A survey conducted by the Insurance Institute of India (III) has revealed that COVID-19 will have a long-lasting impact on the insurance sector, which will have to accelerate digital transformation and reskill the workforce to stay relevant and competitive in the future.
Further volatility in India's investment markets amid the prevailing COVID-19 pandemic may increase pressure on GIC Re's financial performance and balance sheet fundamentals, says AM Best.
Bank of Baroda credit card holders can now purchase a COVID-19-cum-hospital-cash benefit insurance cover that provides financial support upon hospitalisation or on COVID-19 diagnosis.
The IRDAI has formed a nine-member working group to study the legal framework and feasibility of the insurance sector offering offer surety bonds for road contracts.
Truckers in India, in support of their demand for insurance cover, are protesting by honking the horns of their vehicles for one minute at 1300hrs every day. Their unique protest began on 1 July and will continue till 7 July.
Insurance Regulatory and Development Authority of India (IRDAI) had extended the renewal premium payment period for insurance policies four times in view of the countrywide lockdown imposed to curb the spread of COVID-19 in India. All insurance policies whose premium fell due after 25 March 2020 could have been paid before 31 May 2020.
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care.
As it celebrates its 65th foundation day, the Insurance Institute of India (III), a pioneer insurance training centre in Asia, is taking a number of initiatives to spread insurance awareness and bringing insurance education to the masses.
The Congress Party has demanded that the government declare locust attacks in the country as a natural disaster and farmers be given compensation under the crop insurance scheme.
According to Indian insurance industry, the recent move by the Insurance Regulatory and Development Authority of India (IRDAI) to include home care for COVID-19 patients with mild symptoms in the standard COVID-19 health insurance cover could turn out to be a game changer for the Indian health insurance.