Progressive is now offering free pet injury coverage on boaters' dogs and cats.
If a boater's dog or cat is hurt in a boat accident, the company will pay the veterinary bills up to $1,000, Progressive said.
The coverage is free for those with comprehensive and collision coverage. It covers only dogs and cats if they're on a boat and injured in an incident such as a crash, theft, fire or flooding.
"Our new pet injury coverage for boaters gives them peace of mind their pets are protected if they get injured in an accident on the water," said Rick Stern, Progressive boat product manager, in a statement.
วันอาทิตย์ที่ 10 ตุลาคม พ.ศ. 2553
Regulator missed the boat on insurance company disclosures, says E&Y partner Ashvin Parekh
Even as insurance companies are waiting for guidelines on Initial Public Offerings (IPOs) to be issued by the Insurance Regulatory and Development Authority (IRDA), Ashvin Parekh, partner and national leader – Global Financial Services, Ernst & Young Pvt Ltd, has sharply criticised the regulators for dragging their feet over disclosure norms of insurance companies, raising the question whether investors are in a position to evaluate an IPO from an insurance company.
Speaking about the challenges in the valuation process of insurance companies at a seminar in Mumbai recently, Mr Parekh said, “Disclosures for profitability of different product lines should have been made long ago. It would have helped not just for IPOs, but also for corporate governance. But the regulators have already missed the boat by 7-8 years. The authorities kept dragging their feet on Embedded Value (EV) disclosure even after three committees have gone into it. They kept saying it was too technical for them. If it is introduced, now it is impossible for investors to get (an) accurate picture from the disclosure that will be submitted to regulators as per the new guidelines. The regulators should have taken the lead, but confirmed the age-old belief that business is always ahead of regulators.”
Hemant Kaul, managing director & CEO of Bajaj Allianz General Insurance Co Ltd said, “Correct valuations to shareholders may not be available. It will take a strong promoter and brave investor to complete the IPO.”
According to Mr Parekh, “Insurance company valuations can be done based on Market Consistent Embedded Value (MCEV). The valuation of Indian life insurance companies will be done differently than their counterparts from Europe because of the ‘savings’ aspect (rather) than ‘protection’. The liability from protection is much less. The valuation of a general insurance company will be trickier due to the element of reinsurance, risk on balance sheet and volatility due to external factors like calamities, etc. Life insurance in India is more stable due to (the) ‘savings’ aspect. The actuarial surplus is an important parameter for judging an insurer. The valuation should consider 14.4% taxation impact on actuarial surplus. LIC paid Rs3,800 crore tax last year on actuarial surplus. For an IPO, it is important to look at underwriting profit with not much impact from investing profit.”
Speaking about the challenges in the valuation process of insurance companies at a seminar in Mumbai recently, Mr Parekh said, “Disclosures for profitability of different product lines should have been made long ago. It would have helped not just for IPOs, but also for corporate governance. But the regulators have already missed the boat by 7-8 years. The authorities kept dragging their feet on Embedded Value (EV) disclosure even after three committees have gone into it. They kept saying it was too technical for them. If it is introduced, now it is impossible for investors to get (an) accurate picture from the disclosure that will be submitted to regulators as per the new guidelines. The regulators should have taken the lead, but confirmed the age-old belief that business is always ahead of regulators.”
Hemant Kaul, managing director & CEO of Bajaj Allianz General Insurance Co Ltd said, “Correct valuations to shareholders may not be available. It will take a strong promoter and brave investor to complete the IPO.”
According to Mr Parekh, “Insurance company valuations can be done based on Market Consistent Embedded Value (MCEV). The valuation of Indian life insurance companies will be done differently than their counterparts from Europe because of the ‘savings’ aspect (rather) than ‘protection’. The liability from protection is much less. The valuation of a general insurance company will be trickier due to the element of reinsurance, risk on balance sheet and volatility due to external factors like calamities, etc. Life insurance in India is more stable due to (the) ‘savings’ aspect. The actuarial surplus is an important parameter for judging an insurer. The valuation should consider 14.4% taxation impact on actuarial surplus. LIC paid Rs3,800 crore tax last year on actuarial surplus. For an IPO, it is important to look at underwriting profit with not much impact from investing profit.”
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