Page 16 - Insurance

ESIC extends benefits to superannuated insured persons with relaxed norms

The Employees' State Insurance Corporation (ESIC) on Saturday decided to extend medical benefits to superannuated insured persons with relaxed norms. The decision was taken at the 193rd meeting of ESIC under the chairmanship of Union Minister Bhupender Yadav, a labour ministry statement said. The ESIC approved a proposal to provide medical benefits to the insured superannuating workers who went out of the ESI Scheme coverage due to exceeding the wage ceiling, if the worker was under insurable employment for at least 5 years before superannuation/ voluntary retirement, it stated. The persons who were in the insurable employment for at least 5 years after April 1, 2012 and superannuated/voluntarily retired on or after April 1, 2017 with wages up to Rs 30,000 per month will be benefitted under the new scheme. To augment the service delivery mechanism in North-Eastern states to fulfil the vision of Act East Policy of the government, the ESIC relaxed the existing norms for establishment

Irdai proposes revising coverage across sectors to secure insurance for all

Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country

Parliamentary panel for introduction of composite licence for insurers

A parliamentary panel on Tuesday suggested the introduction of composite licence for an insurer to undertake life, general, or health insurance under one entity to increase penetration of insurance in the country. The panel headed by BJP leader Jayant Sinha suggested the government to introduce a provision of composite licensing for insurance companies and make the related amendment in legislation at the earliest. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India, composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. The panel also suggested a reduction in the GST rate on insurance products, especially health and term insurance, which is 18 per cent at present. The high rate of Goods and Services Tax (GST) results in a high premium burden, which acts as a deterrent to getting insurance policies. The committee, with a view to making insurance more affordable, .

Weather risk emerges on radar of insurance industry after $70 billion hit

The development is forcing the industry to rethink some of its risk assumptions amid a clear uptick in the number of thunderstorms across Europe

PhonePe sells over 9 mn digital insurance policies, 4 mn in one year

Walmart-backed payments firm PhonePe on Thursday said it has sold over 90 lakh insurance policies since entering the market in September 2021, of which 40 lakh were in just one year in 2023. PhonePe had entered the insurance space in 2020 with a corporate agency licence, before acquiring a full-fledged insurance broking licence. It currently distributes life, health, motor and car insurance with partners such as Acko, among others, and allows users to pay in monthly subscriptions through UPI. "PhonePe started offering insurance on its platform in September 2021, and since then has sold over 9 million overall policies, with over 4 million being sold in the last year alone. The digital insurance market is growing at a CAGR of 24 per cent, with a large part of this growth coming from PhonePe," the fintech firm said in a statement. The fintech giant announced that it has contributed to over 65 per cent growth for two-wheeler digital insurance in India, over the last 2 years. The company

Why do insurance claims get rejected? Here are the 5 common reasons

Many insurance claims are rejected by companies due to different reasons. If you want to get a full claim, here are the common reasons that you can avoid

Insurance sector may see further listing, M&A in coming months: Moody's

Having raised Rs 1,930 crore in FY23, the insurance sector may witness further capital transactions, including stock market listings and M&A, to improve the sector's capital adequacy and financial flexibility in the months ahead, a report said. Indian insurers' favourable growth prospects have encouraged the sector to raise capital, outweighing the adverse impact of their weak underwriting profitability, Moody's said in a report. In FY23, the sector's paid capital rose to Rs 75,300 crore from Rs 73,400 crore a year earlier, an increase of 2.6 per cent. "We expect more such transactions, as well as more merger and acquisition (M&A) deals and initial public offerings (IPOs), to improve the Indian insurance sector's capital adequacy and financial flexibility in the months ahead," it said. The report said foreign insurers would continue investing in the Indian insurance market and many foreign companies already present in the country through joint ventures could seek to increase ..

Africa's biggest insurer Sanlam banks on India as its home market reels

India's $3.4 trillion economy is expanding almost five times quicker than Sanlam's home market, with the World Bank forecasting 6.4% growth this year

Insurance sector's premium income to double by FY34 to $450 bn: Report

The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will more than double over the next decade (2024-34) from the present USD 224 billion, and insurance penetration will increase from 3.8 per cent currently to 4.5 per cent by FY34, Swiss Re Institute said in a report. The report further said over the next five years (2024-28), the total insurance premium income of domestic insurer are likely to grow 7.1 per cent annually in real terms, which is well above the global average growth of 2.4 per cent, 5.1 per cent in emerging markets and 1.7 per cent in advanced markets, the report said. The more than double of the global average growth of the domestic industry is on the back of a resilient domestic economy which will remain the fastest growing large GDP for the next five years, ..

Quakes, storms cause $95 billion in insurance losses in 2023: Munich Re

The tally of losses from natural catastrophes covered by insurance is less than the $125 billion recorded in 2022 and is also lower than estimate of $100 billion published last month by rival Swiss Re

Select a global health plan covering planned and emergency hospitalisation

The cost of treatment, especially in countries like the US, is much higher than in India, which makes a large sum insured essential

32% vehicles in Kerala currently uninsured, says Transport deptartment

Thirty-two per cent of vehicles in Kerala are currently uninsured, posing a threat to several lives, state Transport Commissioner, S Sreejith has said. Sreejith said the Motor Vehicle Department was making all-out efforts to achieve complete insurance coverage for all vehicles. Sreejith made this statement during a recent Women's Motorcycle Rally as part of the IRDAI mandated insurance awareness drive launched by general insurer Magma HDI at Thiruvananthapuram. "Putting several lives at huge risk, 32 per cent of the vehicles on the Kerala roads are currently uninsured. In a bid to address this alarming statistic, the Motor Vehicle Department is on an all-out effort to achieve complete insurance coverage for all vehicles," Sreejith was quoted in a release. Emphasizing the importance of insurance, he said apart from vehicles, people should also be aware of its need for themselves and their assets as well. Magma HDI, in the release said that low insurance awareness has been cited as

Non-linked insurance plan: Surrender or stay? Do the math before deciding

The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful

Approval for 19 General insurance cos applications in IRDAI's pipeline

Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage

IRDAI eases claim settlement norms for victims of Cyclone Michaung

The regulator's circular added that the special dispensation granted is applicable to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

Insurance for all by 2047: Insurers call for MF-style ad blitz & a rethink

These discussions took place at the Life Insurance CEOs panel at the Business Standard BFSI Insight Summit

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses