Page 17 - Insurance

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

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

All about property transfer, insurance ULIPs: Top personal finance stories

This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers

GIFT City gears up for direct listings, re-insurance in next growth phase

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

LIC targets double-digit growth, plans 3-4 products for FY24: Chairman

Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would g