Insurance Coverage

Periodic revision of deposit insurance coverage warranted: RBI dy governor

A periodical upward revision of the deposit insurance coverage limit, currently at Rs 5, lakh, may be warranted considering multiple factors like growth in the value of deposits, inflation, and increase in income level, RBI Deputy Governor M Rajeshwar Rao has said. Delivering the valedictory address at IADI Asia-Pacific Regional Committee International Conference 2024 hosted by Deposit Insurance and Credit Guarantee Corporation (DICGC) here last week, the Deputy Governor said it is important to ensure adequacy of insurance coverage for customer deposits. In India, he said, the number of fully protected accounts constitute 97.8 per cent as on March 31, 2024 of the total number of accounts in the banking system as against the international benchmark of 80 per cent. While the scope and coverage appear satisfactory at this juncture, there are likely challenges going forward, Rao said. "Today we count India to be amongst the fastest growing large global economies and this healthy growth

Star Health aims to double business to over Rs 30,000 cr in 4 yrs: MD

Standalone health insurer Star Health and Allied Insurance Company Ltd., has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years, a top official said here on Wednesday. The city-headquartered company had recorded a GWP of Rs 15,254 crore in FY24 and reported a profit after tax of Rs 845 crore up by 37 per cent over last financial year, Managing Director and Chief Executive Officer Anand Roy said. "We are aspiring to grow faster than the industry. Our target is to double our business in the next four years. We have been growing at 22 per cent (Compounded Annual Growth Rate) from FY 2020-24. By FY28, our target is to reach Rs 30,000 crore (GWP). This is an internal target that we have set ourselves...," he told reporters. Since its inception in 2006, Star Health and Allied Insurance Company has approved claims of about Rs 44,000 crore. The doubling of Gross Written Premium would be based on deeper penetration into markets including tier

Unclaimed insurance, first market investment: Top personal finance stories

Our top stories this week explain why you should keep a record of your insurance policies and how to start with mutual fund investments

Decreasing persistency in insurance policies, good life going out of insurance cover

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Next big reform in Indian insurance will be indemnity cover for shipping

Amendment to have such a facility could be part of new government's early legislative agenda

Irdai proposes revising coverage across sectors to secure insurance for all

Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country

Crop insurance scheme PMFBY makes comeback, enrollments jump

Number of farmers availing of the scheme reaches all-time high of 25 mn

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders

Chart: Top 10 insurance companies' policy terms and premium amount

Sum assured is Rs 1 crore and the policy is valid up to 70 years of age

Higher losses during disasters due to abysmally low insurance cover of 8%

Calling for out-of-the-box solutions to address the rising cases of natural disasters, which have since 2001 killed almost 85,000 people and thousands of crores in losses, a report has said the higher losses are due to the abysmally low insurance cover of just about 8 per cent. India has been ranked third, after the US and China, in recording the highest number of natural disasters since 1900. The country had 764 natural disasters, such as landslides, storms, earthquakes, floods, droughts etc since 1900, with 402 events occurring during 1900-2000 and 361 during 2001-22, indicating the preponderance of tail events at an alarming frequency and each such event setting new records of economic stress, SBI Research said in a report Monday. By disaster type, the country is marred mostly by floods. Almost 41 per cent of disasters that occurred were floods, followed by storms. Since 2001, as many as 100 crore people have been impacted, and almost 85,000 people lost their lives. And the coun

North India floods: Irdai asks insurance firms to settle claims quickly

The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately

Corporate India's health insurance safety net doesn't cover everyone

Majority of staff in key business sectors lack protection, shows data from listed companies

Climate change insurance: Poor reach, reliance on fossil fuel key issues

India's challenge is that the insurance coverage and penetration vary by lines of business and the low penetration problem is acute

Irdai boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

GIC Re set to participate in reinsuring Kudankulam power plant units

Currently, Indian general insurers have to cede at least 5 per cent of their business to GIC Re till FY22

Generate Ayushman Bharat Health Account number using Aarogya Setu app

Over 21.4 crore users of the application will now be able to create their 14-digit unique ABHA numbers using Aarogya Setu

PSBs told to push for financial inclusion, expand insurance coverage

The Centre has also asked state-owned banks to enter into co-lending arrangements with NBFCs and MFIs

Coverage ends when goods reach destination

According to the National Commission, shifting of the generator after completion of transit does not fall within the scope of the marine and transit policy

Tata AIG launches usage-based insurance cover for private car owners

The usage-based private car cover, launched under the Irdai's regulatory sandbox, is more affordable offering customised solution towards one's driving profile apart

Letter to BS: Need imaginative measures to mitigate impact of coronavirus

An insurance cover of Rs 50 lakh to the sanitation workers, including doctors is a motivational announcement for those serving the nation