DHFL General Insurance to start operation soon
KRA- DHFL General Insurance to start operation soon DHFL General Insurance on Thursday said it has received certificate of registration from the Insurance Regulatory and Development Authority of India (IRDAI) and will start its business operations soon. The venture has been promoted by Wadhawan Global Capital(WGC), whose flagship brand is Dewan Housing Finance Ltd (DHFL), a listed entity. Our general insurance venture […]
IRDAI approves 16 new applications under regulatory sandbox
Insurance Regulatory and Development Authority of India (IRDAI) has approved the 2nd tranche of approvals under the regulatory sandbox. The regulator had invited applications in September 2019 and an evaluation committee constituted by the regulator has shortlisted the applications and sent its recommendation to the regulator. The approvals for life and non-life insurer is from 1st May 2020 to 31st October […]
Arogya Sanjeevani: A straightforward, reasonably priced health plan
Insurance companies have been asked by the regulator, IRDAI, to offer a standard health cover called Arogya Sanjeevani. Gurdeep Singh Batra, Head-Retail Underwriting, Bajaj Allianz General Insurance, says “It’s a straightforward policy, has easy wordings, is easy to understand, and comes with a good coverage at a reasonable price.” These policies come with standard coverages, […]
How COVID-19 accelerates the digitalisation of the insurance customer journey
COVID-19 has made us uncomfortable and anxious. It’s also fair to say that it has changed us … and our habits. My colleagues have addressed this pandemic from several angles already, so I’m going to stick to just one – digitalisation. Throughout human history, every challenge we’ve faced has made us more resilient. This pandemic […]
India:Govt could review need for Nat CAT pool
The Indian government is likely to reassess the need to establish a natural catastrophe insurance pool due to mounting economic losses from a series of such events in India over the past three years. Sources say the government may revisit a pool-like arrangement to offer natural catastrophe insurance covers that would protect property and dwellings […]
Composite scheme for low-income persons suggested to Govt: PFRDA Chairman
Pension Fund Regulatory Development Authority (PFRDA) has suggested a composite scheme for of social security cover for the unorganised sector workers and low-income individuals where both pension and insurance benefits will be covered. PRFDA Chairman, Supratim Bandyopadhyay told PTI, “We have given some suggestions to the government. We are thinking whether we can have a comprehensive pension scheme taking along […]
Standard Covid-19 insurance plan to have max sum assured of Rs 5 lakh
Insurance companies are working on a standardised insurance product for Covid-19, with the sum assured ranging from Rs 1-5 lakh. This follows the insistence of the regulator, and directions issued by the General Insurance Council (GI Council) — the apex body of non-life insurers. The product needs to be offered mandatorily from June 15, and insurers have been given time […]
India:Motor claims rise in May as traffic returns to roads
Road traffic is returning to normal across the country after a nationwide shutdown, with motor insurance claims with top insurers surging in May. The re-opening of businesses and other activities has caused accident-related and maintenance related own-damage (OD) claims to surge in May to 50-60% of normal pre-COVID19 levels, as per indicative trends shared by […]
Major shift to digital space demands data security, cyber insurance
The biggest nightmare for an individual in this digital age is to see an unauthorised debit in his bank account and realise he has been a victim of an online fraud. We live in an era of hyper-connectivity which allows us to share information across a wide variety of devices. While offering many advantages, this […]
Covid-19 impact: Uninsured PPE kits add to hospital bills
Hospitalizations in the middle of the coronavirus pandemic, even if a patient has not contracted the virus, may add thousands of rupees in out-of-pocket expenses as insurers are unwilling to cover the costs of personal protective gear as they fall in the list of non-payable items. Patients could end up spending as much as a fourth […]
