Small Business Health Insurance Gieco

Warren Buffett wants General Insurance Corp's Yogesh Lohiya to run India business

MUMBAI: WarrenBuffett controlled Berkshire Hathaway is eager to engage the General Insurance Corporation of India Yogesh Lohiya patron, the architect of the recovery of state-run reinsurer, to head its fledgling business in India. At least two people close to Berkshire said Lohiya approached him and he was interested in the offer.

They said it would be a full-time employee, without specifying in what capacity. But Lohiya, which is due to withdraw from GIC at the end of this year, said rules prohibit government officials to take up any assignment of the private sector for at least two years after retirement."There are offers, but things are still to be finalized," said Lohiya ET. "We need government approval before going anywhere during the cooling period." GIC is the only reinsurer for Industry National Insurance, which means that no foreign company can deal directly here in this segment.

Berkshire had previously said he would like to enter the reinsurance market in a big way, but the cap on foreign ownership has been a deterrent. It has a small portfolio of reinsurance in India."If prices get to a level where we get an adequate return on our capital, we will be like to enter (the reinsurance) in a very big", CEO of Berkshire Hathaway Ajit Jain said in an interview with ET. global reinsurance companies such as Munich Re, Swiss Re, AIG and General Re Cologne operate if their liaison office in India and see their parents for desktop underwriting and actuarial purposes. Berkshire has a model more centralized operation and there are not many layers.

Berkshire Hathaway Reinsurance Group saw revenue increase to 9.08 billion dollars in 2010, according to their annual report.Lohiya helped turn around the GC, which now ranks 14th in the world after languishing in 80th place. He took over at a time when the organization, which was the holding company for the entire public sector general insurers prior to 2000, tried to locate in the domestic market and international market. In addition, the share of income of foreign operations has increased to 42% today.

Insurance Center | Blog | US Companies May Stop Hiring, Economy ...

Rising health insurance and other health care costs have business owners, workers and economists worried about their impact on the US economy, reports newstimes.com.

The Kaiser Family Foundation reported this week that the average health insurance premium for a family rose to $15,073 in 2011. According to the U.S. Census Bureau, more than 7 million Americans don’t even earn $15,000 a year.

In Connecticut, the Insurance Department said it was looking at requests from insurers asking for increases of 9 to 13 per cent for next year.

While insurance rate requests are averaging 9 to 13 per cent, it doesn’t mean the insurers are getting those amounts. Last week, the state Insurance Department cut Anthem Blue Cross’s 12.9 per cent rate increase for individual policies to 3.9 per cent.

United Health’s Oxford company saw its rate hike request for its 2012 small business customers pared to 11.6 per cent from 14.4 per cent this month. Anthem and Aetna both have small business rate requests filed as well, with decisions still to be made. Requests on larger group policies have not yet been filed.

Paul Lombardo, a Connecticut Insurance Department actuary, said the department has been able to trim rates because people aren’t seeing doctors in this economy.

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