CATEGORIES

Health Insurance News

Star Health Set to Expand into Motor and Life Insurance Sector.

Insurance Regulator : Update

IRDAI Introduces 30-Day Free-Look Period for Policies

General Insurance News

ECGC Downgrades Bangladesh to 'Moderate Risk' Amid Political Instability

Innovating for Resilience: Exploring the Future of Inclusive Insurance

The year 2024 marks a pivotal moment for the insurance sector, particularly in the domains of inclusive insurance, climate risk, micro insurance, and the rise of parametric insurance as a key innovative financing mechanism.

"With over 15 years in the insurance industry, I've focused on steering our company toward profitability and market leadership. Recognizing gaps in policy understanding and time-consuming processes, we founded Riskbirbal Insurance Brokers to offer quick, Al-driven solutions."

Syed Meraj Naqvi is a visionary leader known for his astute business sense and a proven history of propelling overall growth. With over a 15-year career in the insurance industry, he has consistently guided the company towards profitability and carving a prominent position in the market. Today, Naqvi has plans to integrate cutting-edge technology in the insurance and risk management industry and provide seamless experience to small & medium businesses. Thus, he aims to create insurance products and risk management services that involve a mixed model of POS and direct engagement, facilitated by robust software solutions.

Retirement Planning: How insurance can contribute towards building a robust retirement fund

\"Retirement phase of our life is a milestone where we bid adieu to a traditional work routine and set out to begin a new chapter. It's a wonderful phase where we seek to fulfil many of our dreams and aspirations that may have been on hold during the working years.\"

What is next for Insurance Distribution?

In today's fast-paced world, the only constant is rapid change. While change has been a buzzword across all industries, insurance was often perceived as slow and unyielding due to its complex regulatory environment and the nature of its products. However, the last decade has turned this perception around.

Revolutionizing Insurance - The Impact of InsurTech on the Future of Risk Management

InsurTech, short for Insurance Technology, involves using technological innovations to improve efficiency and reduce costs in the insurance industry. The innovations harnessed in InsurTech typically come from fields such as big data, artificial intelligence, machine learning, IoT (Internet of Things), and blockchain.

Mary Celeste: Salvage Insurance Fraud or Real Mystery - Historical Maritime Fraud

BRIG: Two-masted square-rigged ship, typically having an additional lower fore-and-aft sail on the gaff and a boom to the mainmast. Till the beginning of 20th Century it was using for sea trading.

Pension to Elderly Women- A step towards dignified grey years

In India, joint family system was the basis to meet all the social security needs of the joint family members, whether it was poor health, old age, financial or emotional support to the widow and children of any deceased member of the family. With urbanization, industrialization and migration, India witnessed a gradual disintegration of this system, which necessitated the need of a formal social security system.

Effect of Electric Vehicles on Motor Claims

Electric vehicles (EVs) differ from combustion engine vehicles, particularly in terms of torque. The torque of an electric vehicle is more linear, providing instant maximum torque, whereas in a combustion engine, maximum torque is reached gradually after the vehicle achieves a certain speed and engages in regenerative braking.

Curing Insurance Phobia

In my last article, \"Insurance Phobia\" published in the \"Insurance Times\", I enumerated various aspects of why people are afraid of insuring as they feel that insurance is not a transaction worth spending money on for reimbursement of unfortunate loss. They say that they go on insuring but no claims are made.

"The insurance sector in Nepal has really come a long way in the past decade. It has seen some major changes that have boosted its growth and brought it into the modern era.The amount of premiums has been growing at a rate of about 20% every year, from 2010 to 2020."

Mr. Susil Dev Subedi currently holds the position of Director at the Nepal Insurance Authority and serves as the Chief Executive Officer of the Insurance Institute of Nepal (IIN). With 17 years of experience in the industry, Mr. Subedi has led key departments including Supervision, Regulation, Policy, Research, and IT.

Insurance Caselaws

NCDRC Orders Reliance Life Insurance Company To Pay Rs 1 Crore And 50k Litigation Costs.

Bunga Melati Dua-Pirate Attack!! Marine Insurance!! -Historical Maritime Fraud

Marine insurance is one of the earliest forms of insurance type in the history. Its importance continues because of the massive sea trade traffic. Almost 80% of the world trade travels by sea. The fact that ships are carrying goods more than people affects both the policies and approach for vessels and other insurable subjects. Policies are more focused on goods and offer solutions for them, while crews become a secondary part of the insurances.

Indian Economy Past-Present-Future with world view

The Indian economy has experienced significant changes over the decades, transforming from a largely agrarian society to a more diversified economy with growing industrial and service sectors. Here's an overview of the Indian economy's past, present, and potential future, along with a comparison to global economic trends.

Third Party Administrator (TPA) - Need to Strengthen the Pillars of Health Insurance Claims Management

The liberalisation of the Insurance sector and formation of Insurance and Development authority of India in 2000 has completely transformed the Indian Insurance Industry in the last two decades. There are currently 60 registered Insurers (including 7 standalone health Insurers) having physical presence with approximately 22,000 offices throughout the country.

Leveraging Technology for Income Protection and Replacement Products in India: A Path to Inclusive Insurance

Income protection and replacement insurance products are designed to provide a safety net for individuals and families during periods of unemployment, disability, or illness. However, the adoption of these products in India has been sluggish, primarily due to a lack of awareness, affordability issues, and the complexity of traditional insurance processes.

Take aways from the Union Budget 2024-25- Musings from an Insurance Pensioner

The entire nation heard the Union Finance Budget presented by our Honourable Finance Minister at the Parliament on July 23 2024.

Electric Revolution: Insurance in the Era of Electric Vehicles

EVs are renowned for their advanced software algorithms that control various functions. It is essential to note that when the EVs connect to charging stations, the cable not only transmits power but also exchanges a multitude of data. This expanded risk surface increases the vulnerability to potential cyberattacks, which could involve data theft or the introduction of viruses to manipulate the system.

Underwriter Co- Pilot

Future of Insurance Underwriting with Generative Al

"The insurance industry in India is looking positive due to economic growth, driven by increased awareness, digital transformation, and government initiatives.Because of low penetration rates, there's a substantial opportunity for expansion."

Interview with Sharad Bajaj, COO, of InsuranceDekho.​com

Legal Update

Neeraj Kumar obtained a whole-life unit-linked insurance policy from PNB MetLife India. Under the policy called \"Met Smart Plus Policy\", which Kumar purchased, his son was insured for Rs 1.75 crore. The policy had a term of 93 years for which the premium was Rs 5 lakh per annum.

Rising Insured Losses: Strategies for Effective Water Damage Restoration

Natural disasters caused a staggering global economic loss of US$270 billion last year, with insured losses reaching US$111 billion.

Business Interruption Beyond Physical Damage

The purpose of NDBI insurance coverage is to offer financial protection to businesses when their operations are interrupted or suspended due to non-physical loss or damage. Like traditional Bl insurance, NDBI insurance covers a broad range of losses, including loss of income, extra expenses, loss of property or equipment use, loss of market or reputation, and loss of key employees.

Drilling Oil Rig Cendor Mopu, Marine Insurance-Inherent Vice A Boon or Loss - Historical Maritime Fraud

Causation is a very important part in marine insurance law. The general principle in English Law is that the insurer will only be liable for any loss, which is proximately caused by a peril insured against. (Marine Insurance Act, 1906, section 55). At the beginning of last century, the determination of the proximate cause in common law was considered to be the nearest in time.

Parametric insurance, a trilliondollar market opportunity globally in near future

Neeraj Kaushik Principal Consultant Infosys McCamish Atlanta (GA), USA

Insurance Caselaws

Supreme Court: If Ship Is Sent To Sea in An Unworthy State, Insurance Company Is Not liable For Any Losses Caused By Unseaworthiness. Case title: Hind Offshore Pvt Ltd v. IFFCO General Insurance Co. Ltd.

Legal update

'Go, hang self' isn't abetment to suicide: HC

New Product Launches

TATA AIG debuts India’s first satellite liability insurance