Wednesday, February 18, 2009

Latest Insurance News

1. Issuing cheque with no money in account is fraud
Issuing a cheque with the knowledge that there are insufficient funds in the account comes within the ambit of fraud for which an insurance company is bound to pay claim to a policy holder, the Delhi Consumer Commission has held.

2. New insurance scheme with Rs.1.25 monthly premium on cards
The government will soon launch a new rural postal life insurance scheme at a monthly premium of Rs.1.25 for the rural people, Minister of State for Communications and IT Jyotiraditya Scindia said.

3. Insurance Hall of Shame 2008

The Coalition Against Insurance Fraud's Hall of Shame of Washington, USA reveals the previous year's largest, most-brazen or dumbest insurance schemes. Insurance fraud is an $80-billion crime annually, and has grown more violent and invasive in recent years. The No-Class of 2008 reflects that trend.

4. Reinsurers to increase prices by double digit

Reinsurance companies such as global leader Munich Re have been predicting that the damage to insurers' investment income and capital base from the financial crisis means they have to pay more for cover as reported by Insurance Journal

5. Cars injure 841,000 people a year - without crashing

As published on the consumer insurance information blog of Renaissance Alliance, USA, new Not-in-Traffic Surveillance study sheds light on the numbers and types of injuries that occur as a result of non-crash related accidents, statistics that hadn't previously been tracked. Annually, auto-related non-traffic accidents are estimated to cause 1,747 deaths and and 841,000 injuries, according to the National Highway Traffic Safety Administration, which conducted the study.

Here are some of the study findings, as reported by the Consumer Reports Car Blog:

· More than half of the non-crash fatalities in the study occurred when a vehicle fell on a person who was under it or from unintentional carbon monoxide poisoning
· About 20 percent of the non-crash injuries involved slamming fingers or other extremities in a car door or trunk, or resulted from overexertion when loading or unloading a vehicle or pushing a disabled vehicle
· Across all types of tragedies, about one-third of those injured and about half of those killed were not inside the vehicle at the time
· Other common hazards included vehicle fires, anti-freeze and battery-acid burns, and falling from a vehicle
· A significant 221 deaths, and 14,000 injuries resulted from pedestrians being backed over by a vehicle

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