Introduction
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. Further, with technological development the Insurers spread the gospel of Insurance in every nook and corner of the country through online presence. The Health insurance sector witnessed the emergence of the concept of Standalone health insurers and a new set of professional body namely the TPAS (Third Party Administrators) in the last two decade.
Health care and health Insurance awareness has tremendously increased Post-Covid in our country. Health insurance has become the most prominent segment in the insurance space today comprising 38% of the Non-Life Insurance business. Health Insurance Segment reported a growth of 21.32 percent in 2022-23 with the premium amounting to Rs. 97,633 crore (including personal accident) and the sector is further expected to grow significantly in the next few years. During 2022-23, the General and Health insurance companies have covered 55 crore lives under 2.26 crore health insurance policies (excluding policies issued under PA and Travel Insurance). They have settled 2.36 crore number of health insurance claims and paid an amount of Rs. 70,930 crore for the same. The incurred claim ratio for the year 2022-2023 stood at 89%. With the expansion of health insurance business and large number of claims settled by the Insurers, the services provided by the third party administrators have become more significant in building up the trust and reputation of the Insurance Industry.
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"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.
