Insurance news – Life Insurance | Health Insurance | Car Insurance

Korea: Life insurers urged to address unmet needs of consumers – Asia Insurance Review

While Korea ranks second in Asia for insurance penetration, there are still plenty of unmet needs for life insurance coverage which the industry has to address to remain sustainable into the future. Speaking at a panel discussion during the Insurance Summit on Industrial Revolution 4.0 held in ...

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Bangladesh: Low returns obtained from insurance fund investments – Asia Insurance Review

The insurance sector's returns on investments, including securities and fixed assets such as land and buildings, have been minimal. Thirty-two life insurance companies invested BDT139.49bn in government securities, from which the return was 2.62%, or BDT3.65bn, in the first quarter of this year...

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Australia: Insurers float plan to help drought hit farmers – Asia Insurance Review

The Insurance Council of Australia (ICA) has said it supports the removal of stamp duties on agricultural insurance products nationwide as a key measure to improve the uptake of farm income and crop insurance for primary producers. ICA CEO Rob Whelan said the insurance industry was examining w...

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Australia: Actuaries launch quarterly climate index – Asia Insurance Review

The Actuaries Institute yesterday launched a climate index, an objective measure of extreme weather conditions and changes to sea levels, to help policymakers and Australia's businesses assess how the frequency of weather extremes is changing over time. The Australian Actuaries Climate Index, ...

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Zirakpur firm fined for overcharging insurance premium – The Tribune – 5th November 2018

The District Consumer Disputes Redressal Forum has penalised a movers and packers firm and an insurance company for overcharging insurance premium. While the premium was just Rs 116, Allied Movers and Packers India Limited, Zirakpur, charged Rs 3,000 and Future Generally Insurance, Chandigarh,...

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Insurance firms can’t be liable to pay compensation to those who travel in goods carriers: Madras HC – The Economic Times – 9th November 2018

The Madras High Court Friday held that insurance companies cannot be made liable to pay compensation to accident victims who travel in goods carriers. Justices K Sasidharan and R Subramanian said that in the light of the categorical pronouncements of the Supreme Court in various accidents, Moto...

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Pay Rs 20,000 to policy holder, insurance firm told – The Hindu – 12th November 2018

Holding United India Insurance deficient in services, a consumer disputes Redressal forum here has directed the insurance company to compensate a policy holder by paying over Rs20,000 for “wrongly repudiating” a claim. Stating that the insurance company’s contention that the policy holder’s cl...

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Trouble renewing your car insurance? You can save money by going digital – Business Standard – 3rd November 2018

Most people give a lot of thought to purchasing a vehicle but not so much to buying auto insurance. This lack of interest could be due to the perception that insurance is complex, lack of information, paucity of time, or a negative experience associated with claims. The auto insurance industry...

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India’s flagship crop insurance scheme a big leap, but needs fixes – Hindustan Times – 4th November 2018

The Pradhan Mantri Fasal Bima Yojana (PMFBY), India’s flagship crop-insurance scheme which is counted as the world’s largest, is a big improvement over older schemes, but its improved features haven’t made it any easier to implement or motivated all states equally. These are some of the key fi...

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Insurance news – Gujarat is benefits most

Prime Minister Narendra Modi’s home state Gujarat is leading the beneficiary charts under the month-old Pradhan Mantri Jan Aarogya Yojana (PMJAY) that provides financial health protection up to Rs 5 lakh to each poor family that seeks hospitalisation in any empanelled facility. All 10.74 crore...

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What is personal accident insurance; how do you claim it? – Mint – 5th November 2018

The Insurance Regulatory and Development Authority of India (Irdai) has constituted a working group to deliberate on the concept of periodic payment of the insurance claim amount in case of personal accident insurance and defined benefit health insurance plans. Defined benefit health plans pay ...

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In Delhi, private hospitals may offer Modicare – The Economic Times – 10th November 2018

In a move to ensure advanced super specialty care for beneficiaries of Ayushman Bharat, the Centre plans to directly empanel Delhi-based private hospitals which have so far been out of the purview of the scheme as Delhi government has not signed onto the initiative. The National Health Agency ...

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Inclusive health policies: Pricing should be updated to cover patients under all types of scenarios – Financial Express – 10th November 2018

Until August of this year, health insurance policies did not cover mental illnesses. But then, the Insurance Regulatory and Development Authority of India (Irdai) asked insurance companies to make provisions to cover mental illness, in a circular dated 16 August. The circular was a step in the...

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Health Insurance may become more consumer friendly: IRDAI panel calls for removing these exclusions – Financial Express – 12th November 2018

In order to make health insurance more customer friendly, a working group set up by the insurance regulator has recommended that diseases such as Alzheimer’s, Parkinson’s, AIDs/HIV acquired after the policy inception should not be excluded. It has recommended that there should not be any perman...

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How new insurance, pension proposals can impact you – The Economic Times – 5th November 2018

Insurance regulator Irdai has proposed several changes in pension and insurance plans. Most of the proposed changes are likely to benefit the policyholders. Higher tax-free withdrawal, partial withdrawals The insurance regulator has proposed raising the lump sum withdrawal limit on maturity of...

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IRDAI panel suggests excluding 17 ailments from medical cover – The Hindu Business Line – 4th November 2018

In what could be a significant benefit for customers, a panel set up by the insurance regulator has recommended a standardised list of just 17 pre-existing diseases that could be excluded from health insurance policies. Further, diseases such as Alzheimer’s, Parkinson’s, AIDS/HIV infection, mo...

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Flexible and customer friendly norms for life insurance: Irdai proposes structural changes in linked, non-linked policies – Financial Express – 6th November 2018

After five years, the insurance regulator is in the process of reviewing the structure of linked and nonlinked life insurance products. It has put out a draft paper which, among other things, proposes to make the minimum death benefit seven times for regular premium products and 1.25 times for ...

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IRDAI wants Rs 15,000-cr unclaimed amounts returned to policy holders – The Hindu Business Line – 9th November 2018

With over Rs15,000 crore of unclaimed deposits lying idle with insurers, the insurance regulator is working on a mechanism to return them to policy holders or their beneficiaries. For amounts stuck in pension schemes, the Insurance Regulatory and Development Authority of India (IRDAI) have ask...

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Auto Insurance: Disruptive technology brings changes in the sector – Financial Express – 17th October 2018

The automotive insurance industry is being disrupted continuously by technology. The physical salesoriented industry has fast-tracked to digital-only channels and now, with the introduction of Internet of Things, Artificial Intelligence and Block chain has completely shaken up the sector while ...

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Government hikes interest rates on General Provident Fund to 8% for Oct-Dec quarter – financial Express – 16th October 2018

The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter. The rate is in line with that for Public Provident Fund. The interest rate on GPF was 7.6 per cent for the July-S...

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PFRDA seeks easing of FDI norms for pension funds, expects boost for fledgling segment – financial Express – 16th October 2018

The Pension Fund Regulatory and Development Authority (PFRDA) has sought easing of the foreign direct investment (FDI) norms for pension funds so that experienced foreign partners could be roped in by these entities, facilitating more competition in the fledgling segment. Currently, FDI in the...

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Australia/NZ: Insurance bodies unite in call for IFRS 17 improvements and implementation delay – Asia Insurance Review

Insurance associations from Australia and New Zealand have joined a global group of insurance bodies in asking for improvements to International Financial Reporting Standard (IFRS) 17-- which covers insurance contracts -- as well as a delay in its implementation. The group of nine insurance ass...

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Australia: Private health insurance changes need to address gap policy reforms – Asia Insurance Review

Private health insurance reforms announced by the government last week, while bringing positive changes, are only halfway complete, Dr Peter Sumich, president of the Australian Society of Ophthalmologists (ASO) has said. He said that the new four-tier private health insurance system should pro...

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Philippines: Govt. studying cat bonds – Asia Insurance Review

The Philippines is seriously considering proposals like sponsoring catastrophe bonds that could be included in other insurance packages the government is now exploring with Lloyd's of London and the World Bank to cover state assets, the Department of Finance (DOF) said in a statement. On the s...

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Exclusions in health policies: IRDAI panel to submit report by year-end – The Hindu Business Line – 17th October 2018

A committee set up by the Insurance Regulatory and Development Authority of India (IRDAI), the insurance regulator, to standardise exclusions in health insurance policies, is likely to submit its report in the next two months, recommending that health policies should also be available to people...

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Irdai draft on reinsurance norms likely next month – Financial Chronicle – 15th October 2018

Insurance watchdog Irdai is likely to come up with its much-awaited draft on new reinsurance norms by next month for global reinsurers. Among the set of new norms, the Insurance Regulatory and Development Authority of India (Irdai) is expected to highlight the norms of ‘right of first refusal’...

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IRDAI panel to study feasibility of paying claims in instalments – The Hindu Business Line – 15th October 2018

The Insurance Regulatory and Development Authority of India (IRDAI) have formed a panel to examine the feasibility of payment of general and health insurance claims in instalments. “Some general and health insurance companies have proposed payment of claims in instalments in respect of personal...

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Private insurers lead new business WRP growth in September – The Economic Times – 13th October 2018

Private insurers led the growth in the industry in September as new business weighted retail premium (WRP) grew 16.8 per cent, industry data showed. Life Insurance Corp, which has been hit by competition, has lost retail market share as this year’s loss rose to 600 basis points. Private player...

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Life insurance industry sees 7% premium growth – Financial Express – 13th October 2018

Life insurance industry saw its annualised premium equivalent (APE) at 7% year-on-year for the first six months of the current financial year. While private players witnessed higher growth at 13%, Life Insurance Corporation of India (LIC) saw a growth at just 3% (year-on-year) at Rs 16,296 cror...

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Love adventure trips? Your travel insurance policy may not cover them – Mint – 18th October 2018

Before heading out to your favourite destination this holiday season, remember to pack in travel insurance too. But ensure you go through the terms and conditions of your policy thoroughly. Very often one tends to take a close look only at the premium and coverage part of the policy without und...

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Government considers talent pool for insurance succession plan – The Indian Express – 15th October 2018

The government is planning to set up a ‘talent pool’ to deal with the succession planning in the PSU general insurance sector. Finance Ministry officials had recently told insurers that the government will create a ‘talent pool’ of officials who will be eligible for the fast-track promotions to...

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Maharashtra’s social health scheme gets Rs 80 crore insurance refund – The Times of India – 18th October 2018

The state’s free health insurance scheme for the poor got a windfall when, after a three-month tussle with a national insurance company, it got a refund of Rs 80 crore on Wednesday. The money was supposed to be used for information, communication and education (IEC) to popularize the Mahatma Jy...

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Crop insurance: NITI Aayog proposes cash back facility under PMFBY – Financial Express – 18th October 2018

To make its flagship crop insurance scheme more attractive, the government is considering a proposal by the NITI Aayog to return 75% of the premium paid by the farmers enrolled under the Pradhan Mantri Fasal Bima Yojana (PMFBY) if they don’t file claims for crop damages for four-six consecutive...

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Crop insurance: Payout ratio jumps after Centre’s prodding – Financial Express – 14th October 2018

Steps taken by the Centre to improve fiduciary compliance by insurers and close-fisted state governments under its flagship crop insurance scheme seem to be paying off. From an abysmally low 5% in May and 60% in mid-July, the payout ratio (claims paid versus those made by farmers) under the Pr...

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Free Rs 5 L insurance cover for Vaishno Devi pilgrims – The Pioneer – 15th October 2018

Pilgrims heading for the Vaishno Devi shrine will get free insurance cover of Rs 5 lakh. This was decided on Saturday at a meeting of the Shri Mata Vaishno Devi Shrine Board (MVDSB) chaired by Jammu & Kashmir Governor Satya Pal Malik. The Board has approved enhancement of free accident ins...

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State government planning to launch new insurance scheme – The Hindu – 17th October 2018

Since farmers in many parts of the State have failed to get benefits of Pradhan Mantri FasalBimaYojana within a stipulated time, the State government is planning to launch a separate insurance scheme to ensure quick compensation settlement to farmers, Agriculture Minister N.H. Shiv shankar Redd...

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How long does car insurance cover note remain valid? – Mint – 18th October 2018

When you buy a vehicle, be it a bike or a car, you need to get it insured (at least for third party liabilities) before you start driving it on the road. Though most insurers now provide online policy, there are also portals where you can check premium and compare policy of various insurance pr...

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Longer tenure 3rd party cover, higher insurance for owner-driver: Impact more serious than one can imagine – Financial Express – 13th October 2018

While both buyers and sellers of two-wheelers and cars are still grappling with the impact of recent court rulings on insurance, the impact is a lot more serious than most imagine. To begin with, the Supreme Court mandated that the third-party insurance cover for new two-wheelers and cars will ...

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Finally, farmers to get crop insurance claims of Rs 229 Cr – The Tribune – 16th October 2018

Almost two months after The Tribune reported that ICICI Lombard, an insurance company, has rejected claims of farmers of Sirsa and Bhiwani districts, the company on Monday approved the first instalment of farmers’ claims of Rs 229 crore. Dushmanta Kumar Bahera, Director, Agriculture and Farmer...

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India: Foreign reinsurers continue to lobby regulator – Asia Insurance Review

Foreign reinsurance companies have made another appeal to the IRDAI to relax the order of preference for reinsurance business in India, before reinsurance contracts are due to be renewed on 1 January. Despite multiple requests from foreign reinsurers to reconsider the order of preference, IRDAI...

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Insurance claim cannot be denied on the ground of common lifestyle diseases: NCDRC to LIC – The Economic Times – 12th October 2018

The apex consumer commission has asked LIC India to pay Rs 5 lakh to the kin of a deceased diabetes patient and made clear that insurance claims cannot be denied on the ground of common lifestyle diseases. The National Consumer Disputes Redressal Commission (NCDRC), while setting aside the Pun...

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India: Insurance industry forecast to cross US$100bn mark in FY2019 – Asia Insurance Review

India's insurance industry is expected to see total premiums of INR6.8trn ($105bn) in the current financial year ending 31 March 2019 (FY2019). The life insurance industry is set to contribute close to INR5.1trn while the non-life industry is expected to cross INR1.7trn, says the “2018 – The I...

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Compare before you buy insurance cover – Hindustan Times (Delhi) – 14th October 2018

Anyone selling an insurance product has to fully brief the prospective purchaser about the policy, so as to facilitate an informed decision. Regulations governing the sale of insurance also impose a duty on the insurer and his intermediary to sell a policy that strictly meets the needs of the p...

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Staffing sector seeks input tax credit on insurance cost – The Economic Times – 14th October 2018

The staffing industry has reached out to the Goods and Services Tax (GST) Council to seek input tax credit on insurance services procured for its employees. “We had a meeting with GST Council and have sought them to either clarify or amend the Act to remove ambiguity with regard to availabilit...

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Private insurance companies Ulips Birla Sun Life

Amitabh Chaudhry was faintly amused. It was early 2010 and a consultancy firm had got in touch asking if he would consider taking over as CEO and Managing Director of HDFC Life. The 50-year-old, a graduate of Birla Institute of Technology and Science, Pilani, and an MBA from the Indian Institu...

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Irda to make suggestions on Insurance Bill

The Insurance Regulatory Development Authority (Irda) would make suggestions vis-a-vis the proposed insurance bill to cover different areas like health insurance and e-commerce, Irda Chairman T S Vijayan said in Hyderabad on Friday. "We have a number of suggestions and would be placing them be...

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Buy insurance policies that cover treatment abroad

Caring for a seriously ill loved one is never easy. We want to give them the best possible health care, even if that means taking them abroad. But it is easier said than done. The biggest issue is the huge cost involved. Worse, most health policies cover treatments only within the country. ...

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Irda wants to enable insurers to fix agency commission

Insurance sector regulator Irda (Insurance Regulatory and Development Authority) suggested to the parliamentary panel looking into the Insurance Bill on Monday, to incorporate a provision to give a free hand to insurers to fix the agency commission, which is currently capped at 40 per cent of the...

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Govt may consider Ordinance for insurance sector reforms

Government on Tuesday appeared not to rule out the possibility of promulgating an Ordinance on insurance sector reforms. "We will have to consider all possibilities right now because the fact is that the country needs more investment in the insurance sector," Minister of State for Finance Jaya...

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Insurers App Help Make Faster Claims And Have More Control Over Your Account

People are spending more time on their smart phones, which is understandable given how it has become a gadget which feeds us everything: news, e-commerce, games, etc. Hence, it is no wonder that every company worth its salt has launched its own app. Insurance companies are no different. Realising...

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