated from the companies, the general insurance industry posted a growth of 6.72 per cent in premium collection to the extent of Rs 11,684 crore in April-July 2009 as compared to Rs 10,947.8 crore in the corresponding period last year. The industry has reported a growth of 4.57 per cent during the April-June 2009.

In the current fiscal, the private players grew at 4.21 per cent in April-July as against 1.21 per cent in April-June while the public sector companies reported a growth of 8.52 per cent in April-July as compared to 7.01 per cent in April-June. The auto sales in July zoomed 24.3 per cent while domestic car sales shot up 31 per cent and commercial vehicles grew by 9.6 per cent in sales.

The private players like ICICI Lombard and Bajaj Allianz General Insurance have reported a fall of 18.3 per cent and 12.61 per cent, respectively, in premium collection.

Irda warns insurers against politically exposed persons

The Insurance Regulatory and Development Authority (Irda) has warned insurance companies for concluding contracts with "high risk customers", particularly the "proposals of Politically Exposed Persons (PEPs)".

Insurers should work out procedure in order to ensure that proposals for contracts with high-risk customers are concluded after approval of senior management officials. However, it is stressed that proposals of Politically Exposed Persons (PEPs) in particular, require approval of senior management, not below head (underwriting)/chief risk officer level, the regulator stated in a circular issued on Tuesday.

Irda stated that while carrying out the know-your-customer (KYC) norms, special care has to be exercised to ensure that the contracts were not anonymous or under fictitious names.

Health insurance scheme for BPL families soon

Shortly, in order to cover all workers registered with the Karnataka Building and Other Construction Workers'' Welfare Board, the Rashtriya Swasthya Bima Yojana, a health insurance scheme for families living below the poverty line (BPL) is said to be implemented which will be an additional privilege along with the pre-existing health benefits for construction workers enrolled with the board. However, under this scheme, all BPL families in five districts of Karnataka will be covered in the first leg of its execution in the State while the districts to be covered are Bangalore Rural, Mysore, Belgaum, Dakshina Kannada and Shimoga and the aim of the scheme is to provide the insurance cover BPL households from major health shocks that involve hospitalization.

Additionally, it is said to enable five members of a BPL family access to cashless treatment for up to Rs. 30,000 in any of the government hospitals in the district or an empanelled private hospital and will also be entitled to a traveling cost of Rs. 1,000 a year. However, in Karnataka, the premium for each policy has been fixed at Rs. 475, of which 75% will be paid by the Centre and remaining will be taken care off by the State Government moreover, the beneficiary of the policy pays only Rs. 30 for the smart card and it is said that the premium in Karnataka was lower than it was in States such as Haryana, where it was about Rs. 600.

IRDA to make on-line exams mandatory for insurance agents

The insurance regulator IRDA is ready to scrap the present system of manual exams for prospective insurance agents to restrain malpractices, said a senior official. After execution of the move, individuals aspiring to become insurance agents will have to go for on-line exam.

IRDA’s exam to select insurance agents is conducted by the Insurance Institute of India (III) in 325 centres across the country. Nearly 7-10 lakh individuals write the exam every year. Almost half of them are selected and given a license to operate as agents.

However, the regulator has been flooded with complaints on malpractices in off-line exams, with allegations of license being given for a “price”. The IRDA cancelled a hold of licenses last year, following such complaints.

UTI MF Declares Dividend for Fixed Income Interval Fund

UTI Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option in retail and institutional option of UTI Fixed Income Interval Fund - Quarterly Interval Plan III. The record date for dividend has been fixed as August 25, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for retail option was at Rs 10.1292 per unit while at Rs 10.1338 per unit for institutional option as on August 17, 2009.

UTI Fixed Income Interval Fund - Quarterly Interval Plan III is a debt oriented interval scheme with an investment objective to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective plan.

ICICI Prudential MF declares dividend for Interval Fund II - Quarterly Interval Plan C

ICICI Prudential Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of ICICI Prudential Interval Fund II - Quarterly Interval Plan C. The record date for dividend has been fixed as August 24, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for the scheme was at Rs 10.1607 per unit as on August 17, 2009.

ICICI Prudential Interval Fund II - Quarterly Interval Plan C is a debt oriented interval scheme with an investment objective to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities.

DWS MF Announces Dividend

DWS Mutual Fund has declared dividend under daily dividend option for the following schemes. The record date for the dividend is set as August 17, 2009.

The scheme names and the quantum of dividend as on the record date is as follows:

Scheme/Option Div Per Unit (in RS) *NAV per unit (in RS) DWS Insta Cash Plus Fund Regular Plan Daily Dividend - Non Individual 0.0009693 10.301 Regular Plan Daily Dividend - Individual 0.0009693 10.301 Super Institutional Plan Daily Dividend - Non Individual 0.00099609 10.0304 Super Institutional Plan Daily Dividend - Individual 0.00099609 10.0304 Institutional Plan Daily Dividend - Non Individual 0.00097403 10.0516 Institutional Plan Daily Dividend - Individual 0.00097403 10.0516

DWS Cash Opportunities Fund 30 Days Daily Dividend - Non Individual 0.00333562 10.0243 30 Days Daily Dividend - Individual 0.00358391 10.0243

IRDA extends time limit for collecting PAN by insurers

The Insurance Regulatory and Development Authority (IRDA) has expanded the time limit by one month to September 1 for collecting permanent account number (PAN) by Insurers. Insurance companies have to collect PAN from persons purchasing insurance policies with annualized premiums exceeding Rs 1 lakh per policy.

IRDA stated that additional time was given, as it will be difficult for many insurers to meet the deadline of August 1, 2009 for implementing its orders in this regard and requested for an extension.

According to the regulator, IT is also requested that the requirement of submitting PAN should also be relinquished in certain categories of persons such as those with only agricultural income and NRIs. The persons have no assessed income under the IT Act and hence are exempted from the requirement of PAN.

"This request has been considered and it is now decided that insurers shall insist on PAN from all persons who are required to obtain the same under the provisions of IT Act, 1961. Insurers shall however collect a signed declaration from persons exempted from the requirement of PAN, stating the provisions of the IT Act under which they have been exempted" IRDA stated in its circular.

IRDA wants actuaries to play greater function in risk firms

The Insurance Regulatory and Development Authority (IRDA) wants actuaries to play a superior role in general insurance companies. The authority has said that the appointed actuary must certify financial capability of all products.

"We have reached a situation where the role of appointed actuaries has to be enhanced significantly so that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis," IRDA said in a recent circular.

The insurance regulator has mandated that appointed actuaries should be called for all board meetings. In addition, they must help the insurer to ensure the availability of required solvency of the company at all points of time. The actuary should also inform the board wherever deficiency is noticed in solvency margins and if actions are not taken the regulators must be informed, IRDA said.

Besides, the appointed actuary should also prepare the financial condition report of the non-life insurance company, guidelines for which will be issued by the regulator shortly. Meanwhile, the new roles of the actuary will be effective from October 1, 2009.

Insurance through ATMs

Polaris Software Lab, Chennai-based financial services technology company has surfaced with a new technology to facilitate insurers to sell their products and collect renewal premium with the help of ATMs. In order to execute its solution, the company is in discussing the matter with two insurers.

SR Ramaswami, executive vice-president and head (insurance), Polaris Software Lab, said the aim is to provide customers the flexibility and convenience to take policies and pay premium in a cost-effective manner.

For example, if a customer wants to buy a travel policy, he can walk in to his nearest ATM and key in the policy requirements by using his debit or credit card. An electronic message is sent to the insurance policy system, which in turn will send the confirmation electronic message to the ATM. Once the confirmation is received, the ATM will provide a receipt that will contain details like name of the customer, country to which he/she is travelling, policy start date, end date and policy value and the type of coverage.

ICICI Prudential MF declares dividend For IPIF-AI

ICICI Prudential Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of ICICI Prudential Interval Fund - Annual Interval Plan-I. The record date for dividend has been fixed as August 21, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV of the scheme was at Rs 11.0138 per unit as on August 13, 2009.

ICICI Prudential Interval Fund - Annual Interval Plan-I is a debt oriented interval scheme with an investment objective to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities.

Edelweiss MF Announces Dividend

Edelweiss Mutual Fund has declared dividend under daily dividend option for the following schemes. The record date for the dividend is set as August 14 and 16 2009.

The scheme name and the quantum of dividend as on the dividend date is as follows:

Fund Name/options Individual/ HUF (Rs. per unit)* Others (Rs. per unit)* Edelweiss Short Term Bond Fund Institutional - Dividend Plan (Daily) 0.001206 0.001123 Retail - Dividend Plan (Daily) 0.001159 0.001123 Edelweiss Liquid Fund Retail - Dividend Plan (Daily) 0.000621 0.000621 * As on August 14, 2009

DWS MF Announces Dividend

DWS Mutual Fund has declared dividend under daily dividend option for the following schemes. The record date for the dividend is se as August 14 and 16, 2009.

The scheme names and the quantum of dividends as on the record dates is as follows:

The Scheme Date Dividend Rate Ex-Dividend NAV Applicable For DWS Insta Cash Plus Fund - Regular Plan Daily Dividend Aug-14- 2009 0.0009579 10.301 Non Individual DWS Insta Cash Plus Fund - Regular Plan Daily Dividend Aug-14-2009 0.0009579 10.301 Individual DWS Insta Cash Plus Fund - Super Institutional Plan Daily Dividend Aug-14- 2009 0.0009844 10.0304 Non Individual DWS Insta Cash Plus Fund - Super Institutional Plan Daily Dividend Aug-14-2009 0.0009844 10.0304 In

Kotak MF Revises Exit Load Structure for QIP-Series 3

Kotak Mutual Fund has decided to revise the exit load structure for Kotak Quarterly Interval Plan - Series 3 effective from August 20, 2009.

As per the revises load structure, an exit load of 1% will be charged, if redeemed anytime other than the specified transaction period for redemptions/switch-outs

Kotak MF declares dividend For QIP-Series-3

Kotak Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of KotalK Quarterly Interval Plan-Series 3. The record date for dividend has been fixed as August 20, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV of the scheme was at Rs 10.0852 per unit as on August 13, 2009.

Kotak Quarterly Interval Plan-Series 3 is an interval debt fund with an investment objective to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.

Irda wants non-life insurers to take up risk-based pricing

The Insurance Regulatory and Development Authority (Irda) has asked over non-life insurance companies to go towards risk-based pricing.

Irda said, “Ever since we moved towards a de-tariffing regime, there is a natural compulsion on the part of non-life companies to adopt risk-based pricing”.

Insurers, though are suffering with underwriting losses post de-tariffing. Insurers are providing concession in the assortment of 80-85 per cent in fire and engineering. It is not easy to measure the underwriting impact, as risk based pricing requires strong database and also various analyses regarding pricing.

“We have reached a situation where the role of appointed actuaries has to be enhanced significantly so that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis,” Irda said.

HDFC Fixed Maturity Plans - Series XI files offer document with Sebi

HDFC Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch a close ended income scheme- HDFC Fixed Maturity Plans - Series XI. The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The scheme''s primary investment objective is to seek to generate regular income through investments in debt / money market instruments and government securities.

The scheme offers regular plan as well as wholesale plan which will have growth and dividend option.

The scheme will invest 60% to 100% in debt and money market instruments (including securitised debt) while up to 40% in government securities.

The scheme will not charge any entry load. The upfront commission on investment made by the investor, if any, shall be paid to the ARN Holder directly by the investor, based on the investor''s assessment of various factors including service rendered by the ARN Holder. However, the exit load charge will be nil.

Edelweiss MF Announces Dividend

Edelweiss Mutual Fund has declared dividend under daily dividend option for the following schemes. The record date for the dividend is August 12, 2009.

The scheme name and the quantum of dividend as on the dividend date is as follows:

Fund Name / Options Individual/ HUF(Rs. per unit) Others (Rs. per unit) Edelweiss Short Term Bond Fund Institutional - Dividend Plan (Daily) 0.001215 0.001131 Retail - Dividend Plan (Daily) 0.001167 0.001131 Edelweiss Liquid Fund Retail - Dividend Plan (Daily) 0.000817 0.000817

DSP BlackRock MF declares dividend

DSP BlackRock Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of the regular as well as institutional plan of DSP BlackRock FMP-12M-Series 2, a closed ended income scheme. The record date for the dividend is fixed as August 16, 2009.

The quantum of the dividend is as follows:

Under regular plan: For individuals: Rs 0.172386 per unit, For Others: Rs 0.160444 per unit, NAV as on 5 August 2009: 10.1599 per unit.

Under institutional plan: For Individuals: Rs 0.181583 per unit, For Others: Rs 0.169004 per unit, NAV as on 5 August 2009: 10.1740 per unit.

DSP BlackRock FMP - 12 M - Series 2 has the investment objective to seek capital appreciation by investing in a portfolio of debt as well as money market securities.

IDFC MF declares dividend for FMP

IDFC Mutual Fund has declared dividend under dividend option of IDFC Fixed Maturity Plan - Yearly Series 25 (IDFC-FMP-YS25). The record date for dividend is August 17, 2009.

The quantum of dividend will be entire appreciation in NAV of dividend option since inception until record date, subject to availability of distributable surplus. The NAV for Plan A was at Rs 10.9746 per unit and Rs 11.0446 per unit for Plan B as on August 5, 2009. The investment objective of IDFC-FMP-YS25 is to generate income by investing in a portfolio of debt and money market instruments.

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Religare MF Declares Dividend For FMP

Religare Mutual Fund has declared dividend on the face value value of Rs 10 per unit under dividend option of Religare Fixed Maturity Plan-375 Days - Series XIV. The record date for dividend has been fixed as August 13, 2009. The fund house has decided to distribute 100% distributable surplus as on the record date. The NAV for regular plan was Rs 11.1104 per unit while under institutional plan was Rs 11.1775 per unit as on August 6, 2009 Religare FMP-375 Days-Series XIV is a close ended debt scheme with an investment objective to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme.

HSBC MF declares dividend under Fixed Term Series 56

HSBC Mutual Fund has declared dividend under dividend option of HSBC Fixed Term Series 56 (HFTS 56). The record date for the dividend will be August 12, 2009. The fund house has decided to distribute 100% of distributable surplus available as on record date. The dividend will be declared under Regular as well as Institutional Plans. Pursuant to the payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any).

The NAV of HFTS 56 under regular plan was at Rs 10.2789 per unit while under institutional plan NAV was Rs 10.3054 per unit as on August 5, 2009.

HFTS 56 is a close-ended income scheme that seeks to generate returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of plan.

ING MF declares dividend for Fixed Maturity Fund - Series 53

ING Mutual Fund has declared dividend under dividend option of retail and institutional option in ING Fixed Maturity Fund - Series 53. The record date for dividend has been fixed as August 12, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for retail dividend option was at Rs. 11.0649 per unit while for the institutional dividend option was at Rs. 11.0895 per unit, as on August 5, 2009.

ING Fixed Maturity Fund - Series 53 is a close-ended scheme with an investment plan of 366 days maturity, investing in a portfolio of government securities or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity.

ICICI Prudential MF declares dividend for Fixed Maturity Plan - Series 38

ICICI Prudential Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of ICICI Prudential Fixed Maturity Plan - Series 38 - Two Year Plan. The record date for dividend has been fixed as August 12, 2009.

The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for Scheme was at Rs 10.0910 per unit as on August 5, 2009.

ICICI Prudential Fixed Maturity Plan - Series 38 - Two Year Plan is a close ended debt fund with an investment objective to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the plan.

MetLife enters health insurance segment

With the launch of ''Met Health Care'', MetLife India Insurance Company Ltd (MetLife) announced its entry into the Indian health insurance sector offering its customers a daily cash benefit in case of hospitalization and a lump sum benefit in case of critical illness or accidental and permanent disability. Additionally, it is not needed for the customers to go through any medical tests to avail this plan.

Moreover, it is launched with complete training to all financial advisors across the country to provide need-based solutions to their customers and the company''s growth rate is said to have been 40% during the recession.

Life CEOs can join overseas boards: IRDA

CEOs of life companies can join as directors on boards of insurance companies overseas, as Insurance Regulatory Development Authority (IRDA) has permitted them for the same. However, IRDA has made it clear that a CEO of a life insurance firm will be prohibited from being a director on the board of any other Indian insurance company, bank or investment company, in its final guidelines on governance.

However, There is no such restriction for CEOs of non-life companies. The insurance regulator has also advised insurers to allow employees to raise concerns internally on possible irregularities in financial reporting and governance weaknesses.

All insurers have to mandatorily set-up a policyholder protection committee among other things, that will monitor miss-selling of insurance products and supervise the conduct of market intermediaries.

The objective behind the move is to ensure that investments are done in order to enable the firm to meet its cash flow and capital requirements at a future date.

Insurance sector expects growth in one year

Insurers all over the world are cautiously optimistic about the next 12 months, whereas many anticipating to observe growth. This has been emphasized by a recent joint survey by KPMG International and the Economist Intelligence Unit.

Significantly, Indian life insurance industry reported small growth of 1 per cent in premium income during the first quarter of the current fiscal, against the corresponding period of previous year.

The Economist Intelligence Unit is the business information arm of The Economist Group, publisher of The Economist. KPMG conducted their Insurance survey, "A Glimmer of Hope: Growth prospects in the Global Insurance Industry and the Escalation of Risk and Capital Management," which saw 315 industry executives being interviewed from 49 countries.

According to the results of the survey, than half executives expect an improvement in organic growth and an improvement in growth by acquisition or take-over during the next 12 months. They are also optimistic about their business prospects with respect to volumes, expense ratios and reserves. However, they are not so positive about their share valuation as only 40 per cent expected to see an improvement in valuation.

Premium collection of Bajaj Allianz reported fall in June Quarter

During the June quarter of FY 2009-10, Bajaj Allianz Life Insurance Company has reported a fall of 30 per cent in fresh premium collection.

The premium collection of the company was at Rs 577.66 core at the end of the June quarter, as compared with Rs 829.24 crore druing corresponding period of the previous year.

According to the data on performance of the insurance companies released by Insurance Regulatory and Development Authority (IRDA), 21 private sector life insurers have collected first premium of Rs 5,427.67 crore during the first quarter of FY’10 against Rs 6,795.64 crore during the same period last year, with fall of 20 per cent.

Insurance cos withdraw deep discounts on group mediclaim

Insurance companies are pulling out deep discounts on group mediclaim as premium rates in group medical cover segment are moving up, according to the general insurance industry officials. Rise in rates by companies, for covering the medical expenses of their employees, has forced general insurance companies to discontinue offering large discounts for group mediclaim cover.

Normally, insurance companies quote low rates in the first year to attract companies. In condition of incurring higher claims, they compensate losses by quoting higher premiums the next year. However, when client companies switching from one insurer to another for opportunities to slash costs and pay lower premiums, insurance companies rarely find a chance to get back their losses. This has made this segment unprofitable, said Mr M. Ramadoss, Chairman and Managing Director, Oriental Insurance Company.

ICICI Lombard looks at social sector schemes to boost biz

In view of the Union Government''s focus on financial inclusion, ICICI Lombard is looking at boosting business from social sector schemes. The company is targeting about 15% of its revenue from government-sponsored insurance schemes for the poor in 2009-10. However, last year, nearly 10% of the company''s revenue of Rs 3,748 crore came from this segment.

Additionally, private players are slowly catching up, while the four public sector insurance companies continue to be the front-runners in the distribution of government-subsidized insurance schemes. ICICI Lombard acts as the nodal agency for distribution of the Weaver''s Health Insurance Scheme and the Artisan''s Health Insurance Scheme under private-public partnership with the Union Textile Ministry.

The company also extends the Centre''s Rashtriya Swasthya Bima Yojna (RSBY) in select districts of Haryana, Rajasthan, Uttar Pradesh and Maharashtra. Additionally, it also plans to launch a health insurance scheme for betel nut growers in West Bengal in association with an NGO soon however, claims ratio in the RSBY scheme ranges between 50 and 80% for the company, while for other schemes they move between 90 and 100%.