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Agriculture Insurance Company of India Limited (AIC) offers yield-based and weather-based crop insurance programs in almost 500 districts of India. It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served. Agriculture Insurance Company of India Limited is a limited company headquartered out of New Delhi, India AIC aims to provide insurance coverage and financial support to the farmers in the failure of any of the notified crop as a result of natural calamities, pests and diseases to restore their creditworthiness for the ensuing season; to encourage the fanners to adopt progressive farming practices, high value in-puts and higher technology; to help stabilize farm incomes, particularly in disaster years. The plan provides comprehensive risk insurance for yield losses due to natural fire and lightning, storms, hailstorms, cyclone, typhoon, tempest, hurricane, tornado flood, inundation, landslide, drought, dry spells, pests/diseases, etc.
Reliance General Insurance Remains Focussed to Grow After 20% Q-2 Profit
December 04, 2018
Reliance General Insurance (RGI), Executive Director & Chief Executive Officer – Rakesh Jain confirmed a profit of 20% in 2nd quarter of the fiscal year. He confirmed that Reliance General Insurance continues to grow having made good profit margin as compared to 13% made by entire Industry. Gross written premium as declared by RGI is Rs. 2,025 crore with a profit of Rs 56 crore. Its overall market share increased from 4.3% to 4.5%.
The company is expected to further growth through compulsory third party insurance and mandatory personal accident cover in motor insurance segment. As per the latest statistics ending quarter 2, Reliance General Insurance got around 130 branches pan India and 29,000 agents. Reliance Capital is the parent company of Reliance General, latter is it’s wholly owned subsidiary. Currently, Reliance General insurance deals in the following Insurance category:-
Other Specialized Insurance Products
HDFC ERGO all set to Buy Apollo Munich
December 04, 2018
Another deal in the health insurance industry is speculated to mature. Arm of Housing Development Finance Corporation (HDFC) general insurance, HDFC ERGO is in talks to acquire Apollo Munich insurance in Rs. 2600 crore. This will be the second deal in the health insurance industry. The recent deal that has taken this year is by a consortium between Rakesh Jhunjhunwala, Madison Capital & West-Bridge AIF. Their venture Safe Corp Holdings has acquired Star Health & Allied Insurance Company in Rs. 6500 crore. This acquisition happened off lately in August this year in 2018. According to Rahul Sakia, an Investment Banker “Health Insurance Industry is one of the most popular and fastest growing insurance sectors but they may not have much scope to play that can affect the overall profitability”. The reason for consecutive consolidation is cited due to multiple players like Life, General Insurance and standalone Health Insurance companies dealing in the same business of Health Insurance.
In the current anticipated deal between HDFC ERGO and Apollo Munich, both have strong holdings in the Health Insurance Industry. Apollo Munich is a joint venture between Apollo hospitals and German company Munich Re 51% stake is head by Apollo Munich that is founded by Pratap C Reddy. Munich Re is the second largest health insurance company holding a stake of 49% in Apollo Munich Health Insurance. Once the deal in finalized Munich Re will exit while Apollo Munich will own a nominal stake.
ERGO is the German insurer that holds 49% share in HDFC ERGO and is possessed by Munich Re. The proposed deal between Apollo Munich and HDFC ERGO will be exclusively advised by Arpwood Capital. Apollo Munich currently got around 1100 employees in about 40 offices pan India. They got around 4000 hospitals spread across 831 cities, this includes 53 Apollo Group Hospitals as well. They have been growing at CAGR of around 35% from past three years. 30% of the growth has been reported last year itself.
HDFC has already raised a capital of Rs 13,000 crore through a qualified institutional placement (QIP) this year. The company was on the hunt for the possibility to enhance business through mergers and acquisitions. HDFC ERGO General Insurance is a conglomerate of HFFC and ERGO International. They have already become third largest general insurance after acquiring L& T general insurance in the year 2016. Apollo Munich, a health insurance company that HDFC ERGO planning to acquire already got about .97 percentage share in the market. It is a profit making firm with the growth of its gross premium up to 32.89% by end of September this year.
Mental Ailments to be a Part of Health Insurance Now
November 12, 2018
Mental Healthcare Bill 2017 has a positive impact on the health insurance company. IRDAI has passed new rule for the inclusions of all mental illnesses as a part of health insurance plan. With the increase in the rate of mental ailments, this reform was much needed. This will force many people to buy a health insurance plan for themselves. As per the National Mental Health Survey 2016, almost 15% Indian population suffers from depression that is close to 150 million people. Out of this section, most of them are in the age group of 30 to 49 years. Amidst worsening situation of mental health, access to the right treatment is what a mental patient need.
The inclusion of mental illness in the health insurance plan can provide patients with much-needed access for the right treatment. Latest Health Wellness Survey highlighted the preference of many people for seeking mental wellbeing to lead a stress-free life. With the inclusions of mental ailments in the health plans, they can get access to psychologists and counselors which may be beyond the reach of many because of their exorbitant cost now. People can expect a customized solution for any sort of mental illnesses. This new amendment in health insurance is expected to curb mental illness growing at a rapid rate. Above details were shared by Ashish Mehrotra, Managing Director & Chief Executive Officer – Max Bupa to the Financial Express team.