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Health insurers feel the brunt as Covid claim amounts triples to Rs 562 cr in a month

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.

IRDA constitutes working group to explore a Pandemic Risk Pool

The nine-member working group is headed by IRDA’s executive director Suresh Mathur and has representatives from regulators, reinsurers and insurance companies.

Irdai asks insurers to offer corona standard policy by July 10

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.

Irdai brings out new draft Covid policy

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.

Covid-19 impact: Life, medical insurance set to become dearer

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.

Low automobile sales in May hit insurers' premium income

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.

Covered under medical insurance umbrella? You may still get wet in case of corona hospitalisation

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.

HDFC Ergo launches country's first drone cover

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.

IRDAI's standard coronavirus insurance policy set to be a fixed benefit cover

The cover will be a benefit-based product offering a 100% lumpsum if a policyholder tests positive.

IRDAI directs insurers to standardise health policies, include out of pocket expenses within scope of coverage

These directions were issued in three separate circulars on Thursday by Insurance Regulatory and Development Authority of India.

Bajaj Allianz Life appoints Santanu Banerjee as CHRO

Bajaj Allianz Life appoints Santanu Banerjee as CHRO

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.

Owning a vehicle to cost less as ‘forced’ covers go

Owning a vehicle to cost less as ‘forced’ covers go

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.

IRDAI scraps all packaged long-term motor covers citing mis-selling and pricing challenges

IRDAI scraps all packaged long-term motor covers citing mis-selling and pricing challenges

“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.

Life insurers record negative business growth yet again in May

Life insurers record negative business growth yet again in May

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.

No corporate loan sanctions, renewals without LEI code: IRDAI

No corporate loan sanctions, renewals without LEI code: IRDAI

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.

National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan'

National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan'

The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories.

INSURE STOCKS
NSE
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Company NameLatestChange%ChangeVolume
HDFC Bank1104.4-20.55-1.834795996
Kotak Mahindra Bank1356.45-11.7-0.861921563
ICICI Bank362.45-7.9-2.1313600590
State Bank of India196.45-2.65-1.3375146199
Axis Bank439.5-14.25-3.1414698242
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