Page 2 - Insurance Claim
Life insurers' premium income rises nearly 13% to Rs 7.83 trillion in FY23
Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai's annual report released on Wednesday. Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23. Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium. However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report. During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh
 "Life insurers' premium income rises nearly 13% to Rs 7.83 trillion in FY23")
Be warned: Restarting stalled vehicle in a flooded area magnifies damage
In flood-prone areas, engine protection, zero depreciation, and roadside assistance riders are must-haves
 "Be warned: Restarting stalled vehicle in a flooded area magnifies damage")
Tech age of insurance: India emerges as fastest-growing market globally
A country where insurtech companies are rapidly gaining market share. These are firms that make innovative use of technology in insurance
 "Tech age of insurance: India emerges as fastest-growing market globally")
Insured cannot claim same expense twice
The National Commission concluded that reimbursement for the same head of expense, namely surgeon's fees, cannot be claimed twice
 "Insured cannot claim same expense twice")
North India floods: Irdai asks insurance firms to settle claims quickly
The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately
 "North India floods: Irdai asks insurance firms to settle claims quickly")
India's average health insurance claim is Rs 42,000; 15% exceed Rs 100,000
Claim settlement rates are relatively high. Over 50% claims have 80% or higher claim settlement.
 "India's average health insurance claim is Rs 42,000; 15% exceed Rs 100,000")
GIC Re part of Rs 500-crore insurance pool to cover imports from Russia
While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too
 "GIC Re part of Rs 500-crore insurance pool to cover imports from Russia")
Insurance claims can't be rejected on definitions of terrorism, says SC
The verdict came on a plea of Narsingh Ispat Ltd, the insurance claims of which under the Standard Fire and Special Perils Policy, was repudiated by the Oriental Insurance Company Ltd
 "Insurance claims can't be rejected on definitions of terrorism, says SC")
Health insurers take 20-46 days to settle patients' claims: Report
The claim cost could be 10 to 30 per cent cheaper when the insurance is bought from public sector insurers that have GIPSA rates compared to the service provided by private insurance firms, it said
 "Health insurers take 20-46 days to settle patients' claims: Report")
921 healthcare workers paid Rs 50L each insurance claim under PMGKP scheme
Till July 15, a total of 921 doctors and healthcare workers have been paid insurance claim of Rs 50 lakh each under the Pradhan Mantri Garib Kalyan Package (PMGKP) scheme for Covid warriors
 "921 healthcare workers paid Rs 50L each insurance claim under PMGKP scheme")
Insurers receive 790,136 Covid-related claims in two months, shows data
As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore
 "Insurers receive 790,136 Covid-related claims in two months, shows data")
When buying cancer cover, look for a policy that pays even at early stage
Make sure that the payout is not restricted to detection at stage III or IV
 "When buying cancer cover, look for a policy that pays even at early stage")
Claim payable if bariatric surgery is medical necessity
In cases where the bariatric surgery is performed for cosmetic purposes, the insurer is not liable to pay
 "Claim payable if bariatric surgery is medical necessity")
GI Council wants standard Covid treatment rates for easier claim settlement
Insurers will be guided by referral rates while processing hospitalisation claims. If actual charges exceed referral rates due to various medical exigencies, insurers will consider them while processi
 "GI Council wants standard Covid treatment rates for easier claim settlement")
Urgent need to standardise rates in hospitals: ICICI Lombard MD & CEO
The reason we need standardisation is because it will smoothen the process for customers as there won't be any dispute with hospitals, says Bhargav Dasgupta, ICICI Lombard MD & CEO
 "Urgent need to standardise rates in hospitals: ICICI Lombard MD & CEO")
From insurance claim to contract arbitration, here are the key court orders
A weekly selection of key court orders
 "From insurance claim to contract arbitration, here are the key court orders")
Claim can't be denied for an old machine
During the tenure of the policy, an abnormal noise suddenly started emanating from the spindle in the tool box
Is consumer still king?
Pending cases at all-time high in district, state and national forum, touching 90% in some states
 "Is consumer still king?")
SC order on insurance claims a shot in the arm for policyholders
Insurers cannot reject claims mechanically, but experts say policyholders shouldn't take undue liberties with insurers' timeline for filing claims
 "SC order on insurance claims a shot in the arm for policyholders")