InsurTech Digit has introduced an insurance plan that specifically covers eight viral diseases including COVID-19 under its group insurance plan for small, medium or big organisations and businesses.
The International Financial Services Centres Authority (IFSCA) says that it has become a member of the International Association of Insurance Supervisors (IAIS).
The COVID-19 pandemic has been a game changer for the Indian life industry as it has managed to reinvent itself quickly by adopting digital processes in all its operational areas, said speakers at the Economic Times virtual insurance summit yesterday.
Post COVID-19 the financial and medical underwriting of life insurance in India is likely to become tighter with some restrictions in place.
State controlled GIC Re will have to work with an operational efficiency that gives it a combined ratio of less than 100, in order to make its reinsurance operations sustainable, according to Mr Devesh Srivastava, chairman and managing director of GIC Re.
Travel services company Thomas Cook India, along with its group company SOTC Travel, has announced the extension of its assured safe travel programme for customers that also provides insurance cover against COVID-19.
India is likely to experience more lethal heatwaves by the 2030s that will make construction and other outdoor work dangerous.
Over 80% of corporate India fears that business disruptions and uncertainty brought about by the pandemic will lead to rise in fraud cases in the next two years according to Deloitte Touché Tohmatsu India (DTTI) biennial survey. This is 22 percentage point increase over the previous edition of the survey in 2018.
The 32 companies in the Indian general insurance sector posted an aggregate net loss of INR14.02bn ($190.6m) for the financial year ended 31 March 2020 (FY2020), from a combined net profit of INR6.83bn in FY2019 and net profit of INR69.09bn in FY2018, according to statistics compiled by General Insurance Council, which represents all domestic general insurers.
Bharti AXA Life, a private player in the Indian market, has registered a 10% increase in renewal premium at $80.3m in the first half of the current fiscal year compared to $73.1m in the same period last year.