newsletter 17-23 august 2012

7/31/2019 Newsletter 17-23 August 2012

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I N S I D E T H I S I S S U E :

News Categories Page

Insurance Industry 1

IRDA Regulations 2

General Insurance 3

Global News 3

Move regulators on misconduct by professionals: Govt

to banks -Business Standard

The Finance Ministry has asked state-owned banks andinsurance companies to take up the issue of misconduct byprofessionals like advocates and chartered accountantswith their regulating bodies like ICAI.

The ministry has issued the directive to heads of publicsector banks, financial institutes and insurance companieson an observation made by Central Vigilance Commission

(CVC) which had said sometimes professionals presentmisleading reports which lead to distress assets andmisleading claims.

"Banks and insurance companies should approach theprofessional bodies with complaints of professionalmisconduct ...For suitable action," the ministry said.

The professional bodies mentioned in the communicationinclude, Bar Council of India, ICAI, ICWA and Institute ofEngineers.

The CVC had observed that "it has come to light that the

professionals empanelled by banksinsurance companiesviz advocates, engineersvaluers, chartered accountants,surveyors etc., are sometimes involved in unfair practicesincluding falsedistorted reports which ultimately lead todistressed assets of the banks or unfair claims settled ininsurance companies".

While fixing up accountability, the maximum that the bankscan do is to de-panel such professionals to futureassignments.

"Since, decisions taken based on such reports result in hugelosses to the organisations, mere de-panelment does notserve as a deterrence to such unscrupulous professions,"the Commission had observed.

The Ministry has asked the PSBs, FIs and insurance

companies to insert an "enabling clause" in the tenure ofappointment or engagement of professionals.

Source

http://www.business-standard.com/india/news/move-

regulatorsmisconduct-by-professionals-govt-to-

banks/183438/on

Finmin prods insurers, PFs to invest more in equities -

The Financial Express

The finance ministry on Wednesday urged insurers andpension funds (PFs) including the Employees' ProvidentFund Organisation to explore ways of increasing theirexposure in equities as part of efforts to lift sagginginvestor sentiment.

Senior officials of the Insurance Regulatory andDevelopment Authority, Pension Fund Regulatory andDevelopment Authority, EPFO and stock exchanges metfinance ministry officials to discuss ways of increasinginvestment in shares, an official said on condition ofanonymity.

So far, insurers have invested 10-15% of their total corpus

in equities while they are allowed to invest up to 50%, aofficial present at the meeting said. The insurance sectorhas so far invested R1.5 lakh crore in equities but a bulk ofit comes from state-owned Life Insurance Corporation andgeneral insurers GIC, New India Assurance, NationalInsurance, Oriental Insurance and United India Insurance.

EPFO, which has a corpus of R 4 lakh crore, has not easedrules for investing in equities. Though finance ministry hadallowed EPFO to invest up to 15% in equities by a 2008circular, the central board of trustees have so far notaccepted it. FM will speak to the labour minister anddiscuss the issue, the official said.

The finance ministry is pushing long-term investors likeinsurance firms and PFs to invest more in equities in orderto add depth and even out volatility in the market whichstill sways to the moods of foreign institutional investors.

Source

http://www.financialexpress.com/news/finmin-prods-insurers-

pfs-to-invest-more-in-equities/991783/0

Insurance firms, PSUs park cash in state govt. debt -

Financial Chronicle

With banks bringing down bulk deposit rates sharply

insurance companies and public sector corporates have

shifted to state government development loans for parking

their funds.

Insurance Institute of IndiaG Block, Plot No. C-46, Bandra Kurla Complex,

Bandra (East), Mumbai 400051.

Insurance Industry

Weekly e-Newsletter 17th 23rd August, 2012
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Insurance Institute of India

Issue No. 2012/32 Page 2

At Tuesdays state development loan auctions, non-lifeinsurance companies and public sector companies madetheir rare presence in the auctions as non-competitivebidders. Bids by entities other than banks and primarydealers are treated as non-competitive bidders in thegovernment borrowing auctions. Non-competitive biddershave seldom participated in the primary auctions of statedevelopment loans (SDL). They have instead preferred tomake the purchases from the secondary markets. SDLs are

sovereign guaranteed 10-year tenure market borrowingsby state governments.

At Tuesdays auctions, against the borrowing of Rs 5190crore, bids from non-competitive bidders were almost Rs200 crore, all of which was accepted by the RBI. The issuewas modestly oversubscribed by banks and primarydealers by 1.02 times. But traders said, the weighted yieldswere largely down on account of the low bids made by thenon-competitive bidders. The traders said that theweighted average yield at the auction was 8.92 per cent.

Most non-competitive bidders had quoted far lower yieldsof about 8.8 per cent, the traders said. It was the banks andprimary dealers that had pitched for the bonds at yieldsranging from 8.9 per cent to 8.95 per cent. This was about75 to 80 basis points more than comparable sovereignborrowings.

Federal Bank president treasury, Ashutosh Khajuria said,The non-competitive are those that had parked funds inbulk fixed deposits with the banks. They have shifted tosovereign guaranteed securities. Public sector banks have

stopped renewing bulk deposits in view of the financeministry fiat. The directive wants banks to limit bulk funds

to just 15 per cent of their aggregate deposits.

The purpose of non-competitive bidders purchases ofSDLs, however, was not to book earnings by way of

interest flows, traders said. Instead the focus was to bookprofits through capital gains. Khajuria said, The system isflush with the cash and therefore investments are indemand. That banks were flush with cash was also

apparent from their overnight borrowing positions fromthe Reserve bank of India. Overnight borrowings againstcollateral of government securities was Rs 38,965 crore orabout 0.7 per cent of the aggregate deposits.

However, the surfeit of cash in the banking system was

largely on account of low credit off take from the bankingsystem. This year so far credit has remained low. Mostcredit off take was only for working capital. The demandfor working capital in turn reflected in high short-termyields. Short-term yields as reflected by the 91-dayTreasury bills was 8.23 per cent or higher than the 10-yearbench mark securitys yield of 8.17 per cent.

The traders said that part of the large off take of workingcapital was largely by buyers of petroleum and coal. Theincreased draw down in working capital by petroleumcompanies were partly on account petroleum price spikes.Crude petroleum import basket prices are presently $114 a

barrel. Besides coal importers have also stepped uppurchases to replenish stock yard positions and also takeadvantage of the current low prices. International thermal

coal prices are presently $89 a tonne. But term credit,offtake outlook remained low. A public sector bank officialsaid that there were also little credit sanctions in thepipeline, implying that government security prices couldfirm up further in the coming weeks.

Source

http://wrd.mydigitalfc.com/news/insurance-firms-psus-park-cash-state-govt-debt-722

Regulatory help to the aged available - The Times of

India (Delhi edition)

The regulatory body for governing the insurance industryviz. the Insurance Regulatory and Development Authority(IRDA) has been found to be highly sensitive to the specialneeds of senior citizen policyholders. It has always been

intervening proactively with all the private players and theministries concerned to provide a healthy environment forthe elderly in India. Its regulatory actions have always beenbenevolent. For example, in the financial year 2006 - 2007when some insurers drastically raised hospitalizationpolicy premiums, it laid down a cap for such revision. Theaim was to support the industry as well as provide benefitsto the end consumer.

Later, a committee on health insurance for senior citizenswas constituted to go in to the special requirements thatthe elderly have, as the industry would not haveundertaken such an exercise. The elderly do not earn much

and therefore do not constitute the premium end of themarket. Owing to this, they are left at the bottom of thespectrum and largely ignored by the insurance industry.

It is up to the regulator to ensure that not only does theprivate sector is obliged to allocate resources towards theelderly but also provide them peerless service whiledoing so. Incidentally, a large number of recommendationsof this committee were implemented by the ministry offinance and instructions had been sent out accordingly.

IRDA has also issued instructions about health insurancefor senior citizens to insurance companies so thatindividuals should be allowed to buy new health insurancepolicies up to the age of 65. Any rejection of a proposal forhealth insurance of a senior citizen should be in writing tothe applicant providing reasons for the same. A seniorcitizen policyholder should be given an option to changehis TPA wherever practicable.

At least, 50 per cent of the cost for pre-insurance medicalexamination may be reimbursed where the risk is acceptedby the insurer. No insurer can refuse the renewal of ahealth insurance policy except on grounds of a) fraud b)moral hazard or c) misrepresentation.

Source-

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=CAP/

IRDA Regulations
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2012/08/21&PageLabel=13&EntityId=Ar01302&ViewMode=HT

ML

Maharashtra govt to pay crop insurance premium offarmers - The Hindu Business Line

The state government will spend Rs 23 as premium toinsure crops of 137 lakh farmers in the state, the stategovernments agricultural department said here today.

An official at the divisional agricultural office here said thata sum of Rs 3151 lakh has been already been provided asinsurance premium for farmers whose crops will beinsured during this year against any eventuality.

The programme known as Shetkari Janta Abghat Vima

Yojana has been continued by the state government thisyear as well. Crops of a total of 48.95 lakh farmers fromKonkan and Pune division have been insured after payingRs 1125.85 lakh as insurance premium.

In Amravati and Nagpur, a total of 28.05 lakh farmers havebeen insured at a premium of Rs 663.55 lakh and in Nashik,25.95 lakh farmers have been insured at a premium of Rs596.85 lakh.

In the Aurangabad division, 33.25 lakh farmers benefitteddue to the state government paying their insurancepremium amounting to Rs 764.75 lakh, the official said.

Source

http://www.thehindubusinessline.com/news/states/article3785

442.ece

General insurers told to have a common underwriting

manual - Business Standard

In a move to contain the losses inherent in the third-partymotor insurance portfolios, the finance ministry has askedthe four state-owned general insurers to prepare acommon underwriting manual for declined risk pool by theend of August for the next financial year.

The move is aimed at ensuring that the risk avoided by onepublic sector undertaking (PSU) does not get transferred toanother PSU insurer. Besides, this would also ensure all thefour insurers follow a uniform underwriting practice.

Four state-owned non-life insurers National InsuranceCo, Oriental Insurance Co, New India Assurance and UnitedIndia Insurance account for more than 55 per cent of the~58,000 crore general insurance market in India.

The ministry has also directed no brokerage orcommissions would be payable for vehicles more than 10years old. In case of vehicles more than seven years of age,

commissions or brokerage shall be restricted to five percent of the own-damage (OD) premium. No commissions orbrokerage shall be payable for vehicles of more than 10

years of age, the ministry said in a recent communication

to the PSU general insurers.

The ministry is discouraging us from insuring older

vehicles as the claim ratios for these vehicles are high.Private players are already avoiding insuring vehicleswhich are more than five years old. As such, all these riskswould go to the (declined) pool, said a senior official at a

state-owned general insurance company.

Motor portfolio, which constitutes around 43 per cent ofthe total premiums, has always been the Achilles heel forthe general insurance companies in India due to inherentlosses on account of commercial third party losses. Theclaims ratio is estimated at 153 per cent, which means forevery ~100 premium collected, the claims paid is ~153.Besides, the premiums for the commercial third party israted.

The latest diktat of the ministry is aimed at bringing down

the loss ratios in motor portfolio in these companies tobelow 100 per cent and make it profitable.

Total premiums collected by the general insurancecompanies stood at around ~58,300 crore during 2011-12,of which motor premiums constituted ~24,000 crore.Typically, third party liability accounts for 35 per cent ofthe total motor premiums. The industry took a hit of~8,000 crore last year on account of commercial thirdparty motor pool losses.

In a bid to distribute the losses among the insurers,IndianMotor Third Party Insurance Pool (IMTPIP) was created in

April 2007, for commercial vehicle third-party insurancebusiness. The share of each insurer was decided accordingto their overall market share of all lines of business.

However, due to mounting losses, last December, theInsurance Regulatory and Development Authority decidedto do away with the existing commercial third party motorpool and said the pool would be dismantled on a clean-cutbasis, where the losses from 2007-08 to 2011-12 would beshared in accordance with the new loss ratios according tothe regulator, in the region of 153-213 per cent.

Source

http://www.business-standard.com/india/news/general-

insurers-told-to-havecommon-underwriting-manual/483871/

UK

Brokers under increased pressure for HNW market

share

Brokers are coming under increasing pressure from thecompetition for market share in the high net worth (HNW)space, an independent research firm has revealed.

Defaqtos High Net Worth Home Insurance Guide, whichwas published today, said that while the market has been

General Insurance

Global News
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dominated by the intermediary sector, a clear challengehad emerged from banks and direct providers capitalisingon brand recognition and customer knowledge in recentyears.

But the report said that intermediaries will continue tothrive in the sector if they continue to focus on providingclients with top personal and professional advice.

The study reported significant growth in the number ofproviders and products in the market, underlining theopportunities for intermediaries and providers alike.

The HNW market has reported a 41% increase in providersand a 28% rise in products between 2008 and 2012, saidDefaqto.

To meet this growing challenge, it is important for

intermediaries to emphasise their unique selling points andbecome more aware of their competitors offering in

particular, they should focus on the bespoke needs of HNWindividuals to appropriately position features and benefitsthat meet the unique requirements of their clients, thereport said.

The report found that standard basis of cover for buildingsand contents is now on an all risk basis for 100% of

policies, compared to 83% in 2008.

Meanwhile for standard basis of cover for valuables, 97%of policies now offer cover on an all risks worldwidebasis , versus 71% in 2008.

More than half (56%) of policies now offer alternativeaccommodation for up to three years, compared to 29% in2008, the report revealed.

Where cover for money within the home was concerned,more than one quarter (28%) of this years policies provide

between 7,500 and 15,000 of cover for money kept in asafe, compared to just 8% in 2008.

Defaqtos insight analyst for general insurance Mike Powell

said: The dominance of intermediaries in the high networth home insurance market is clearly being tested asmore banks and direct providers enter the frame.

In some respects, however, the entrance of banks anddirect providers can be seen as good news for theintermediary sector as more competition providesopportunities for intermediaries to raise their profile.

Source

http://www.insurancetimes.co.uk/brokers-under-increased-

pressure-for-hnw-market-share/1398270.article

Insurance fraud falls 16% in second quarter of 2012

Attempted insurance fraud dropped by 16% between Apriland June 2012, the latest research by data services

provider Experian has revealed.

A total of 10 out of every 10,000 applications for insuranceproducts were fraudulent during that period versus 12 outof 10,000 over the same period in 2011.

Experians latest fraud index revealed that main offenders

were first party fraudsters, who accounted for 86% of allattempted fraud.

Overall there was a 3% year-on-year decline in attemptedfraud across all financial services products.

Automotive finance and insurance providers experiencedthe biggest falls, while the mortgage industry suffered a23% jump in fraud in the second quarter of 2012 andsavings accounts were up 109%.

Experian UK and Ireland director of identity and fraudservices Nick Mothershaw said: Robust fraud prevention

relies on thorough and efficient validation of customersidentities and the information presented on the application

form.

It is vital that finance providers share comprehensive and

timely information about finance applications and knownfrauds to help combat this common threat to the industry.

Source

http://www.insurancetimes.co.uk/insurance-fraud-falls-16-in-

second-quarter-of-2012/1398268.article

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Newsletter is for Private Circulation only intended to bring weeklyupdates of insurance related information published in various medialike newspapers, magazines, e-journals etc. to the attention of

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newsletter 17-23 august 2012

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