Page 2 - Insurance Claims

Health cover premiums shoot up as Covid-19 pandemic threat looms

Premium costs jump 10-15%, driven by large number of claim payouts during pandemic as well as factors such as rising healthcare costs

Inflated claim can lead to zero compensation

The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim

Bank deposit insurance cover upped to Rs 5 lakh, refund in 90 days: Goyal

The amount has to be refunded to the depositor within 90 days

12k depositors of Bengaluru coop bank get Rs 401-cr deposit insurance cover

BJP's Lok Sabha MP and the party's Yuva Morcha National President Tejasvi Surya said a total of Rs 401 crore has been disbursed

Insurer can't alter loss assessed by surveyor

The National Commission concluded a surveyor's report must be given due importance unless there are valid reasons for disagreeing with it

Insurance claim to be rejected if lapsed on premium not paid: SC

An insurance claim can be rejected if the policy has lapsed on account of non-payment of premium, said the Supreme Court which stressed that the terms of an insurance policy have to be strictly interpreted. The apex court observation came while setting aside an order of the National Consumer Disputes Redressal Commission (NCDRC) that ordered additional compensation in a road accident case. A bench of Justices Sanjiv Khanna and Bela M Trivedi said it is a well-settled legal position that in a contract of insurance there is a requirement of Uberrima fides i.e. good faith on the part of the insured. "It is clear that the terms of insurance policy have to be strictly construed, and it is not permissible to rewrite the contract while interpreting the terms of the policy," the bench said. The top court was hearing an appeal filed by the Life Insurance Corporation (LIC) against the judgement of the NCDRC that had set aside the order passed by the State Commission. In the case, the woman'

Insurers' Covid-related health claims outgo falls 35% in July-Sept quarter

Settle Rs 5,000 cr of claims in Q2 against Rs 7,700 cr in June quarter; non-Covid outgo rises

Insurance claim can be denied for invalid vehicle registration: SC

An insurance claim can be denied if a vehicle does not have valid registration, the Supreme Court said on Thursday while rejecting a claim in theft of a car which had temporary registration.

Health insurance dominates premium mop-up; motor and crop recover

General insurers have seen Covid-related health claims mount, especially after the second wave of the pandemic

Insurers likely to further tighten underwriting norms for term plans

The source also added that retail term plan prices may go up further, even though the reinsurer has not specified it at this point in time

Claims settlement ratio at 99.25% in FY21: Digital insurer Aegon Life

Digital life insurer Aegon Life on Tuesday said it has achieved a death claim settlement ratio of 99.25 per cent in FY21.

Short claim procedure needed for old policies

Section 45 of Insurance Act says claims can't be rejected in policies older than three years. Then why demand so many papers in such cases?

Non-life insurance: Q1 Covid-related claims higher than in entire FY21

Reimbursement claims, possibility of a third Covid wave keep non-life insurers on tenterhooks

Insurers' provision pool balloons as fatalities spike in second Covid wave

Claims in 2nd wave were 3-4 times the volume seen in first wave, says an insurer

Claim can't be denied on frivolous grounds

As for the purchase of raw materials from its sister concern, the National Commission observed this was properly recorded and there were corresponding sales and exports

Insurers see adverse impact of Covid-19 claims on their loss ratio

Indian insurers had not factored in the impact of Covid claims while underwriting their products

Amid Covid scare, life insurers go slow on renewing group-term plans

The adverse claims experience of life insurers have made them apprehensive of renewing group-term policies of some corporate entities

Insurers cannot reject claims based on presumptions and conjectures: Irdai

Insurers need to put in place systems by which policyholders can track the status of claims, says regulator

Covid insurance claims not steep, say insurers even as cases rise

As of November 18, as many as 576,000 Covid health claims have been reported to insurers, amounting to approximately Rs 8,600 crore, said sources aware of the development

Pay for loss incurred to minimise damage

The National Commission rejected New India's plea, saying the consent had become invalid as the insurer itself had not abided by the claim amount recommended by the surveyor