Govt. may infuse Rs. 2,000 crore in loss- making non-life PSUs :
The Central government is likely to come out with a proposal for recapitalization of loss-making public sector non-life insurance companies. The department of financial services has been asked to prepare a plan, which sources said would require about Rs. 2,000 crore infusions in the near future.
There is a fear that if corrective steps – including pumping in of fresh capital – are note taken, these companies may have to reduce the scale of their business, said a source.
SBI Okays 4% stake–sale in general insurance subsidiary for Rs. 482 crores :
State Bank of India recently approved the sale of 4 per cent stake in SBI General Insurance for Rs. 482 crores to two alternative investment funds (AIFs)
The Executive Committee of SBI approved the sale of 86.2 lakh shares of Rs.10 each, equaling to 4% stake in its subsidiary SBI General Insurance Company Ltd.(SBI GI) for Rs.482 crores (around USD 66 million), SBI said.
New Opportunities AIF–I and PI opportunities Fund–I, an AIF of Premji Invest, will purchase 1.65 per cent and 2.35 per cent stake, respectively, from SBI. The proposed transaction values SBI GI at over Rs. 12,000 crore
After completion of the transaction, SBI will hold 70 per cent stake in SBI GI, while its joint venture partner IAG International PTY Ltd. will continue to hold 26 per cent.
IRDAI allows consumers to buy single personal cover for multiple vehicles :
From January1, policyholders will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy, as per a notification issued by IRDAI.
Currently, a vehicle buyer has to buy a CPA for every vehicle purchase. In September this year, the IRDAI had raised the minimum insurance cover for owner driver to Rs. 15 lakh for an annual premium of Rs. 750.
Since a general personal accident cover also includes cover against motor accidents, if an owner driver already has a 24 hour personal accident cover against Death and Permanent Disability (Total and Partial) for CSI of at least Rs. 15 lakh, there is no need for a separate CPA cover to be taken, said the notification of IRDAI.
Many US Citizens spent last year without buying insurance :
2018 saw many Americans going without the insurance cover as they could not afford the cost of the cover. The insurance cover was too expensive for them to buy. For most of Americans, Health Insurance remained top on their agenda.
Many people weighed the health benefits against the financial burden of purchasing insurance. Most decided to risk it, betting that going without made more sense than paying for coverage. Insurance has been high on agenda of all political parties in USA due to rising healthcare costs,