The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
Amit Madhan, national manager, retail products, ICICI Lombard GIC, talks about the most important things that students, business and leisure travellers must know while buying travel insurance.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
However, no refund of the premium will be given in case of cancellation of the ticket
These are meant for students travelling abroad for further studies.
Cyber insurance policies cover ransomware attacks and the ensuing damages, including ransom payments, data restoration costs, forensic and other first-party costs, and loss of profit due to business interruption.
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Public general insurance companies to collaborate for speedy settlement of claims
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
Annual premiums do not exceed what you readily shell out for an OTT subscription.
Not many people are taking mediclaim insurance policy and its market penetration is less than one per cent
Staying healthy is good news for the insurance company as well since it implies lower claims. Insurance companies offer discounts anywhere between 8 And 30 per cent discount on premium.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
Insurance companies are anticipating claims of at least Rs 500 crore from the incessant rains and flooding in Chennai.
Those who have an insurance policy need to check its clauses to determine if it covers home care treatment, advises Bindisha Sarang.
The rupee, which has depreciated about 23 per cent since May, has increased the loss ratios for the travel insurance segment.
Buy comprehensive motor insurance policy to guard against natural calamities.
While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Analysts say large issue sizes and high prices were key reasons for the poor response to IPOs of other public sector insurance entities. The high share price meant small investors did not foresee any listing gain
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
Dr Reddy's Laboratories Ltd expects the locally manufactured Russia's COVID-19 vaccine Sputnik V to be available from September-October period, a senior official of the city-based drug maker said.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
Make sure you read the policy wording. Some policies cover pre-existing diseases while others don't. Many need a minimum 24-hour hospitalisation, advises Bindisha Sarang.
ICICI Prudential Life Insurance Company (IPru) is struggling to generate growth in the value of new business (VNB). This is due to a combination of weak growth through the parent bank's channels, a shifting product mix in favour of unit-linked life insurance policies (ULIPS), and higher payouts to third-party channels. Leverage from current investments, a further reduction in contributions from ICICI Bank, and a pick-up in non-participating policies from the end of the year is key for this metric in the near to medium term.
Life insurers need applicants to abstain from tobacco for up to five years.
But, neither were the big companies interested in growing inorganically nor were the smaller ones ready to offer themselves for sale.
The premium amount will be automatically added to the ticket fare if the passenger opts for insurance.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
Air India, under its new Tata management, has taken a Rs 60,800 crore ($8 billion) cover by paying Rs 266 crore premium to a clutch of insurance companies, including Tata AIG General Insurance. The airline managed to get a better deal as it valued its fleet lower by almost $2 billion. The new management held extensive negotiations - both in India and London, to get a good deal considering the rising premiums due to the ongoing Russia-Ukraine war.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Midcap stocks Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch, and Samvardhana Motherson are expected to earn upgrades.
Cost of health care is rising at a fast clip.
It is similar to top-up health insurance plan, but provides for one or more claims cumulatively crossing the threshold limit.
While insurance companies are yet to finalise the premiums, there are chances that group health premiums could see an increase.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
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