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Insurance Coverage
A periodical upward revision of the deposit insurance coverage limit, currently at Rs 5, lakh, may be warranted considering multiple factors like growth in the value of deposits, inflation, and increase in income level, RBI Deputy Governor M Rajeshwar Rao has said. Delivering the valedictory address at IADI Asia-Pacific Regional Committee International Conference 2024 hosted by Deposit Insurance and Credit Guarantee Corporation (DICGC) here last week, the Deputy Governor said it is important to ensure adequacy of insurance coverage for customer deposits. In India, he said, the number of fully protected accounts constitute 97.8 per cent as on March 31, 2024 of the total number of accounts in the banking system as against the international benchmark of 80 per cent. While the scope and coverage appear satisfactory at this juncture, there are likely challenges going forward, Rao said. "Today we count India to be amongst the fastest growing large global economies and this healthy growth
Standalone health insurer Star Health and Allied Insurance Company Ltd., has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years, a top official said here on Wednesday. The city-headquartered company had recorded a GWP of Rs 15,254 crore in FY24 and reported a profit after tax of Rs 845 crore up by 37 per cent over last financial year, Managing Director and Chief Executive Officer Anand Roy said. "We are aspiring to grow faster than the industry. Our target is to double our business in the next four years. We have been growing at 22 per cent (Compounded Annual Growth Rate) from FY 2020-24. By FY28, our target is to reach Rs 30,000 crore (GWP). This is an internal target that we have set ourselves...," he told reporters. Since its inception in 2006, Star Health and Allied Insurance Company has approved claims of about Rs 44,000 crore. The doubling of Gross Written Premium would be based on deeper penetration into markets including tier
Calling for out-of-the-box solutions to address the rising cases of natural disasters, which have since 2001 killed almost 85,000 people and thousands of crores in losses, a report has said the higher losses are due to the abysmally low insurance cover of just about 8 per cent. India has been ranked third, after the US and China, in recording the highest number of natural disasters since 1900. The country had 764 natural disasters, such as landslides, storms, earthquakes, floods, droughts etc since 1900, with 402 events occurring during 1900-2000 and 361 during 2001-22, indicating the preponderance of tail events at an alarming frequency and each such event setting new records of economic stress, SBI Research said in a report Monday. By disaster type, the country is marred mostly by floods. Almost 41 per cent of disasters that occurred were floods, followed by storms. Since 2001, as many as 100 crore people have been impacted, and almost 85,000 people lost their lives. And the coun