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
Even as banks and finance companies are reporting record-high earnings, their weighting in the benchmark National Stock Exchange Nifty50 Index has seen a downward trajectory. Investors expect a stronger performance from other sectors in the new year. Currently, banking, financial services and insurance (BFSI) companies collectively hold a weighting of 34.5 per cent, down from 36.7 per cent at the end of December 2022 and a record high of 40.6 per cent at the end of December 2019. This represents the sector's lowest weighting in the index since December 2021 when it stood at 33.7 per cent.
This year, at least eight public sector banks are set to scrap their existing Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka Bank, Allahabad Bank, Indian Overseas Bank, Bank of Maharashtra and Federal Bank.
As a result of the mass state-led scheme, the processes in the health insurance market could get simplified over time and become uniform
India's financial sector is dominated by large government-owned and private-sector banks.
Largecap companies are generally less vulnerable to economic slowdowns than their mid- and smallcap counterparts.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
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.
The Supreme Court has ruled that an insurance company will be liable to pay compensation to a vehicle owner, even if the vehicle involved in a mishap is manned by a driver without a valid licence.
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
Not many people are taking mediclaim insurance policy and its market penetration is less than one per cent
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
Republican presidential candidate and former president Donald Trump is relying on support from billionaires and big corporations, while hers is a people powered campaign, Vice President Kamala Harris said on Tuesday addressing her first election rally, a day after she became the presumptive presidential nominee of the Democratic Party.
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The new Insurance Bill may be implemented in 2015.
Workplaces of 2025 will be defined by a deep focus on people-first values, inclusivity, and sustainable growth, foresees Sonica Aron, founder of Marching Sheep.
The IPO filing-to-approval lapsing ratio this year is the best in three years, underscoring the improvement in the IPO market's buoyancy.
Western sanctions aimed at crippling Iranian finances by drying up buyers for its crude oil, had last year banned insurance cover to ships carrying Iranian oil.
Insurance policies stipulate a time frame for lodging a claim after the incident of loss.
Insurance companies are going all out to grab eyeballs.
Having got the regulatory clearance to offer add-on insurance policies, non-life insurers are now preparing to launch the same in the coming weeks. Some of the insurers have said, however, that they need some time to launch these products. They say that, unlike commercial products which can be launched straight away, products meant for retail consumers need a certain level of preparation before they are ready for sale.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
Tamil Nadu ranks lowest in terms of crop insurance penetration, which is just 3.12 per cent, as compared with 25-40 per cent in other states in the country.
Banking and insurance services were paralysed on Tuesday as their staff and officers joined public sector employees on a day-long nation-wide strike
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Insurance regulator Irdai on Monday said health insurance policies that cover Covid treatment costs will also cover expenses for treating infections due to Omicron. "All health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract," the Insurance Regulatory and Development Authority of India (IRDAI) said in a release. The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.
The National Confederation of General Insurance Officers' Association urged the Finance Minister Jaswant Singh to explore the possibility of setting up a subsidiary health insurance company to manage the health portfolio.
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.
A proposal to hike the FDI cap in the sector was first mooted by the previous UPA government.
Car market leader Maruti has sold a record 1 million policies under 'Maruti Insurance', launched two years ago.
Sinha called for justice to the victims as he blamed Pakistan for "still trying to kill innocent people" in the region to disrupt peace.
The Insurance penetration in India is very low at 3.9 per cent.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
United India Insurance Company plans to enter the West Asia and South Asian Association for Regional Cooperation countries to tap the potential in these regions due to a presence of a large India diaspora.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
Most popular mandal in Mumbai, Lalbaugcha Raja, takes Rs 51 crore cover.
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