Say customer engagement has been one of the pain points for insurers, historically
Even as The New India Assurance Company Ltd is on a massive recruitment drive, suspense continues in the case of the remaining three government owned non-life insurers, said industry officials.
Reimbursement claims, possibility of a third Covid wave keep non-life insurers on tenterhooks
Till January, the health insurance segment has grown 14.59 per cent to Rs 48,501 crore
The insurers have settled 508,334 claims amounting to over Rs 4,800 crore
Combined entity will be third-largest non-life insurer
Standalone private health insurers reported an impressive 42 per cent growth in premiums in June, and 15 per cent growth for the quarter
Retail health has shown a growth of 25% due to covid
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
Claims have also not risen sharply both in motor and health, giving some respite to insurance companies
The motor and health segments led the decline in premiums for the industry as the month saw premium fall by 9 per cent.
Private sector non-life insurance providers collected a total premium of Rs 97,072 .18 crore
Non-life insurance companies will face a stiff competition from life insurers
All the 34 non-life insurers had collected business premium of Rs 19,141.65 crore in the same month a year ago
The 34 non-life insurance firms had collected a premium income of Rs 11,715.05 crore in the corresponding month a year ago
The non-life insurance firms had underwritten premium of Rs 15,428.17 crore in September 2016
In 2017, premium collected on account of crop insurance scheme is likely to significantly add to investable pool of non-life insurers