Insurers slow to respond to emerging risks: Insurance Report 2019

There is a significant coverage gap in emerging risk areas as far as insurance in India is concerned, finds a new report. Titled The World Insurance Report 2019, the study by Capgemini and Efma names cyber security and environmental threats as some of these emerging risks. Some of the other findings are: That insurers have been slow to respond to emerging risks, that there is a significant coverage gap in emerging risk areas, that the slow response to emerging threats has created significant coverage gaps for customers exposed to these risks and that consumers are more prepared for change than providers. Over half (55 per cent) of the surveyed customers said they were ready to explore new insurance models, but barely a quarter (26 per cent) were investing in them. Thirty seven per cent of the customers said they were willing to share additional data in return for improved risk-control and prevention services but only 27 per cent of insurers had the capability to tap real-time data for risk modelling purposes.

Realty lure

While real estate developers are going  all out to lure buyers with attractive deals and discounts, there are signs that the strategy is helping boost sales in some regions. According to the recent ANAROCK Consumer Sentiment survey, as many as 50 per cent of the buyers across the country bought homes due to attractive prices. Hyderabad took the lead with more than 61 per cent of the buyers surveyed by ANAROCK Property Consultants in the city confirming that lower property prices made them take the plunge last year. In some other cities, the nudging factor was something else. For example, 50 per cent of the buyers in the National Capital Region bought property due to effective RERA implementation while 58 per cent of the buyers in Kolkata were driven by lower home loan rates. Santhosh Kumar, vice chairman, ANAROCK says: "Attractive pricing, sound social and physical infrastructure development and increased office leasing activity have made Hyderabad one of the most active real estate markets in the country.”