It will help in reducing the turnaround time.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
Taking strong view of wrongful repudiation of mediclaim policy on the ground of concealment of pre-existing ailments
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The judgment from a five-judge Constitution bench, led by Chief Justice DY Chandrachud, offers clarity on licensing regulations and is expected to prevent insurance companies from rejecting claims based on the type of licence of drivers involved in accidents.
'Solutions developed in India are being commercialised and offered globally because we're executing at scale, creating new markets and revenue streams.'
With losses mounting in health insurance portfolio due to higher claims, Oriental Insurance Company is in the process of hiking premium rates for its Individual Mediclaim Policy by upto 30 per cent for people in the higher age group.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
'Don't look at Russia only as a place to earn quickly and then leave.' 'Try to build experience in serious companies, skills and certifications that will serve you anywhere in the world.'
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The NITI Aayog has recommended privatisation of state-owned insurer United India Insurance Company as the government aims to move ahead with its new public sector enterprise (PSE) policy for Atmanirbhar Bharat. The policy think tank has suggested that the public sector insurer be considered for privatisation in the banking, insurance and financial services sector, which has been classified as 'strategic' in the PSE policy, said an official. The policy proposes the "bare minimum" presence of government-owned companies in strategic sectors, and privatisation, merger or closure of remaining public sector undertakings (PSUs).
Motor insurance claims will also come in, due to the extensive damage to vehicles.
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
'Earnings growth will be the main driver of India's market in 2026, with profits expected to rise 9% to 10% in H2 FY26 and accelerate to 12% to 15% in FY27.'
Move to strengthen market share and become more profitable.
Public general insurance companies to collaborate for speedy settlement of claims
The apex consumer court has ordered Oriental Insurance Company to pay a total of over Rs 24 lakh (Rs 2.4 million) to a policy holder which suffered losses after the shares it held of different companies were allegedly stolen.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries about HEALTH insurance and AUTO insurance.
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.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
CAG said that Reliance Infocomm and Tata Tele Services Ltd have caused a loss of Rs 184 crore to 3 state-run insurance firms between 2002-05 on risk cover for mobile handsets and default payments.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
If you want to inspire the young workforce, focus on building transparency, purpose and social responsibility, says notes Varun Sachdeva, SVP and APAC head, NLB Services.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
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
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.
