""FLASH NEWS""

"" Listing of state general insurers may be staggered.""...""" New India Assurance launches “New India Premier Mediclaim Policy” with exclusive features and Sum Insured upto Rs. 1 crore""".... “The tentative decrease in D.A. Slabs is 9 for the months from February,2017 to April,2017 - The net number of slabs for Feb.,2017 stands at 469"".."" ALL MEMBERS OF NFGIE/GICEU: PL ENSURE PAYING LEVY ON WAGE REVISION IMMEDIATELY ON RECEIPT OF ARREARS TO THE RESPECTIVE STATE /REGIONAL UNITS TO STRENGTHEN FINANCIAL POSITION OF NFGIE AS WELL AS STATE UNITS OF GICEU""....."" WAGE ARREARS WILL BE PAID ON 05th FEB.,2016""...."" WAGE REVISION FILE WAS CLEARED BY FINANCE MINISTRY ON THURSDAY 14TH JAN.,2016 ONLY. EXPECTING NOTIFICATION AT ANY TIME. HOWEVER, ON TUESDAY 19TH JAN.2016 GIPSA GOVERNING BODY MEETING HELD AT 'GOA'. PAYMENT DATE MAY BE DECIDED BY GIPSA AUTHORITY.""..."" NEXT ROUND OF DISCUSSIONS WITH GIPSA ON 04TH, 5TH & 6TH nOV., 2015 AT HOTEL GOLCONDA,HYDERABAD- NFGIE SLOT FOR DISCUSSIONS ON WAGE REVISION WITH GIPSA AT 2 PM ON 04.11.2015""...""Received a call from Mr A K Singhal, Advisor, GIPSA to our National Federation General Secretary, Mr P S Bajpai regarding the next round of Wage Talks on 29th October 2015 (Thursday) at Mumbai. Detailed Circular follows.""..."" We have been informed by Mr. Vasant Khande,Mumbai that Mr. Ashish Shelar,MLA and BJP President of Mumbai is going to attend our NFGIE conference on 1st October,2015 in Chennai""...""Wage revision and Pension Option – Programme of Agitation::: 1. Lunch Hour demonstrations in all centres on 15th and 23rd September.2. Signature campaign (memorandum addressed to Finance Minister) to complete by 23rdSeptember.;3. No late sitting in offices and no work on Saturdays, Sundays and Holidays w.e.f. 23rd September, 2015;4. Joint Employees meetings in all offices to campaign;5. Perspective of strike actions in October ""......"23RD JULY IS NEW INDIA'S FOUNDATION DAY(23RD JULY, 1919). ON THIS HAPPY OCCASSION, LET ALL NEW INDIANS TO RE-DEDICATE THEMSELVES ONCE AGAIN TO BRING BACK IT'S GLORY AND TO RETAIN NO.1 POSITION WITH PROFITS




""NEW INDIA ASSURANCE BEATS COMPETITION, GETS $9.5 BILLION AIR INDIA DEAL. One of India’s biggest public sector general insurer, New India Assurance (NIA) led consortium of public sector insurance companies has been awarded the contract to insure Air India’s huge fleet of 126 aircrafts worth 9.5 billion dollars. The consortium outbid the tender submitted by private general insurance companies, for this contract floated by Air India. NIA will insure Air India for 9.5 billion insurance cover for a premium of $22.5 million, which would be a one of the biggest aircraft insurance deals in the whole of Southeast Asia. PSU insurers continue to insure Air India for 4th year in a row"".....""Thank u all for staging a successful DHARNA today (06.7.2015) all over India as part of JFTU programme. At Mumbai we met Chairman GIPSA who informed that ministry is insisting on wage settlement on bank line only. Still they are pursuing with the ministry for getting sanction for a better package for PSGI Companies citing various factors. Due to this GIPSA is delaying resumption of wage negotiation. More stringent TU action is needed by JFTU against Ministry of Finance stand. JFTU will decide its further programme....Than 'Q'...Sujit Bagchi,General Secretary, "NFGIE""...""


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Saturday, November 12, 2011

UNITED INDIA INSURANCE SET FOR 10% DISINVESTMENT, AWAITS GOVT. APPROVAL

DEAR ALL,
Government-run United India Insurance (UII) is geared up for 10 per cent disinvestment, whenever the government takes the call, the company’s chairman G Srinivasan said. His comment was in response to a query on reports about the centre planning to divest 10 per cent stake each in closely-held insurance companies like New India Assurance, United India, National Insurance and Oriental Insurance.

“We have not received any intimation or timeframe from the government as yet. But, we are fully geared up for the divestment process, as and when the government takes a call on that,” he said.

Meanwhile, the company, which announced the results for the first half of the financial year 2011-12, has registered a net profit Rs 341 crore for the six months ending ending September 30, against Rs 218 crore in the corresponding period last year. A fall in underwriting loss ratio (losses due to poor underwriting practices) to 82 per cent from 94 per cent last year and a reduction in management expenses helped the insurer in clocking healthy profits, Srinivasan explained.

The third-party motor pool system, in which motor insurance claims were settled according to the market share of the insurer, resulted in many non-life insurers suffering huge losses last year. UII effected an increase in its motor insurance premium, which helped in reducing its losses.

“Though, we have increased premium rates, they are still not adequate. Third-party premiums have to go up and the portfolio needs to breakeven to become viable. We hope to see a decontrol in the third-party pool to happen eventually,” Srinivasan said.

The gross premium of the company grew 27 per cent during the first half of this financial year to Rs 4,033 crore, against Rs 3,178 crore registered in the corresponding period last year. The company also saw its market share increase marginally to 14.61 per cent from 14.26 per cent in first half of last year.

Motor premium income saw the highest growth of 38 per cent in the first half of FY12 to Rs 1,351 crore, followed by health insurance, which grew 33 per cent to Rs 1,168 crore.

.......EDITOR
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