Insurance risks in India have emerged in recent years as concerns amid due to the rapidly changing technology and global environment. Cyber risks and data breaches With increasing digitalization, cyber risks and data breaches have become major concerns in India. This can lead to significant financial losses, damage to reputation and loss of sensitive information. […]
Top 10 emerging insurance risks in India Read More »
The Indian insurance industry has experienced significant changes and developments in 2022, including new regulations, proposed amendments, and growth opportunities. These changes have allowed the industry to adapt to new trends and digital disruptions, and the Insurance Regulatory and Development Authority of India (IRDAI) is actively working to ensure that insurers remain relevant and achieve
Indian insurance industry trends in 2022 Read More »
Own Damage car insurance covers the damages suffered by the car due to natural or man-made causes, or if it is stolen. In such cases, the Own Damage Coverage covers financial losses suffered by the car owner. Although basic car insurance refers to a third-party insurance policy, it does not cover the damages suffered by
Benefits of Own Damage Coverage in Car Insurance Read More »
Life, pension and the variable segment recorded growth of 10.70%, 13.38% and 34.66%, respectively, while the annuity and health segments witnessed a decline of 11.83% and 2.68%, respectively, during the last financial year. Life insurance premiums for unit-linked products (ULIPs) witnessed gradual growth for the last three financial years, while premiums for traditional products grew in
IRDAI annual report for 2021-22: Traditional products registers double-digit growth Read More »
Insurance regulator Irdai has asked non-life insurance companies and reinsurers to ensure that broad-occupancy market average burning costs rates for fire and engineering risks, published by the Insurance Information Bureau of India (IIB), are not embedded as “minimum rates” within reinsurance treaty agreements applying to the Indian market for the risks commencing from the next
IRDAI: Insurance companies not to embed burning cost rates Read More »
Insuring a two-wheeler is advisable to meet legal obligations and for protection against financial losses in the event of a contingency. But two-wheeler owners can get confused about the insurance policy that suits their requirements—third-party insurance, comprehensive or standalone. Third-party insurance is the most basic policy that must be availed before your vehicle hits the
Two-wheeler insurance: Choosing the right insurance policy Read More »
The measures taken by the IRDAI would help in increasing the insurance penetration in the country, as a corporate agent may represent up to 27 insurers and sell insurance products for them. A prospective customer would now get a wide range of insurance products to choose from by consulting a single corporate agent. As insurance
IRDAI’s new notification throws open wider choices for customers, corporate agents Read More »
The non-life insurance industry continued to report double-digit growth in November, after near-flat growth in September. The industry reached ₹19,209.2 crores in November, a 22.1% growth YoY. Collective gross direct premium underwritten for non-life insurance companies grew 22.1% year-on-year (YoY) to ₹19,209.2 crores in November from ₹15,735.3 crores a year ago, data shared by CareEdge
Non-life insurers register a growth of 22.1% in gross direct premium in November Read More »
A resident individual incurring the medical expense of a dependent (spouse, children, parents, brothers and sisters) with a disability can claim a deduction under Section 80DD. while people buy a health insurance policy for financial protection and benefit from tax deductions, they must comply with the conditions laid under Section 80D of the Income Tax
Health Insurance: Do’s & don’t’s for availing tax benefits Read More »
Irdai proposed a three-year policy in respect of private cars co-terminus with motor third party liability cover and a five-year policy in respect of two-wheelers co-terminus with motor third party liability cover. The Insurance Regulatory and Development Authority of India (Irdai) has proposed allowing all general insurers to offer long-term motor insurance policies to allow
Irdai proposes long-term motor insurance policies Read More »
