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UTI Bank hosts Utsav in Hyderabad
Hyderabad: The UTI Bank hosted a three-day property show-cum-housing mela in Hyderabad, titled 'UTI Bank Gruha Utsav' at Jaya Gardens between December 2-4.

The housing mela featured some of the premier construction companies and their projects, in and around the city as well as free vastu advice by Vastushiromani, K.L. Vishwakarma, and free legal advice on property matters by advocates.
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State insurers incur loss in insuring Reliance Infocomm handsets
New Delhi: The National Insurance Company and Oriental Insurance Company have suffered a loss of Rs142.63 crore as they extended their tailor-made insurance polices to the mobile handsets of Reliance Infocomm without risk analysis and reinsurance protection.

NIC and OIC have so far suffered a loss of Rs142.63 crore (NIC Rs126.58 crore and OIC Rs16.05 crore) while General Insurance suffered a loss amounting to Rs41.37 crore, on the basis of paid and outstanding claims and expenses.

While underwriting the unconventional policies, which had serious financial implications, the operating officers did not exercise due diligence and caution and did not ensure the compliance of guidelines issued by IRDA, General Insurance Public Sector Association and the Head Offices of NIC and GIC, which resulted in the loss.

No responsibility has been fixed for the regional or divisional offices having exceeded their powers and exposing the companies to such heavy risk and loss.
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MetLife enters into bancassurance tie up with Jammu rural bank
New Delhi: MetLife India Insurance has tied up with the Jammu Rural Bank to sell its life insurance products.

MetLife will sell insurance products through the bank's 90 branches in the districts of Jammu, Kathua, Poonch and Rajouri, the company said.

MetLife has a similar tie-up with J&K Bank.
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Maruti insures more than two million vehicles
New Delhi: Maruti Udyog has crossed the two million vehicles mark with its motor insurance policy through 'Maruti Insurance', generating approximately Rs1,600 crore of premium income for its different insurance partners.

Company officials said, "The average premium for the company comes to a little more than Rs8,000. On this basis the premium income generated for different insurance partners could be over Rs1,600 crore."

The Maruti Insurance scheme, which was launched three years ago, raked in one million customers in the first two and half years. According to the officials, 85 per cent of new Maruti car buyers opt for Maruti Insurance which helped the insurance grow over 100 per cent this fiscal.

Maruti's insurance partners include National Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, New India Assurance Company Limited and Royal Sundram Alliance Insurance Company Limited.
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Private insurers market share increases to 26 per cent
New Delhi: According to data compiled by insurance regulator IRDA, private insurers like ICICI Lombard, Bajaj Allianz and Iffo-Tokio have cornered nearly 26 per cent of the market in the first half of 2005-06, helping the insurance industry to grow by 15 per cent.

The 13 non-life insurers collected Rs10,415 crore in premium till September, 2005, compared to Rs9,025 crore a year ago, despite over six per cent fall in the business of Oriental Insurance and Reliance General Insurance.

Among the private players, ICICI Lombard was at the top, doubling business to Rs823 crore and grabbing 70 per cent of the market.

PSU market leader New India Assurance grew business by 10.59 per cent, to collect Rs2,282 crore in premium till September this year, and had a market share of 21.91 per cent.

Despite over six per cent fall in National Insurance's business, it was at the second spot by collecting Rs1,780 crore with a market share of 17.09 per cent.

Delhi-based Oriental Insurance collected Rs1,761 crore by logging 12.61 per cent growth in premium income and cornered 16.92 of market.

United India expanded its business by a mere 2.86 per cent to collect Rs1,628 crore in premium and a market pie of 15.64 per cent.

Export Credit Guarantee Corporation (ECGC) collected Rs274 crore in premium and a market share of 2.63 per cent.
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