Page 32 - Insurance
Insurers can take action against hospitals denying cashless service: Irdai
An insurance company can take action against a hospital for demanding advance from a policy holder who is supposed to get cashless service
Not a good idea: Surrendering insurance policy early entails higher loss
To avoid losing protection cover, explore the option of taking a loan against it
 "Not a good idea: Surrendering insurance policy early entails higher loss")
Air India Express plane, which overshot runway, was insured for $50 mn
Air India's fleet is insured for around $10 billion and the airline has a liability cover of $750 million
 "Air India Express plane, which overshot runway, was insured for $50 mn")
Covid-19 brings about shift in insurance preference; group biz on the rise
While the pandemic has made corporates take up the responsibility of providing insurance coverage to their employees via group insurance, it has pushed back individuals from buying into insurance
 "Covid-19 brings about shift in insurance preference; group biz on the rise")
JNPT crane insurance covers full replacement along with loss of business
Clearing of damaged cranes alone to take over a month
 "JNPT crane insurance covers full replacement along with loss of business")
Covid-19: Govt gets 131 claims under insurance scheme for health workers
The central government has received 131 claims under an insurance scheme for healthcare workers engaged in Covid-19 related duty and payments have already been made in 20 of them
Bharti AXA gets Rs 800 cr crop insurance mandate from Maharashtra, K'taka
Bharti AXA General Insurance said it has received Rs 800 crore worth crop insurance mandate from Maharashtra and Karnataka governments to insure farmers in both the states under the PMFBY
 "Bharti AXA gets Rs 800 cr crop insurance mandate from Maharashtra, K'taka")
Big, small insurers toy with pandemic-proof policies for post-Covid world
Pandemic exemptions have helped some insurers emerge relatively unscathed
Covid-19 impact: Here's why insurance may never be the same again
While new pandemic-proof policies might not be cheap, they offer businesses from restaurants to film production companies to e-commerce retailers ways of insuring against disruptions
 "Covid-19 impact: Here's why insurance may never be the same again")
Govt approves Rs 12,450-cr capital infusion in 3 state-run general insurers
The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital
 "Govt approves Rs 12,450-cr capital infusion in 3 state-run general insurers")
Future Generali swims against tide with increments, promotions to staff
It also plans to hire more employees depending on business requirement. So far in the lockdown period, it has recruited 70 across various levels and plans to hire more in the current financial year
 "Future Generali swims against tide with increments, promotions to staff")
Insurers discuss growing need for policy to claim Covid-19 losses
The discussions are at an initial stage and no timeline has been fixed on when such a product will come out
 "Insurers discuss growing need for policy to claim Covid-19 losses")
Protection stocks offer opportunity; opt for insurance and gold finance cos
Quality stocks in banking and financial services sector are still available at attractive valuations
No cash benefits for ESIC subscribers without bank account details
The corporation will further encourage employers to update mobile numbers and bank account details of existing subscribers via an online portal
 "No cash benefits for ESIC subscribers without bank account details")
Promise of guaranteed return plans are appealing, but compare their IRR
A combination of term plan, MFs may be volatile but is likely to get higher returns
 "Promise of guaranteed return plans are appealing, but compare their IRR")
Insurer must prove fraudulent claim
The policy would also pay double the amount, in case of death of the policyholder
Major shift to digital space demands data security, cyber insurance
The biggest nightmare for an individual in this digital age is to see an unauthorised debit in his bank account and realise he has been a victim of an online fraud
 "Major shift to digital space demands data security, cyber insurance")
UK's Standard Life divests 2% stake in HDFC Life for Rs 1,985 crore
Prior to this, Standard Life had sold 4.95 per cent stake in HDFC Life for Rs 5,750 crore in October 2019, and had offloaded 3.3 per cent stake in the insurance firm in August last year
 "UK's Standard Life divests 2% stake in HDFC Life for Rs 1,985 crore")
Banks, financial cos must be allowed to avail credit insurance: Irdai group
Trade credit insurance covers a seller against the risk of non-payment by its customers arising due to willful default or insolvency
 "Banks, financial cos must be allowed to avail credit insurance: Irdai group")
Year of survival for insurance industry; don't expect growth: Bajaj Allianz
Recognising that customers have their own concerns, he said the company is equally taking care of its own employees during this lockdown
