Insurance
Birbhum district awarded for health insurance scheme

Around 3.5 lakh persons were enrolled under the Swastha Bima Yojana scheme, which entitles beneficiaries to get reimbursement of Rs30,000 for medical treatment from empanelled hospitals

Birbhum district has been awarded by the West Bengal government for its performance in Swastha Bima Yojana scheme (health insurance scheme), reports PTI.

The district administration received the award at Kolkata on Monday in the presence of labour minister Purnendu Basu and senior officers of the labour ministry of the state and central government, district magistrate, Jagdish Prasad Meena said.

Last year around 3.5 lakh persons, including from the BPL category, were enrolled under the scheme which entitles beneficiaries to get reimbursement of Rs30,000 for medical treatment from empanelled hospitals, he said.
 

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First year premium of life insurance cos up 1.4% in Apr-May

The combined first year premium of the public and private sector insurers during April-May 2012stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said

First year premium of the life insurance companies rose by a marginal 1.4% year during the first two months of the current financial year, reports PTI quoting data released by the Insurance Regulatory and Development Authority (IRDA).
 
The combined first year premium of the public and private sector insurers during April-May 2012 stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said.
 
First year premium of the public sector company Life Insurance Corporation of India (LIC), the largest life insurer in the country, however declined marginally to Rs9,214.72 crore from Rs9,273.08 crore during the period under review.
 
Meanwhile, the combined first year premium of the private sector insurance companies increased by 7.8% during the first two months to Rs3,214.11 crore from Rs2,980.36 crore during the same period of the previous fiscal.
    
Some of the private sector companies recorded remarkable growth in their first year premiums in April and May.
     
Private insurer Met Life's first year premium during the period rose to Rs161.78 crore, up from Rs52.55 crore during the same period a year ago.
     
While the first year premium of DLF Pramerica increased to Rs20.96 crore from Rs13.43 crore, Aviva's first year premium during the first two months of the current fiscal rose to Rs148.89 crore, up from Rs52.48 crore in the comparable period of last fiscal.
     
Birla Sunlife's first year premium during the period increased to Rs208.61 crore from Rs161.63 crore while HDFC Standard had a premium of Rs427.52 crore, up from Rs291.58 crore during the first two months of the previous fiscal. However, there was a decline in the number of policies issued during the first two months for the life insurance companies including LIC.
     
In April-May, 2012, a total of 40,46,777 policies were enrolled, down from 4,324,096 during the same period a year ago. The number of policies issued by LIC during the period under review declined to 3,252,286 from 3,386,692.
     

The gross premium of the non-life insurance companies rose 21.83% during April-May to Rs4,880.81 crore from Rs4,005.96 crore during the same period a year ago.
     
The gross premium of non-life insurance companies during April-May (2012-13) rose 18.27% to Rs11,387.32 crore from Rs9,627.91 crore, the IRDA data shows.

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Economy & Nation Exclusive
RIL produced 2 tcf of gas out of the originally certified reserves of 10.03 tcf

Oil secretary GC Chaturvedi was quoted by Russia’s Interfax saying that RIL had “over-sold its position without being absolutely sure about it” and that “it is unfair for shareholders and the country at large”


Reliance Industries (RIL) today refuted suggestions that it may have inflated KG-D6 gas reserves, saying they were certified by leading independent international certifiers and KG fields are facing problems similar to those confronting ONGC's Imperial Energy.

The D1&D3 fields in KG-D6 block were originally certified to hold 10.03 trillion cubic feet (tcf) of proved plus probable (2P) reserves, of which about 2 tcf have already been produced in last three years.

"The exploration business is fraught with uncertainty and geological surprises are not unknown in the industry. Both DGH and the oil ministry have enough professionals with sufficient technical knowledge and experience of oil and gas industry to appreciate this," a RIL official said.

With reservoir complexities hitting output, the firm's junior partner, Canadian Niko Resources, which had a few years back given a prognosis of KG-D6 holding over 50 tcf of reserves, last week said the remaining 2P reserves may be only 1.93 tcf. These do not include the reserves 16 satellite fields may hold.

Meanwhile, Niko late on Wednesday posted a fourth quarter net loss of $183.3 million, or $3.55 per share, compared with net profit of $6.2 million, or 12 cents per share, a year earlier. The Canadian company attributed the decline in performance to the fall in output from the KG-D6 blocks on India's eastern coast.

Though oil secretary GC Chaturvedi has steadfastly refused to comment on KG-D6 reserves downgrade, Russia's Interfax quoted him saying that RIL had "over-sold its position without being absolutely sure about it" and that "it is unfair for shareholders and the country at large".

While Mr Chaturvedi couldn't be reached for comments despite repeated attempts, a ministry official said the secretary had not made any comments on KG-D6 reserves to anyone and the Interfax report was "imaginary and wrong".

The company has been criticized by the oil ministry for drilling fewer wells than planned. RIL has so far drilled 22 wells on Dhirubhai-1 and 3, two of the 18 gas finds in the KG-D6 block that have been brought to production, but only 18 were put on production. Of these 18, five have ceased because of water and sand ingress.

When contacted, a RIL official said KG-D6 gas reserves were independently certified by leading global consultants as well as by ministry's own technical arm, DGH.

"The ministry is well aware that KG-D6 reserves had been certified by the best international experts and had been verified by the Directorate General of Hydrocarbons," he said.

He said Mr Chaturvedi had used reserves being certified by international experts as a defence of output lagging targets at state-run Oil and Natural Gas Corporation's (ONGC) most expensive asset, Imperial Energy in Russia.

Imperial's Russian assets produced 15,400 barrels per day (bpd) of oil at end of last year, significantly less than projected 80,000 bpd output when ONGC Videsh acquired the firm for $2.1 billion.

The Comptroller and Auditor General of India (CAG) criticised ONGC in a report last year, and said the falling output resulted in a loss of Rs1,182.14 crore.

Gas output at KG-D6 fields almost halved to 31.33 million metric standard cubic meters per day (mmscmd) after reservoir pressure dropped unexpectedly and water and sand ingress was reported in wells.

RIL had in 2006 stated that output would rise to 80 mmscmd by 2012-13.
 

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