Indian insurers look set to withstand the economic downturn, as general insurance premium growth will remain in positive territory and life premiums will remain broadly flat despite the weakening economy, says Moody's Investors Service says in a new report.
India is likely to link motor insurance premiums with traffic violations as recommended by a working group of Insurance Regulatory and Development Authority of India (IRDAI).
The Max Life India Protection Quotient 3.0 (IPQ 3.0) survey conducted by private life player Max Life in partnership with consultancy firm Kantar has revealed a positive movement of four points in urban India on the protection quotient scale from 35 (IPQ 2.0) to 39. The survey also found that in the backdrop of COVID-19, the country continues to feel financially insecure.
The latest incarnation of India's government-sponsored agricultural insurance programme, PMFBY, has been around for almost five years now. While it has successfully addressed some of the inefficiencies that plagued the sector in years past, there remains room for improvement.
An IRDAI-appointed working group committee has proposed linking motor insurance premiums with traffic violations. This new category of motor insurance premium is dubbed 'Traffic Violation Premium'.
Climate change is likely to cause an uneven shifting of the tropical rain belt - a narrow band of heavy precipitation near the Equator - leading to increased flooding in parts of India according to a new study published in the journal Nature Climate Change.
Several pharmaceutical companies are acquiring insurance cover from domestic general insurers for their clinical trials to develop vaccines, including COVID-19 vaccines.
Close to 700 delegates from 20 countries have registered for the 14th India Virtual Rendezvous to be held online for the very first time on 20-22 January.
The past year has made a significant impact on how individuals engage with one another across industries. Physical distancing measures have transformed traditionally performed activities, with several companies resorting to remote working for most of their employees. V. Viswanand, Deputy Managing Director, Max Life Insurance, shares in this article how it has affected insurance distribution and reimagines advisers' role to align with the future of life insurance distribution in India.
The IRDAI has formed a panel of experts to examine the availability of health insurance products in the country in light of the needs of society and to recommend suitable products and processes.