| 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.
Tip: Consider health insurance for foreign travel
For those with health insurance policies limited to coverage in the United States, Matt Tassey, former chairman of the Life and Health Insurance Foundation for Education, says your travel agent should be able to steer you to a company that offers short-term coverage. Among them is International Medical Group (imglobal .com), Tassey says. Many of these policies include coverage for common vacation problems such as trip cancellation or lost bags. For those on Medicare, several Medicare Supplement Plans will cover some medical costs incurred outside the United States. Medigap plans C-J, for example, will pay 80 percent of the costs of emergency care after a $250 deductible, according to AARP. But be aware, there is a $50,000 lifetime maximum. Seniors without Medigap coverage can get a short-term policy from a private insurer.
Mid-week rentals and travel insurance
Another way to ensure your bottom line is to encourage your guests to invest in a travel insurance policy. While you might not be able to persuade Uncle Fred to pop for any additional costs to rent your place, it makes sense to offer the option to folks who have plunked down a sizeable deposit. "Travel insurance offers you extra security because it protects your rental income in case a traveler cancels his or her reservation," said Christine Karpinski, author of "How to Rent Vacation Properties by Owner." "It is important to keep travel insurance in mind whenever a renter alludes to a potential cancellation. You don’t want to get stuck with a last-minute opening or a potential refund guilt trip. Travel insurance is the smartest and most professional way to handle possible cancellation issues with your guests." The biggest upside of trip insurance is that it can alleviate the burden of cancellations, refund issues and open dates.
Safeco Insurance Names Two New Central Region Executives
Seattle-based Safeco Insurance, a Liberty Mutual Agency Markets company, announced the appointment of two key additions to its management team in the Central Region. Scott McPherson has joined the company as director of marketing for the Central Region. He is responsible for marketing, communications and agency management best practices for the region. He started his insurance career with Safeco back in 1992, holding positions in claims and field underwriting. Most recently, McPherson was regional sales director for Travelers Insurance, and previously worked for Nationwide and Guide One Insurance in product development, marketing and sales. Before pursuing his insurance career, he was a director of communications and training in the U.S. Air Force. Also, Ray Jimenez has joined the company as South Texas regional manager for the Central Region.
Travel insurance: make your cover watertight
Whether you've chosen to go abroad or stay in Britain this summer, you may be relying on travel insurance to help your trip go smoothly. Regardless of your destination, you may want to try out an adventurous sport or you could be the victim of theft or have to cancel your holiday. As with all insurance policies, travel cover will include terms and conditions which are easily invalidated. Should the worst happen and you have to make a claim, you may be in for a shock. .
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