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Insurance Board hikes accident cover for passengers to Rs 500000

Category: Insurance
Published: Monday, 11 July 2016
Written by Chance Allen

Jul 9, 2016- The Insurance Board (IB) has hiked the insurance coverage amount by five times in the case of death of passengers in vehicle accidents, effective from the beginning of the next fiscal year.

Issuing the amended Directive on Motor Insurance Rate, the insurance sector regulator has increased the coverage to Rs500,000 per person from existing Rs100,000. Currently, third party (those not in the vehicles) get a coverage of Rs500,000.

The board said the provision is applicable to passengers in all types of public and private vehiclesfour-wheelers, three-wheelers and two-wheelers.

IB Director Shree Man Karki said the new provision is in line with the budget announcement. Under the vehicle insurance, a similar provision of third party insurance will be made to insure the passengers travelling in public vehicles, states the budget for 2016-17.

The board has doubled the compensation for performing last ritual of an accident victim to Rs50,000. Earlier the compensation amount was Rs25,000. It has also raised the medical insurance of the injured to Rs300,000 per person from Rs5,000. A caretaker of the wounded will receive Rs500 daily for 45 days from previous 30 days.

The new provision has maintained the third-party insurance at Rs500,000, while the insurance coverage ceiling for medical treatment has been raised to Rs300,000 from Rs200,000. All types of vehicles, including ambulance, used to transport the wounded to the hospital will be provided Rs10,000.

Karki said they have also introduced the knock for knock system. If two vehicles collide, insurers will have to bear the cost for maintaining the vehicles concerned, states the directive.

In case of passengers death in such collision, compensation of crew member and riders will be drawn from the insurance coverage of the vehicles concerned. The insurer will have to be reimbursed the amount from the insurer of the other vehicle which is found guilty for the accident.

Third-party vehicle facing loss due an accident will be provided the repairing cost without depreciation provision.

The IB has not made any insurance coverage provision for a third person in a two-wheeler. Only the driver and a pillion rider of a motorbike will be provided the insurance coverage of Rs500,000, read the directive.

Karki, however, said a child of less than one year of age would receive 25 percent of the insurance policy amount, while a child of 1-5 years of age would be provided 50 percent of the policy amount.

If the treatment of an injured person is done in foreign countries, including India, the family members concerned will have to inform the insurer in a week.

The provision has been enforced to discourage the practice of producing fake bills to receive hefty sum for treatment coverage, Karki said.

Published: 09-07-2016 09:18



German digital insurance broker Finanzchef24 grabs funding

Category: Insurance
Published: Sunday, 10 July 2016
Written by Chance Allen

German digital insurance broker Finanzchef24 has raised 4 million euros in funding. The investors included Grenke Bank, Target Partners, HW Capital and Mercura Capital.

PRESS RELEASE

Munich, July 5, 2016: GRENKE Bank along with existing shareholders Target Partners (www.targetpartners.de), HW Capital und MERCURA CAPITAL leads a EUR4m financing round for Finanzchef24 GmbH. Finanzchef24 is the first digital insurance broker for entrepreneurs and companies in Germany and operates the online finance portal https://www.finanzchef24.de for business customers.

Finanzchef24 founders Hendrik Rennert and Felix Schollmeier and their team are excited about the new investor and the successfully concluded financing round. GRENKE Bank and existing shareholders, Munich-based venture capital investor Target Partners, the family office of the two Interhyp founders HW Capital and MERCURA CAPITAL together invested EUR4 million.

"The target groups addressed by Finanzchef24 and GRENKE Bank are very similar, which is why the companies plan a sales cooperation going forward. This cooperation will now be supported by our strategic financial investment in Finanzchef24 GmbH, which was made in the recent round of financing." says Wolfgang Grenke, founder and CEO of SDAX-listed GRENKE AG. Sven Noppes, member of the executive board of GRENKE Bank adds: "We were particularly impressed by Finanzchef24's high growth rates in our shared target customer segments, consisting of founders and young, small and mid-sized enterprises. Prior to Finanzchef24, no other provider was able to service the digital channels for these customers so efficiently."

"Since our first investment in 2013, Finanzchef24 has become a significant player in the financial services industry. With an excellent team, fast growth in recent years, and a huge market potential, we were convinced to increase our investment" says Waldemar Jantz, partner at Target Partners.

Revenue and customers have doubled year-on-year since the founding of FInanzchef24 in 2012. The investment will be used to boost growth and further develop the product portfolio. "Through highly efficient processes and excellent technology we make the lives of our customers easier by making business insurance as convenient as possible. GRENKE Group solved a very similar problem in the areas of leasing, factoring and banking in the very same customer segments," says Rennert. "We are happy to gain a strategic investor and an experienced partner, which will generate significant advantages for our customers," adds Schollmeier.

About Finanzchef24
The Munich based startup is offering insurance solutions to small and medium enterprises as well as business owners via its independent online comparison site. On https://www.finanzchef24.de customers can compare business insurance for free and subsequently buy their insurance cover online. By using multiple data points of the respective company, the underwriting technology is able to perform a tailored risk analysis, which is the basis of an individual recommendation. Already 44 insurers, such as Allianz, ARAG, AXA, Ergo, HDI, Hiscox, R+V and VHV are using this new distribution channel. The sophisticated comparison engine is able to generate offers for 900 distinct professions and businesses comparing business liability, professional indemnity, property or commercial legal insurance. In addition, customers benefit from the comprehensive phone-based expert advice of the in-house risk consultants, who are also able to provide more specialized insurance covers such as cyber, directors amp; officers, machine and transport insurance. Hendrik Rennert and Felix Schollmeier founded Finanzchef24 in 2012 and launched the service in 2013.

About GRENKE
Since 2009 GRENKE Bank AG has been a 100% daughter of GRENKE AG and part of GRENKE Group.

The GRENKE Group is a broadly diversified provider of efficient services in Small-Ticket-IT-Leasing, Factoring and Banking for small and medium-sized companies. In addition, the GRENKE Bank offers its classic online services also to private customers.

The GRENKE Group is independent of vendors and banks and holds a leading market position in Europe in the field of small-ticket IT leasing for products such as PCs, notebooks, copiers, printers, or software of relatively low asset value. The GRENKE Group operates in 30 countries and employs more than 1100 staff.

GRENKE AG is listed in the Prime Standard of the Frankfurt Stock Exchange and is included in the SDAX. GRENKE AG shares are listed in the SDAX on the Frankfurt Stock Exchange with the code GLJ, ISIN DE000A161N30.

About Target Partners
With EUR300 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in new start-up and early-stage companies and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States.



Will States Kill The Big Insurance Mergers?

Category: Insurance
Published: Sunday, 10 July 2016
Written by Chance Allen

Federal regulators are being watched closely as they decide how to respond to two big health insurance deals currently on the table in the United States. The Department of Justice and the Federal Trade Commission are reviewing both Aetnas $37 billion proposal to buy Humana, as well as Anthems $48 billion deal for Cigna. However, individual states could have the power to kill the deals without federal interference.



Global insurance industry: Steady growth, but mixed outlook

Category: Insurance
Published: Sunday, 10 July 2016
Written by Chance Allen
Swiss Res new report provides an analysis of the global insurance industry in 2015 with predictions for 2016 and beyond. (Photo: iStock)

Although the insurance industry saw another year of moderate global economic growth in 2015, real global direct life and non-life insurance premiums written grew by 3.8% in 2015, up from 3.5% in 2014, according to a new report from Swiss Re.

In comparison, global real gross domestic product grew by 2.5%.



Guy Hurley to offer captive insurance company investment to midsize businesses

Category: Insurance
Published: Saturday, 09 July 2016
Written by Chance Allen