Road traffic is returning to normal across the country after a nationwide shutdown, with motor insurance claims with top insurers surging in May.
The insurance regulator has sent a circular to insurers to disclose their health insurance underwriting policy, in a move to ensure all general health policies cover disability, HIV and mental health.
The life insurance market will have to wait till the end of the year to see how the customer sentiments change in the wake of the coronavirus pandemic, says Mr Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance.
The Indian government is likely to reassess the need to establish a natural catastrophe insurance pool due to mounting economic losses from a series of such events in India over the past three years.
The Insurance Regulatory and Development Authority of India (IRDAI) has asked the General Insurance Council (GIC) to arrive at a 'standardised cost structure' for the treatment of COVID-19 in view of hefty private hospitalisation expenses for coronavirus patients.
Indian life and general insurers anticipate a spurt in their businesses as the lockdown imposed to curb the spread of COVID-19 pandemic is relaxed. The insurers plan to add substantial numbers to their workforce soon.
India is facing its worst threat from locusts in almost 26 years as huge swarms have destroyed over 50,000 hectares of agriculture land in seven states and moving rapidly further into the countryside.
Flipkart and Aegon Life Insurance have launched 'Life Insurance with COVID-19 Cover' for hospitalisation expenses up to INR100,000 ($1325).
Insurers have informed the IRDAI that they are unable to pay the mandated interest rate of 4% on funds from unit linked investment plans (Ulips) that were stopped by policyholders during the compulsory five-year lock-in period.
A leading paint manufacturer in India has taken health insurance cover for its painter partners across the country that covers COVID-19-related emergencies.