Maharashtra, the state with the highest number of cases, alone reported 15,753 claims worth ₹195 crore, followed by Delhi, the worst-affected city, which submitted 5,909 claims worth ₹134 crore. Other states with a high number of claims include Tamil Nadu, Karnataka, Haryana and West Bengal.
The sum insurances for COVID Standard Health Policy could range from Rs 50,000 to Rs 5 lakhs (in multiples of Rs 50,000). The nomenclature of the product should be 'Corona Kavach Policy', succeeded by name of insurance company, the regulator said.
The proposed guidelines now mandate insurers to offer both options — a standard indemnity-based cover and a fixed-benefit cover. The new deadline for insurers to offer these policies is July 15. Insurers are now expected to offer an indemnity cover with sum assured between Rs 50,000 and Rs 5 lakh, and a fixed benefit cover. ET has reviewed these draft policy documents.
While term insurance products may become as much as 30% dearer, medical insurance premiums may rise by 20-25%. Insurers’ pricing calls will be influenced by their view that morbidity risks have gone up post-Covid and also by higher regulatory compliance costs, especially in medical insurance where regulator IRDA has issued new coverage norms.
The premium collection for non-life insurers dropped 9% in May and 10% for the two months of the fiscal, largely on the back of a 23% decline in the motor premiums and 48% decline in crop premiums collected by the industry in May, data from IRDAI showed.
The average insurance settlement for a patient hospitalised for Covid-19 is Rs 90,118 — significantly short of the average claim size of Rs 1.56 lakh. This is shown in the latest industry data periodically compiled by the General Insurance Council (GIC) and is not publicly available.
Various government bodies and especially police have been using drones in their fight against the coronavirus pandemic which has killed over 9,500 people in the country so far and more than 3.32 lakh people are infected so far. Globally, more than 4.3 lakh lives have been lost and close to 80 lakh are infected.
Banerjee will lead the HR function and will be responsible for strategic direction of people management, including talent acquisition, training and development, performance management, organisational effectiveness, and succession planning.
India’s insurance regulator has withdrawn all long-term packaged third-party and own-damage policies that insured cars for three years and two-wheelers for five years, arguing that these covers were forced upon customers and raised the on-road prices of new vehicles.
“After a careful examination of long term covers…and concerns relating to its implementation coming to light the Authority has decided to withdraw the Long Term Package covers offered for three and five years for new cars and two-wheelers respectively with effect from August 1 2020,” IRDAI said in a circular addressed to general insurers.
Insurance industry saw a 25.3 percent year on year contraction in new business premium. However, leading companies, most notably Life Insurance Corp of India (LIC) saw some aspects of their business bounce back in the month as these companies shored up their digital distribution and outreach channels.
In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) code on or before July 31, 2020. The IRDAI also asked the insurers to advice their corporate borrowers having total exposure of Rs 50 crore and above to obtain LEI code on or before June 30, 2020 and provide the same.