MUMBAI: India will be a $2-trillion economy in the next five years as its GDP growth is likely to average at 12 per cent in nominal terms powered by a huge consumption demand, Enam Securities has said."India's GDP is likely to grow at (an) average 12 per cent in nominal terms. Hence, India will be a $2-trillion economy by 2014-15," Enam Securities Head-Research, Nandan Chakraborty, and economist Sachchidanand Shukla said in a report titled 'India Strategy' released today.This growth will be ... Read Full Story

WASHINGTON — With a huge number of residents who buy health care on their own and relatively few companies selling them coverage, California is just the kind of market in need of a new government-run insurance plan, supporters of the controversial proposal dominating much of the health reform debate say.But some health care experts in California say it's far from certain that the public option, if it's even adopted, would become the low-cost, benefit-rich alternative to the private market tha... Read Full Story

In a boost to the Obama administration's efforts to frame health care reform as an economic boon, a group of 20 health economists sent a letter to the White House on Tuesday touting the fiscal results of passing reform legislation.The group lists four specific elements of reform as crucial to controlling costs and righting the fiscal trajectory of the health care system's overhaul. They include making legislation deficit neutral (which describes both the House and Senate version of reform), i... Read Full Story

The district consumer dispute redressal forum has directed Reliance General Insurance and Medi Assist India Private Limited to pay a compensation of Rs 1,500 for providing inadequate insurance services to a city resident.According to complaint, Sushil Grover got himself insured from the company on August 16, 2007 for a period of one year.As per the policy, every member of his family was insured for Rs 1,00,000. The policy provided insurance for self plus spouse plus two unmarried dependent ch... Read Full Story

The final one-day international (ODI) cricket match between India and Australia, which was abandoned due to rains on Wednesday, might leave Oriental Insurance Company poorer by up to Rs 6 crore. The Mumbai Cricket Association (MCA), the host of the final ODI in the seven-match series, had bought an insurance cover from Oriental Insurance for losses on cancellation of the match due to natural phenomenon, terrorist attacks, communal violence and various other causes.On Wednesday, cyclone Phyan ... Read Full Story

New Delhi: State-owned Oriental Insurance Co. Ltd will be paying Mumbai Cricket Association, or MCA, for the cancellation of the 7th one-day international cricket match between India and Australia at DY Patil Sports Academy grounds.The match was called off due to incessant rains as a result of cyclone Phyan but MCA had insured the match against any loss of revenue arising out of cancellation. The cancellation could have been due to natural perils like earthquakes, lightning, storms and floods... Read Full Story

Cricket fans were not the only ones left disappointed by the cancellation of the India-Australia one-day international (ODI) match today that was to be played at the DY Patil Stadium in Navi Mumbai. Public sector insurer Oriental Insurance will have to pick up the tab for claims worth Rs 6.75 crore. While the Mumbai Cricket Association (MCA) had taken an insurance cover for Rs 6 crore against natural perils such as cyclone, lightening, death of a political leader, riots, airline strike, civi... Read Full Story

While, life insurance giant LIC charges ahead clocking a whopping 44% growth in premium collections, private insurers continue their downward spiral. CNBC-TV18’s Avni Raja reports on how the numbers look.Here is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.As per the IRDA data for August, LIC has mopped up almost Rs 21,000 crore as premium, which is up 44% YoY. Premium collections for private players on the other hand stood at about Rs 10,200 crore ver... Read Full Story

Private insurer ICICI Prudential has pipped SBI Life to regain the top position among private players garnering new businesses Rs 1,725 crore in the first five months of the current fiscal.SBI Life, promoted by the country's largest lender State Bank of India, earned first year premium worth Rs 1,704 crore in April-August period while ICICI Prudential collected Rs 1,725 crore in the same period, according to the Irda data.The ICICI Prudential's gain is mainly from the large premium the insura... Read Full Story

New Delhi, Oct. 1 First year premium income of life insurance companies rose 44.2 per cent on year in August, on account of a sharp increase in the income of state-owned Life Insurance Corporation of India.According to data compiled by the Insurance Regulatory and Development Authority, first year life insurance premium rose to Rs 9,044 crore in August from Rs 6,274 crore a year ago. First year premium income, an indicator of new business generated by insurance companies, was Rs 7,540 crore i... Read Full Story