 "U'khand disaster: Life insurers receive claims of Rs 100 cr")
Life Insurance Council (LIC) today said insurers have so far received claims worth Rs 100 crore relating to Uttarakhand flash floods, and they are at various stages of being processed.
"Life insurance companies have received claims worth Rs 100 crore as of now. Still more claims are being filed. Companies at individual basis have set up special camp to settle claims," LIC Secretary General V Manickam said here.
At the same time, he said, general insurance companies have received claims of Rs 1,500 crore so far.
LIC, an association of 24 life insurance player, also said the industry, which manages assets of over 17.4 lakh crore, has attracted Rs 6,046 crore since the opening up of the market in 2000.
The industry witnessed spectacular growth in assets under management (AUM), with investments that have been targeted towards deployment of funds enabling infrastructure growth in the country, Manickam said.
The AUMs of life insurers has risen to Rs 17,41,175 crore as on March 2013 as compared to Rs 1,94,010 crore in 2000-01 with a phenomenal growth of around 900%, he added.
The industry association expects that the life insurance penetration would touch 5% in the next 7 years with focus on customer satisfaction and innovation.
"Currently, life insurance penetration is 3.2% (2012-13) and life insurance density is USD 43 (2012-13). By implementing the customer centricity initiatives we are confident that these would help in increasing life insurance penetration to 5% and density to USD 100 around 2020," Manickam said.
While the life insurance industry, which has immense growth potential compared to other countries, has witnessed a stable growth in total revenues over last two years, one of the most challenging periods, he said.
There's been a healthy increase in renewal premium to Rs 1.79 lakh crore as on March 2013, compared to Rs 1.65 lakh crore in March 2011, Manickam added.
The in-force policies have also increased to 35.87 crore as on March 2013, compared to 32.54 crore two years ago, he said.
"Life insurance companies have received claims worth Rs 100 crore as of now. Still more claims are being filed. Companies at individual basis have set up special camp to settle claims," LIC Secretary General V Manickam said here.
At the same time, he said, general insurance companies have received claims of Rs 1,500 crore so far.
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About 6,000 people are missing in the flood and landslides that struck Uttarakhand in June.
LIC, an association of 24 life insurance player, also said the industry, which manages assets of over 17.4 lakh crore, has attracted Rs 6,046 crore since the opening up of the market in 2000.
The industry witnessed spectacular growth in assets under management (AUM), with investments that have been targeted towards deployment of funds enabling infrastructure growth in the country, Manickam said.
The AUMs of life insurers has risen to Rs 17,41,175 crore as on March 2013 as compared to Rs 1,94,010 crore in 2000-01 with a phenomenal growth of around 900%, he added.
The industry association expects that the life insurance penetration would touch 5% in the next 7 years with focus on customer satisfaction and innovation.
"Currently, life insurance penetration is 3.2% (2012-13) and life insurance density is USD 43 (2012-13). By implementing the customer centricity initiatives we are confident that these would help in increasing life insurance penetration to 5% and density to USD 100 around 2020," Manickam said.
While the life insurance industry, which has immense growth potential compared to other countries, has witnessed a stable growth in total revenues over last two years, one of the most challenging periods, he said.
There's been a healthy increase in renewal premium to Rs 1.79 lakh crore as on March 2013, compared to Rs 1.65 lakh crore in March 2011, Manickam added.
The in-force policies have also increased to 35.87 crore as on March 2013, compared to 32.54 crore two years ago, he said.