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Chidambaram asks insurance sector to focus on smaller towns
Launching a pan India insurance awareness campaign, the finance minister said India has a long way to go to increase insurance penetration
"Awareness about general insurance is dismal (in our country)...India is ranked at 52nd in the world in non-life insurance penetration. We rank lower than Sri Lanka, Malaysia and we are worst among our peers, our famous peers, Brazil, China and Russia," he said.
"If you look at non-life insurance, general insurance, we have 27 companies yet the penetration of general insurance in the country is (only) 0.71%," Chidambaram said.
He also asked the Insurance Regulatory and Development Authority (Irda) to focus on development of the insurance sector, saying "while regulations are important, development of insurance industry is equally important".
The Minister said the sooner India wakes up to the imperative of insurance and sheds the tag of one of the most under-insured country in the world, it will be good for the country and the economy.
Computer Can "See" Our Dreams!
fMRI scans can reveal the visual images we have in our brains while we are dreaming, researchers from Japan reported in the journal Science. Put simply, they have found a way of seeing our dreams. The scientists believe that regardless of whether we are asleep or awake, our brains use the same mental circuits to interpret images.
They are currently trying to find ways of using this technology for treating psychiatric patients with hallucinations. MRI is a scanning device that sees what the inside of the brain is like, while fMRI can observe what the brain is doing.
It is a bit like the difference between a photograph and a video, one sees functioning while the other one does not. For example, fMRI observes changes in blood flow in the brain. Put simply, MRI looks at the brain for what it is while fMRI looks at what the brain is doing (its function).
MRI scans image anatomical structure whereas FMRI image metabolic function. The scientists had scanned the brains of lucid dreamers while they were asleep. They said that their study offered a glimpse into human consciousness while asleep; the "first step toward true dream reading".
Emotional Health Is Vital.
The “feel good” endorphins from exercise are not only for pain control. They also boost mood with feel good emotions that are healing to your physical body.
Nerve pain is directly linked to your sympathetic (fight or flight) nervous system and the adrenal gland hormone, cortisol.
This is why tension headaches, upset stomachs and even achy chronic tendonitis are all triggered and propagated by your very emotions.
There are more than 30 independent studies demonstrating that depressed, angry or anxious people have nearly double the C-reactive protein blood levels (a measure of inflammation in the body) compared to those without these emotional patterns. Whether it is massage therapy, love making, fun movies or an enjoyable hobby, you must be able to feel good often.
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Shrinking the size of kids' plates and bowls and encouraging them to eat more frequently throughout the day might help them eat less and keep off extra weight, new research suggests, according to a Reuters report.
In one study, researchers found first graders served themselves smaller portions when using miniaturized dishware - and ate less food when they had less on their plate.
Another review of past research found kids and teens who ate most often during the day were 22 percent less likely to be overweight than those who ate the fewest meals and snacks.
Jennifer Fisher, who worked on the dish-size study, said it was preliminary but could still inform parent choices.
"For now, certainly it seems like something parents can easily incorporate into their daily lives without a lot of work and effort," Fisher, from Temple University in Philadelphia, told Reuters Health.
"The results are very interesting and confirm our expectations that the impact of plate size on adults in the laboratory also apply to children," Dr. Thomas Robinson, a childhood obesity researcher at Stanford University in California, told Reuters Health in an email.
"This study provides very important preliminary evidence that using smaller dishware may help reduce children's energy intakes."
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The “king of fruits” provides multiple health benefits.
Research has shown antioxidant compounds in mango fruit have been found to protect against colon, breast, leukemia and prostate cancers. These compounds include quercetin, isoquercitrin, astragalin, fisetin, gallic acid and methylgallat, as well as the abundant enzymes.
Mangoes can be used both internally and externally for the skin. Mangoes clear clogged pores and eliminate pimples.
One cup of sliced mangoes supplies 25 percent of the needed daily value of vitamin A, which promotes good eyesight and prevents night blindness and dry eyes.
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Futurisk Update:
'General insurance could grow thrice the GDP rate’
The general insurance industry, which includes risk covers for motor vehicles, health, accident and home, has a penetration of just 0.71 per cent as against the global average of 1.5 per cent to 4 per cent.
But the sector could see rapid growth over the next few years, according to Rakesh Jain, CEO, Reliance General Insurance. In an interview with The Indian Express, Jain said: "In terms of priority, general insurance is still way down in the list. However, in most countries, insurance gain acceptance once average per capita income crossed $1,000. We in India are at a higher per capita income level but still our penetration level for insurance is low."
"In my opinion, the general insurance industry in India is expected to grow thrice the GDP growth rate for the next 8 to 10 years, that is if the GDP growth is five per cent we expect the industry to grow at 15 to 20 per cent. The new set of existing and proposed regulations will also give a boost to the sector."
Three new judgements that impact insurance
Interesting article in The Economic Times that discusses three court rulings that could have an impact on insurance policy holders in India.
Here's a look at these three rulings and what they mean for you:
http://economictimes.indiatimes.com/personal-finance/insurance/analysis/three-new-judgements-that-impact-insurance/articleshow/19414174.cms
Fannie Mae topples Berkshire Hathaway as America's most profitable insurance company
Fannie made $17.2 billion last year, versus Berkshire Hathaway's $14.8 billion. Fannie was the third-most profitable financial firm in 2012, after JPMorgan Chase and Wells Fargo. But this year, Fannie's earnings could exceed even those of JPMorgan and Wells Fargo, if it decides to book a large tax-related gain, according to reports.
The huge profits rolling in at Fannie, and at its corporate sibling Freddie Mac, reflect the enormous role the government is playing in the housing market nearly five years after the crisis. As a result, the earnings will intensify the debate over the role that government should play in supporting housing.
Fannie and Freddie charge fees in return for a guarantee that they will pay back mortgages that default. In the first years after the crisis, that fee revenue was overwhelmed by losses. As those have abated, profits have returned for the two mortgage giants.
The big question looming over the housing market is how quickly to remove the support provided by Fannie and Freddie.
Private insurer AEGON Religare Life Insurance has launched a traditional plan with guaranteed benefits —— Flexi Money Back Plus Insurance Plan.
The AEGON Religare Flexi Money Back Plus Insurance Plan offers extended life cover that goes beyond the premium payment term, rider that can be added to the plan, to provide extra cover in case of death due to an accident, bonus, guaranteed pay-outs, 40 per cent of the sum assured as maturity benefit at the end of the policy term.
The minimum entry age is 7 years and maximum age of entry is 60, 58 or 54 years, depending on the tenure.
The maximum age at maturity is 75 years and minimum sum assured is Rs 1,00,000 and the minimum annual premium is Rs 13,033.
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Eating walnuts two or three times a week can lower the risk of developing type two diabetes in women by a almost a quarter, new research has claimed.
Researchers studied nearly 140,000 women in the US and found that those who ate a 28 gramme packet of walnuts at least twice a week were 24 per cent less likely to develop type two diabetes than those who rarely or never ate them.
While previous research has shown the anti-diabetic effects of walnuts, the new study is believed to be one of the largest to find that regularly snacking on them can help prevent the condition.
Futurisk Update:
Innovative insurance schemes
With the increase in diabetes, hypertension and heart ailments, public and private insurance companies are offering special cover for those with pre-existing conditions, according to a Times of India report.
In the last five years, companies have been coming up with innovative policies. Recently, Star Health and Allied Insurance launched cardiac cover for people who have undergone angioplasty or by-pass surgery between six months and three years to the inception of the policy.
With the rise in non-communicable diseases in the country, insurance companies are offering a bouquet of specialised products to cater to people with cardiac problems, diabetes and cancer. Earlier, people with existing conditions were ineligible for cover, but the increase in incidence of disease has shrunk the market for insurance companies and they are coming out with new products to serve special needs.
Star Health and Allied Insurance is planning to launch health cover for cancer patients. In January, Apollo Munich and Religare Health Insurance said they were preparing for special cover for diabetics.
Futurisk Update:
Finance minister P Chidambaram has expressed the hope that the Insurance Amendment Bill, which seeks to raise FDI cap in the sector to 49 per cent, will be passed soon.
He said the optimism stems from the fact that there is difference of opinion only with regard to one clause in the long-pending Bill, for which he is in touch with the main opposition party BJP to sort that out.
"I sincerely hope that we can pass the Insurance Amendment Bill on which the difference only on one clause and once the Insurance Bill passes everybody's broadly agrees that the Pension Bill will follow," Chidambaram said.
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Futurisk Update!
Canada's Manulife eyes Indian insurance market
Indian insurance sector may see the entry of a new foreign player, as Canada's largest insurer Manulife Financial is actively studying this market to find a workable business model to set up shop here.
A host of global insurance giants, including Allianz, Prudential, Standard Life, Aviva, Aegon and Nippon Life, are already present in the Indian insurance market through joint ventures with their respective Indian partners.
Now, Manulife has begun contemplating a foray into the Indian insurance market, industry sources said, while adding that the Canadian insurer is closely studying various rules and regulations for the sector including those for the foreign ownership restrictions.
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Futurisk Update!
Film insurance in India is on the rise: Report
The movie industry in India is purchasing film insurance coverage for its films in a big way.
Though only 2 percent of movie makers are purchasing film insurance now, the trend is growing at such a rate that it is believed that it will increase to 10 percent within the next five years.
The large producers and companies in the movie production industry are beginning to make it mandatory for their products to be covered.
Recent times have seen a number of new private entrants into the sector, including Future General India Insurance, Tata AIG General Insurance, and IFFCO-Tokio General Insurance.
The more recently developed film insurance products also include losses resulting from paused filming because of injured actors, food poisoning, and similar incidents that can occur on the set.
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Get details about the Futuractive Health & Wellness Privilege Card loaded with amazing FREE benefits!
Find out how you can stay healthy. Log on to http://bit.ly/12V9JuR
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To enjoy good health, log on to http://bit.ly/12V9JuR
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Futurisk Update!
Tata AIG expects to achieve a premium growth of around 28% in the current financial year
Tata AIG General Insurance is planning to offer weather insurance and more health insurance plans, according to a report.
The company is working on several variants on health insurance segment and also planning to offer weather insurance products. Tata AIG is also planning to increase its portfolio in aviation space and introduce rail and road insurance in the future, the report added.
Tata AIG expects to achieve a premium growth of around 28% in the current financial year. The company’s gross written premium (GWP) rose to 26% to Rs. 15.4 billion in the first nine months of the current fiscal (April-December) over the corresponding period last fiscal while for the industry, according to the IRDA (Insurance Regulatory and Development Authority) data.
