""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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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