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.
Insurers in India and Bangladesh already overwhelmed by the impact of COVID-19 on their operations and businesses are now facing a bigger challenge in dealing with the claims arisng from super cyclone Amphan that has destroyed large tracts of land and property in eastern India and southern Bangladesh.
Most pension fund managers adhere to their own investment guidelines which are stricter than what Pension Fund Regulatory & Development Authority (PFRDA) has laid down, says Mr Supratim Bandyopadhyay, the Authority's chairman.
State-run Life Insurance Corporation of India (LIC) contributed 50.5% of total first-year individual single and non-single premium income in the financial year ended 31 March 2020 (FY2020) compared with 61.3% in FY2010, notes CARE Ratings.
A working group formed by the insurance regulator IRDAI, to revisit existing guidelines on trade credit insurance, has proposed several changes to improve the credit insurance market and meet the requirements of various stakeholders involved in trade related transactions.
Super cyclone Amphan that tore into coastal parts of eastern India and Southern Bangladesh on 20 May has wreaked havoc along a large part of the coastline, including the metropolitan city of Kolkata in India.
Indian life insurers may close down nearly 1,000 branches as digital sales platforms gain in prominence due to movement restrictions from the COVID-19 pandemic. There are currently 11,600 life insurance branches across the country.