GoAir and Tata-AIG have signed a deal of travel insurance for passengers who book online tickets.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
The crash has dealt a blow to the conglomerate's efforts to turn around Air India, especially following its merger with Vistara in 2024.
To handle the sudden loss of cashless facility, patients should maintain an emergency fund or a short-term credit line to manage all or part of hospitalisation costs.
The claims will include three kinds of liabilities: Damage to the aircraft; loss of lives who were aboard the aircraft; including the crew members; and third-party liability because of loss of lives where the aircraft crashed; and cargo liability.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
Recent years have been turbulent for the insurance industry due to direct and indirect tax reforms, regulatory overhaul and other external pressures. The events cumulatively slowed growth rate to single digits from the high teens seen earlier.
Pre-initial public offering (IPO) allotments have fallen out of favour over the past two years amidst buoyant primary markets and increasing average float sizes. In 2023, 13 firms raised a record Rs 1,074 crore through pre-IPO placements.
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.
There have been some cases where the entire family has perished or both spouses died in the crash, which are making the claims process particularly complex.
Tata AIG General Insurance on Tuesday launched a new scheme -- Green Channel Settlement -- to make vehicle accident repairs and claims easier for consumers.
'Opt for a minimum cover of Rs 10 lakh to Rs 15 lakh, especially in urban and metro areas.'
Some products offer terrorism cover as part of the base offering, while in others it is an optional cover.
'A policy that covers a wider range of diseases will offer greater peace of mind.'
These are meant for students travelling abroad for further studies.
There are cash plans that cover for the cost of travelling to a hospital or keeping a relative with the patient.
Tata AIG General Insurance, which is the market leader in personal accident covers, eyes 200 per cent growth in income from this segment. It has tied up with a number of education consultants for its Prudent Guard policy for students. Insurers sell two types of personal accident cover to schools -- one for students and another for parents. Some insurers also sell hybrid product covering both.
Players may have to suffer underwriting losses this year.
Insurance advisors suggest you read the fine print first, as there are a host of exclusions which will enable insurers to turn down claims. But the money lost will not be covered. Insurance will be restricted to the replacement cost of a lost or stolen wallet, personal papers and the credit and debit cards in the wallet. There will be no cover for cheques, tickets or fraudulent charges on the lost or stolen cards and any other identity theft-related costs.
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.
Sources close to the development said the three companies have sought permission from the Insurance Regulatory and Development Authority for new motor insurance products and are expected to launch the add-on covers in the first week of January. Add-ons are expected to be in the form of a replacement vehicle or payment on a daily basis when the vehicle is out for repair, and reduced or zero depreciation.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
'Accidents are unpredictable, whether it's a mishap during Diwali, a fracture during travel, or a fall in the bathroom.'
'Exit the car and call for your vehicle to be towed.'
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
Travel insurance policies do not generally cover adventurous or sporting activities such as bungee jumping, paragliding, mountain climbing, or white water rafting, which fall under hazardous activities.
Through this online facility, these business communities can generate marine policies, manage them online and speed up documentation procedures in case of an emergency.
Take the Rediff Biz Quiz and find out how much you know about the private insurance companies in India.
The rupee, which has depreciated about 23 per cent since May, has increased the loss ratios for the travel insurance segment.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
As monsoon picks up, be ready to drive through water-logged areas and mushy roads. Since motor accidents typically see a rise during rains, motor claims also move up.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
The shortest duration for which one can buy travel insurance is seven days.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
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