| Oriental Insurance Targets 10% Premium Income Growth
Oriental Insurance has set a target to close the current fiscal with a premium income of INR44 billion, an increase of 8% compared to last year. The insurer is planning to commence selling policies online – reported Business Standard. The general insurer has appointed a consulting firm to study whether it should continue with third party for its mediclaim policies or not, quoted the magazine. M Ramadoss, managing director of Oriental Insurance, stated that the company had generated a premium of INR40.7 billion last year, and set a target of INR44 billion for the current fiscal. During the first quarter, the company has reported a 10% growth in the premium income, which stood at INR13 billion. On August 15, the company is likely to launch a core insurance solution through which customers can buy policies such as overseas travel cover, health, personal accident, motor and house holders policies.
Storm Watch Gives Insurance Companies Practice
State Farm has the majority of homeowner insurance policies in Hawaii. To say the company tracks storms is an understatement. "As we speak there are storms off South Africa and Mexico, other storms that we continue to watch," said Carolyn Fujioka, State Farm public affairs director. The company can call for reinforcements from the mainland if a disaster warrants it. "They can bring in extra equipment, extra people to help. And these would be people who are trained to respond to disasters," Fujioka said. Insurance companies use a triage system for assessing property damage. The worst cases come first. "A hurricane could hit and we must be prepared even though we've been lucky for the last few years," Perkins said.
HCC Medical Insurance Services Selects Eldorado's Innovative
HCC Medical Insurance Services (HCCMIS), a leader in international health insurance, today announced it has signed an agreement with Eldorado Computing, Inc. (Eldorado) to license their innovative Javelina™ software platform. The next generation, browser‐based healthcare claims and benefits platform will allow HCCMIS to deliver unparalleled claims and benefits management services for consumers across 130 countries. Mark Carney, President & CEO of HCC Medical Insurance Services, stated, "Eldorado's innovative Javelina platform leverages the ease of use and accessibility of web browsers to deliver leading edge technology to our consumers worldwide. The platform will help HCCMIS expand into new markets and provide a next generation portal for members, providers and producers worldwide." Based in Phoenix, AZ, Eldorado specializes in health insurance application development, business process outsourcing (BPO) services, IT engineering and operational consulting.
Feds allege Mo. funeral scheme could cost $600M
Sutton was president and chief financial officer of National Prearranged Services Inc. and a director of two of its affiliated life insurance companies, all of which collapsed financially last year. The indictment unsealed Friday alleges a decade-long scheme in which officials at National Prearranged Services altered documents to change the terms and beneficiaries of their customers' prepaid funeral contracts. The St. Louis-based company is accused of using various financial transactions — often involving its Austin, Texas-based affiliates, Lincoln Memorial Life and Memorial Service Life — to siphon money from customers' accounts. It then sent reports to funeral homes showing false account balances, the indictment said. Sutton, 63, of Chesterfield, faces eight mail or wire fraud charges, each punishable by up to 20 years in prison and fines of $250,000, and one money laundering count that carries a maximum penalty of 10 years in prison and a $250,000 fine.
* To lower funding to insurance unit under restructuring
N) said it may reduce a planned $1 billion investment in a spin-off insurance unit based on the outcome of talks with government-controlled housing companies, sending its shares down as much as 6 percent. MGIC said the ongoing talks with government controlled mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) could end in a move to have the original company continue to write some new business. Under a previous restructuring proposal that won a positive reception from investors, MGIC had proposed shifting all new businesses to the spun-off unit. Mortgage finance companies Fannie Mae (FNM.N), Freddie Mac (FRE.N) partner with insurers like MGIC to help shield them from losses. A home buyer who cannot offer a 20 percent down payment, for instance, will often turn to mortgage insurers.
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