New book by Larry Connors Click here Improve your trading - See how
SKS is the third-largest microfinance institution in India, providing low-cost insurance policy, Swayam Shakti Suraksha, to the lower socio-economic strata in semi-urban and rural areas.
The policy covers each member of SKS, the member?s spouse and two children against pre-existing infirmity, snake bites, maternity, hospitalization, and accident for a period of 12 months. It also includes a three-month cover for newborns and accidents.
The policy covers both cashless and reimbursement options. SKS Microfinance clients based in the states of Maharashtra, Andra Pradesh, Karnataka and Orissa can receive the benefits.
Both India partners has jointly developed the Swayam Shakti health policy for two years and recorded a positive business performance. It is also going to expand the insurance scheme to eight more districts in the coming half year.
?The penetration of health insurance in the rural population is low. There is significant potential for enhancing awareness about insurance in rural areas. Our continuous effort is to develop suitable micro insurance products and explore the most effective methods of distribution in rural areas,? said Pranay Prashad, head of rural business for ICICI Lombard.
Prashad added the company is implementing the scheme in Indian districts like Khurda, Jagatsinghpur, Ganiam and Dhenkanal along with SKS Microfinance. He believes ICICI Lombard will expand the scheme to eight more districts including Puri, Cuttack and Angul within next five to six months.
The nonlife insurer is focusing mostly on womens' self-help groups in India and has covered 150,000 members of the groups in Orissa. It plans to increase the number of lives covered under Swayam Shakti Suraksha insurance scheme to about 600,000 in the state, said Prashad in a statement.
For the year ended March 31, 2008, ICICI Lombard recorded gross written premiums of 3.35 billion Indian rupees (53.4 million euros), with a combined ratio of 102. It also takes up 35% of the market share in the private nonlife sector (BestWire, Nov. 10, 2008).
Currently, the insurer has 7,280 employees in 403 offices spread across 249 locations in India. By the end of March 2008, the company issued more than 3.5 million policies across India and served more than 810,000 claims. It also recorded a claim disposal ratio of 96 as of March 31, 2008.
(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
