""FLASH NEWS""

"" State owned New India Insurance provides for second opinion coverage, but on a case by case basis. "We still don't see second opinion as a major push factor in healthcare. But if a treatment warrants second opinion, we would cover it," G Srinivasan, CMD, New India Assurance said""....""FROM NOV.,2014 SALARY ALL PSU EMPLOYEES WILL GET 49 SLABS D.A."" HAPPY TO INFORM YOU ALL DUE TO CONTINUOUS EFFORTS PUT IN BY 'NFGIE', THE 'GIPSA' INSTRUCTED MEMBER COMPANIES TO TREAT "MBA" MARKS AS TECHNICAL QUALIFICATION INSTEAD OF ACADEMIC QUALIFICATIONS IN THE CURRENT YEAR PROMOTIONAL EXERCISE""...Hats off to "NFGIE"..."" Current year promotional exercise be over by 31st October, 2014. Current exercise will be on existing policy.Demanded full committee discussion in next round.""".DA INCREASED BY 34 SLABS FROM 1STaUG 2014"".''EPF Interest may be raised to 9 % for the year 2014-15 – EPF Interest for 2013-14 is 8.75%""...""INCOME-TAX SLAB MAY RAISE TO RS.3 LAKHS FROM EXISTING RS.2 LAKHS IN THE ENSUING BUDGET SESSION"".. PROPOSAL OF REVOKING TO 6 DAYS WEEK WORKING IS DROPPED BY MINISTRY""... "" 'NFGIE' IS VIGOROUSLY PURSUING ABOUT LONG PENDING WAGE REVISION FOR ALL 'PSU' GENERAL INSURANCE EMPLOYEES WITH CHAIRMAN,GIPSA AND FINANCE MINISTRY, IN THE WAKE OF FORMING OF NEW GOVERNMENT AT CENTER.....UNDERSTAND FROM RELIABLE SOURCES THAT "CHAIRMAN, GIPSA" IS ALSO VERY KEEN ON THIS MATTER. AND VERY SHORTLY ALL THE CHECK-OFF QUALIFIED UNIONS WILL BE CALLED FOR FURTHER NEGOTIATIONS"" . ... "" New India Registered 15% growth in premium; Premium in India : Rs.11540 Cr.; Global premium:Rs.14304 Cr. and profit after tax Rs.1089 Cr. for 2013-14 (.)""..."" United Registered a premium of Rs.9708.93 Cr with a net profit of Rs.527.60 Cr (previous year Rs.527.33 Cr.) for 2013-14 F.Y.-Growth rate @ 11%; The board has recommended a dividend of 20%for 2013-14(.)"" PF Election Result Declared in NEW INDIA our "NFGIE" Panel 2, 5, 7 & 8 win WITH THUMPING MAJORITY DETAILS as follows: BALLOT NO1089 ., NAME, NO. OF VOTES SECURED RESPECTIVELY:- 2 VITTHAL CHAVAN 8135; 7 ANIL SONAWANE 8114; 8 VENKITASUBRAMANIAN 8109; 5 RAVI SAWANT[V.A.] 8013; NOW "BVKS PANNEL" WHO LOST THE BATTLE ONCE AGAIN : 1 VIJAY AGATE 7431; 3 VIJAY DICHOLAKAR 7020; 4 SASI P R 6996; 6 DR AMRISH SINHA 6959. WE EXPRESS OUR SINCERE THANKS AND GRATITUDE TO ALL WHO SUPPORTED "NFGIE PANNEL" GOT ELECTED WITH THUMPING MAJORITY AND REPOSED CONFIDENCE IN 'NFGIE' WHO ONLY CAN PROTECT HARD EARNED PROVIDENT FUND OF EVERY NEW INDIAN.""

"" Insurance companies offer cover for second medical opinion""..""RBI ALLOWS FPIs/FIIs and NRIs TO INVEST UP TO 26% UNDER THE AUTOMATIC ROUTE SHALL BE PERMITTED IN THE INSURANCE AND ALLIED ACTIVITIES...W.E.F. 4TH FEB.,2014 ""...."" The AICPI for Jan., 2014 :237 and for Feb.,2014 at :238 points, For March expected 239 points.."".."" The country's largest non-life company — New India Assurance — will soon seek the regulator's approval to sell a combined policy that covers personal accident, household and health insurance.""...."Retirement fund body Employees Provident Fund Organisation (EPFO) on Monday(14TH JAN.,2014) announced a rise in interest rate on provident fund (PF) deposits to 8.75 per cent for 2013-14, to benefit 50 million subscribers""..... "" SERVICE IS THE GATE WAY TO GROWTH "".."23rd JULY IS NEW INDIA'S FOUNDATION DAY(23rd JULY,1919)""..""WHETHER CLIENT IS BIG OR SMALL SERVE TO ALL""..

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Tuesday, November 4, 2014

New India Assurances advises AP government to take disaster cover

Dear Friends, 
General insurance company, New India Assurance has advised the Andhra Pradesh government to take disaster cover for losses arising from the severe catastrophe as it located in coastal region.
Disclosing this, G Srinivasan, CMD of New India Assurance said, "We have proposed the state government to cover for loss of life and personal property." 
The states bordering the coastal area are usually victims of cyclones and floods and state insurance companies are often forced to speed up the settlement by government with minimum documentations. The suggestion is made to ensure that even those who have not taken insurance would be covered if the state government takes a universal cover. The move may also be triggered by the Jammu & Kashmir High Court ruling that said that insurers should settle claims immediately before conducting surveys in J &K floods. 
Srinivasan said that insurers expect claims to be in the range of Rs 3000 crore for floods in Jammu & Kashmir and Hudhud Cyclone in Vizag. He added that they may not be many claims on account of Cyclone Nilofer which hit Gujarat since it is not too severe. 
"We have received 2800 claims valuing Rs 200 crore for floods and Rs 800 claims valuing Rs 300 crore for the cyclone," said CMD. New India Assurance will suffer a loss of Rs 50 crore each due to cyclone in Vizag and floods in J &K. "Almost 80 per cent of the claims in J & K have been paid and nearly 50 per cent of the claims in Vizag have been paid in insurer," he said declaring half yearly results. 
New India has reported a 40 per cent growth in net profit to Rs 899 crore for the first half year ending September 2014. The global premium rose 12 per cent to Rs 7728 crore and its market share improved to 16.5 per cent. The underwriting losses stood at Rs 1060 crore against Rs 915 core a year ago. 

"The company is aiming at 15 per cent growth this year. As of now retail is driving the growth but we do expect growth in engineering as we see lot of confidence coming back in the economy," Srinivasan said. 

...EDITOR

General insurers mull hiking premia for natural disasters


Dear Friends,
After the recent J&K floods and Cyclone Hudhud which battered Andhra Pradesh and Orissa coasts, taking a heavy toll on the profitability of non-life insurers, the industry plans to increase premia under the catastrophe category. 

General insurers are likely to take a hit to the tune of Rs 4,000 crore from both these calamities. Though Cyclone Nilofar weakened, they have already kept their capital reserved to settle claims in this case too, industry sources said here today. "There may be a big hit to bottom lines due to recent floods and cyclones, but there will not be a big problem if the economy picks up steam. The first half is traditionally a lean period and the actual business will start coming in the remaining period of the fiscal only," General Insurance Council secretary general R Chandrasekharan said here today. 

"We are worried about Cyclone Nilofar. I hope that it will not cause damages on the Gujarat coast," New India Assurance chairman G Srinivasan said while speaking to media on the sidelines of an insurance summit held by Asia Insurance Post in Mumbai. United India Insurance chairman Milind Kharat already hinted that his company might increase premia in certain catagories of products in the light of losses borne by the company due to floods and cyclone. 


Private non-life insurer SBI General Insurance, which reported a 22 per cent spike in premium income in H1 of the current fiscal, against the industry growth of 10 per cent, said that its topline growth may take a hit due to the two recent two catastrophes, SBI General Insurance Managing Director and Chief Executive Bhaskar J Sarma said.
.......Editor

Insurance Bill to be taken up in current Winter Session

Dear Friends,

The long pending Insurance Bill, which seeks to raise FDI cap in the sector to 49 per cent, is expected to be taken up in the forthcoming Winter Session of Parliament. "The Select Committee is looking into the Bill. We will take it up in the Winter Session," a top finance ministry official said. 

The reform, according to experts, is expected to increase the flow of foreign investment to the tune of Rs 25,000 crore into the private insurance companies. The move would help insurance firms to get much needed capital from overseas partners. There are about two dozen private sector insurance firms both in life and non-life segment. 

The Insurance Laws (Amendment) Bill, which proposes to hike the FDI limit in the insurance sector to 49 per cent, has been caught in a logjam with the Congress-led opposition insisting that it be referred to a select committee. Bowing to opposition pressure, the government had in August agreed to refer the controversial Insurance Bill to the 15-member Select Committee. 

The committee is expected to submit its report by the third week of November. In his Budget 2014-15 speech, Finance Minister Arun Jaitley had said that the insurance sector is investment starved and there is a need to increase the composite cap in the sector to 49 per cent, with full Indian management and control, through the FIPB route.......EDITOR

Tuesday, September 2, 2014

"MBA" marks accepted by GIPSA as Technical Qualification

Dear All,

Upon continuous efforts/follow-up by Mr. Sujit Bagchi, General Secretary, National Federation of General Insurance Employee, Mumbai (our apex body) with "GIPSA" management, at last GIPSA decided to continue to treat "MBA" marks as Technical Qualification for the current promotional exercise.  This a great boon to aspirant promotees.

Wishing all the best to promotion aspirants.

With Warm Greetings,

M. HANUMANTHA RAO              T. GOPALA KRISHNA
PRESIDENT-GICEU-AP        GENERALA SECRETARY-GICEU-AP

Sunday, August 10, 2014

"" P L L I ""


Dt. 06.08.2014
To
The General Secretary/Working President
NFGIE :HO

Dear Sir,

Recently our Director-General Manager Mr.K Sanath Kumar  released administrative Instructions on Payment of Profit Linked Incentive Scheme for the year 2012-13 along with the list of eligible few  offices under respective Regional Offices.

We all are well aware of the fact that Trade Unions are demanding for Profit Linked Incentives to all the employees in the Industry irrespective of cadre and class.

Basing on Trade Unions demand the  PLLI was distributed to all employees only once earlier somewhere during the period 1991-1994 after the  Wage Revision.  Having agreed by GIC/GIPSA  instead of continuing the same on yearly when ever company showing profits, but management  stopped  the benefit by putting several conditions.

Members are demanding for PLLI to all  basing on the over all performance of the HO not on  selected operating  individual offices.  We are also suggesting that as the name itself "Lump sum Incentive" which is invariably has   to be distributed all the employees equally and an additional top-up-amount can  be given selected offices where fulfill the PLLI criteria.  Amount is not criteria but profit of  over all New India should be given to all the employees which will give moral boost up to all the employees.

Recently our HO management instructed all the Regional Office granted Rs.200/- each employee as a token of small treat on the occassion of 96th foundation dayEvery employee of this industry was happy with this but no body count about the money.

Please take up the issue suitably with HO management as well as GIPSA there is the need to make it an annual feature hereafter in the interest of the welfare of the organization.

टी. ग़ोपाला कृष्णा
T.Gopala Krishna
General Secretary