Mon, Feb 20, 2017 | updated 02:19 PM IST

Six new players likely to enter reinsurance market in India by January 2017, says IRDA chief

Updated: Sep 17, 2016 12:12 IST

New Delhi [India], Sep 17 (ANI): Up to six new players in the reinsurance market are likely to enter India by January 2017, the Insurance Regulatory and Development Authority of India (IRDA) chief TS Vijayan, said at an ASSOCHAM event.

"About five-six (companies) have come and I think by January 2017, there should be some players in this market, we will be taking a decision in October in the next authority meeting, then they have to bring capital and start working at it," said Vijayan.

He also said that IRDA would finalize the regulations pertaining to payment of commission or remuneration to insurance agents and intermediaries in October.

"We discuss with everyone, we bring the draft, people give their feedback on it and we again discuss that thing. Then it is taken to Insurance Advisory Committee, looking at suggestions, they suggest it and then it goes to the authority," he added.

"In the previous Act itself there was a provision for listing, this was changed, we wanted to have a discussion on this subject, so we brought out a paper and companies have expressed that thing, so let us see how it goes forward," Vijayan added.

He said also that IRDA has not fixed any time-frame for the final regulations. "I believe that discussions are going on how to list general insurance companies, all five to six of them."

He added that considering about five months are still left in this financial year, listing of more PSU insurance companies was possible. "It is possible but I am not too sure, we have not got any official paper, it is in the discussion stage but nobody has approached us."

On the issue of insurance marketing firms, he said "We have allowed to them sell up to three companies' product, these are evolving processes."

He said that though insurance industry in India has grown in terms of premium collections from Rs. 45,000 crore in 2000 to Rs. 4,63,000 crore in 2015-16, insurance penetration against world average and other Asian countries highlight much more ground to be covered.

"We need to focus on number of lives or risks covered, spread across geographies, gender and level of insurance coverage, as clearly indicated by around 0.7 percent only insurance penetration observed for Indian general insurance industry against world average of 2.77 percent," said Vijayan.

"Imparting financial literacy, incentivising Indian households to transfer savings from physical assets to financial assets and effective distribution among rural areas are expected to bring more and more individuals within insurance ambit," he said.

Vijayan also said that multiple models and approaches are vital to ensure last mile connectivity and reach of insurance services to address diverse social, cultural, geographical features of rural India.

He said that innovation in products, their distribution should be made in a manner that people are encouraged to buy insurance cover by realizing benefits, requirement and necessity. "An environment must be created to facilitate the same by expanding distribution reach and improving accessibility options to consumers by optimal usage of technology."

In his address at the ASSOCHAM conference, SK Roy, chairman, Life Insurance Corporation (LIC) said, "For the life insurance industry these are the best times, as the current financial year has seen fantastic growth, August 2016 has seen stupendous growth as LIC's new business premium grew by more than 92 percent for August."

"We have yearned for long for this type of growth but seen very rarely, so definitely this is the very good time to be in the life insurance industry," said Roy.

"Going forward, industry will be working on a more stable platform of regulations than it was in last 12-18 months, that is also a very positive feature," added the LIC chief.

CV Rao, Governor of Maharashtra while addressing the ASSOCHAM conference, said that with new insurance policies and various other steps being initiated by the government coupled with India's demographic dividend, it will further push the country's economy on growth trajectory.

"As a country with more elderly population and growing middle class, there are plenty of business and opportunities for growth of insurance sector in India," said the Governor of Maharashtra.

"The going for most of the general insurance players has been tough as they operate in a highly competitive environment. Going forward, the route to profitability should be chartered by addressing issues of distribution channels, products, customer acquisition through greater product awareness, pricing, risk management and leveraging of technology," said President of ASSOCHAM, Sunil Kanoria. (ANI)

New Delhi [India], Feb 20 (ANI): India-born chief executive of Microsoft Satya Nadella on Monday said that the company is very excited about the potential of augmented reality along with Microsoft's Cortana's AI offering, which has the capability to do human-level speech recognition.

Full Story >>

New Delhi [India], Feb 20 (ANI): India's top mobile balance management service app True Balance on Monday announced that it has raised a sum of Rs. 100 crore in Series B round of funding from Softbank Ventures Korea.

Full Story >>

New Delhi [India], Feb 20 (ANI): Global OTT leader in South-Asian content YuppTV on Monday announced that it has entered an exclusive partnership with ETV Telugu in the United States.

Full Story >>

New Delhi [India], Feb 20 (ANI): Connect Broadband, the telecom arm of the Videocon Group and market leader in broadband in Punjab has collaborated with Indian mobile wallet major 'MobiKwik' to offer and promote cashless digital transactions.

Full Story >>

New Delhi [India], Feb. 19 (ANI): CAclubindia's Goods and Services Tax (GST) app became the number one app on GST on Google Play Store, with a successful 85,000 plus downloads within a month's time, scoring an average of 4.4 rating by over 700 users.

Full Story >>

New Delhi [India], Feb. 19 (ANI): Indian food processing sector has the potential to attract USD 33 billion of investment and create nine million jobs by FY 2024, revealed an ASSOCHAM-Grant Thorton Research paper.

Full Story >>

New Delhi [India], Feb. 19 (ANI): ONE Co.Work, the end-to-end co-working space provider, announced the launch of its Gurugram-based co-working office on Saturday. The event received a phenomenal response from the start-up community, investors, freelancers, and bloggers, and was also attended by several industry veterans.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Khadi and Village Industries Commission (KVIC) which has, in the last six months, bagged large orders from several public and private sector companies since the Narendra Modi government came to power, has bagged the largest ever order from the Ministry Of Health on February 16, 2017.

Full Story >>

New Delhi [India], Feb. 18 (ANI-BusinessWire India): Working towards its vision of enhancing the employability of youth by skill development, CMC Skills Pvt. Ltd. in consortium with Mitcon Consultancy Services Limited was recently selected by Jharkhand Skill Development Mission to Establish and Operate Mega Skill Development Centre in Jharkhand on PPP mode.

Full Story >>

New Delhi [India], Feb. 18 (ANI): The 10th council meeting of the Goods and Services Tax (GST) to vet the draft supporting legislations crucial for its implementation has begun at Udaipur here today.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Delay in resumption of imports by Iran is likely to hinder the recovery in Indian Basmati rice exports, says credit rating agency, ICRA, in its latest update note on Indian Basmati rice industry.

Full Story >>

New Delhi [India], Feb 17 (ANI): Spice Digital Limited, a part of Spice Mobility group has joined hands with MoMagic Technologies to introduce a new product named 'AdGyde'. AdGyde is a real time, mobile App Analytics and Attribution Solution for the App developers and marketers.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): The State Government of Victoria hosted a delegation of India's leading Creative Industries for the first time in Melbourne from the 14th 16th of February. The delegation explored business opportunities against the backdrop of the inaugural Asia-Pacific Triennial of Performing Arts (Asia TOPA).

Full Story >>

New Delhi [India], Feb 17 (ANI): The Reserve Bank of India (RBI) on Friday

Full Story >>

New Delhi [India], Feb. 17 (ANI): State Bank of India (SBI) on Friday played host to senior commercial bankers from Egypt at a Strategic Training Unit (STU) organized for the Egyptian bankers who were in India on a study tour on MSME units in the country.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): CA Technologies today announced it has appointed iValue InfoSolutions as a Value Added Distributor (VAD) for India and the South Asian Association for Regional Cooperation (SAARC) region to grow the mid-market segment and address customers' needs in their digital transformation journey.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): LexisNexis® India (www.lexisnexis.co.in), a leading provider of content and technology solutions, and Legasis Services Private Limited, a provider of integrated legal and information technology solutions specializing in the compliance domain for corporates, announced the launch of Enterprise Compliance Management Module for Ecommerce, Pharmaceuticals and IT/ITESin its Lexis®Practical Guidance portfolio. Lexis® Practical Guidance's Enterprise Compliance Management module is an incredible risk and compliance tool kit designed to help legal professionals in different industries. With clear, concise notes written by leading experts in compliance, spelling out exactly what needs to be done in practical terms, the module provides all sorts of forms, checklists, templates, precedents, policies, registers and examples that are required by any legal professional for compliance management right, and always in line with the latest changes in the law and the marketplace.

Full Story >>

New Delhi [India], Feb. 17 (ANI-BusinessWire India): RICS has launched Emerging Leaders Program (ELP) - a one-year executive program designed for mid-career to senior professionals in the real estate, construction, and infrastructure sector.

Full Story >>

New Delhi [India], Feb. 17 (ANI): Citizen engagement platform LocalCircles , via a survey, revealed that out of the 8, 715 participants, 68 percent said that majority of their transactions are now happening in cash. Only 32 percent said that they still prefer using debit or credit cards as well as other forms of digital transactions to make payments.

Full Story >>

Somany upgrades its mobile app in offline mode

Updated: Feb 17, 2017 15:05 IST

New Delhi [India], Feb. 17 (ANI-BusinessWire India): Somany Ceramics, a leading brand in the Tiles, Sanitaryware and Bath Fittings industry has recently upgraded its mobile app, enabling customers to browse content even in its offline mode. The app is a one-stop destination for users who are interested in tiles, sanitary ware, bath fittings and other ancillary products.

Full Story >>