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.
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.