insurance brokers association

Reinsurers, P&I Clubs Cancel War Cover, In 'Wait & Watch' Mode

Insurers as well as brokers must eye the bottom of the pyramid segment to boost business as well as increase penetration, said Insurance Regulatory and Development Authority (IRDA) chairman TS Vijayan on the sidelines of the insurance brokers association of India (IBAI) 10th Brokers Summit here on Friday.

New India Assurance boasts the lowest claim rejection rate at 0.2%, outperforming all other insurers in India, according to a recent report. The public sector giant also leads in minimal rejections for health and motor own-damage claims.

At a time when the country is battling the Covid-19 pandemic, the hike in health insurance premiums has hit the elderly, seen as one of the most vulnerable segments, the hardest.

Banks can now offer their customers policies from a host of life and non-life insurance companies with the government notifying regulations for licensing of banks as insurance brokers.

The Indian Banks Association (IBA) has taken a more liberal view of the finance ministry's diktat asking banks to become insurance brokers.

Though the renewal and sale of standard corona policies is expected to decline in the coming days due to falling Covid-19 cases, it is not likely to have a negative bearing on the overall growth of health insurance sector, Insurance Regulatory and Development Authority of India (IRDAI) chairman Subhash C Khuntia said on Friday.

Ongoing US-Israel conflict with Iran is impacting India's economy, particularly through rising crude oil prices and potential trade disruptions. Policymakers are monitoring the situation, with immediate effects seen in energy costs and stock market declines. Broader consequences include inflation, current account deficit widening, and supply chain interruptions.

Insurance brokers have written to the regulator seeking relief for businesses in payment of premium and a request that they be categorised as essential services along with insurance companies. The brokers had also sought the temporary lifting of a key law that bars insurers from taking on risk unless they receive the premium.

Members of Indian Industries Association- the apex association of Micro Small and Medium Enterprises (MSMEs), employees of member MSMEs and their families will now benefit from a specially designed comprehensive group health insurance scheme that provides health insurance coverage at much attractive terms.

Diamonds worth lakhs could have gone down the drain after the blast at Opera House on July 13, Mumbai Diamond Merchants' Association vice-president Mahendra Gandhi told mediapersons.

The India matches in the 2023 ICC Men’s Cricket World Cup are highly insured, with each match insured up to Rs 80 crore. The broadcaster, Star India, alone has insured the matches for an estimated sum of Rs 1800 crore. Insurers are relieved that there have been no major match cancellations so far. The premium paid by the broadcaster for the event is around Rs 64 crore. All stakeholders, including broadcasters, sponsors, and associations, have invested in insurance. The primary insurer is New India Assurance, with top private insurers also involved.

Large corporations risk lapsing insurance policies for their plant and machinery as well as people since both insurers and corporates are forced to shut shop because of the coronavirus lockdown.

Extreme Anti- Brokers' Body

For the first time in India, a property website has introduced home insurance online, offering a wide range of services to consumers.

The IRDA is considering allowing multiple partnerships between life and non-life firms to sell composite products and share distribution for micro-insurance.

Given the lockdown in many states, the insurance regulator on Monday has requested that both life and general insurance companies give policyholders a grace-period of 30 days.

In times of uncertainty, investors look for cues on which pockets to invest in and what strategy to adopt. Market experts that TOI spoke to said that instead of panic selling, investors should adopt a wait-and-watch strategy.

The matches in the 2023 ICC Men's Cricket World Cup in India are being insured for up to Rs 80 crore each, making them the most insured sporting events in the country. The broadcaster Star India alone has insured the matches for an estimated total of Rs 1800 crore. The World Cup as a whole is insured for over Rs 2200 crore, including TV and digital revenues. Insurance coverage has also been taken by sponsors, associations, and for spectators. The primary insurer for the event is New India Assurance.

Life Insurance Council (LIC), an industry association, has favoured selling of products of five insurance companies through a bank.

NEW DELHI: In a bid to improve insurance penetration in the country, Insurance Regulatory and Development Authority will finalise the modalities of 'bancassurance' after discussing it with Reserve Bank and Indian Banks Association by November.