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A Comparison of European and Indian Insurance "Risk Function"
The subsequent discussion compares the key areas within the risk management function of insurance companies in Europe and India. These are the existence of skilled resources, issues related to data, whether the risk function is challenging the first line enough, whether the riskbased decision-making is working well......
Health Insurance
At the World Economic Forum 2025 in Davos, the CEO of Bajaj Allianz predicted that India could see the emergence of 1000 insurance companies within the next decade.
"The Asian Development Bank (ADB) strengthens the insurance sector in Asia and the Pacific by partnering with finance ministries, regulators, and stakeholders."
Arup Chatterjee, Unit Head of the Capital Markets and Insurance Practice Team at the Asian Development Bank (ADB), has over 35 years of experience shaping global policies and driving reforms in insurance, pensions, and capital markets.
Insurance Regulator
Insurance companies are taking over six hours to process the majority of health cover claims and facilitate hospital discharges post-settlement.
Arterial Blood Gas (ABG) Interpretation for Medical Auditors & Health Insurance Claim Processors
A blood gas analysis may be performed on blood obtained from anywhere in the circulatory system say artery, vein or capillary. A medical auditor and claim processor should know that differences in measured blood gas values between arterial and venous blood are most pronounced for PO2 as PO2 is the only clinical reason for obtaining arterial collections.
MSME Insurance: Simplified
As per MSME Ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore and contribute to about 27% to the country's GDP, which is again 45% of the manufacturing output and over 40% of both direct and indirect exports.
International
In a forward-looking initiative, the Dubai International Financial Centre (DIFC) and Lloyd's of London have partnered to develop future talent in the insurance sector.
Insuring the Insurance: A Model for Investment in Ethical Capital
If today's organizations have to survive and sustain themselves, they must invest in ethical capital, or they will go the way of dinosaurs. In other words, all capital ventures must be ethical, and an investment in ethics is inevitable, for it follows the spirit of Rule and an inclusive approach towards all stakeholders.
General Insurance
With increasing cybercrime and a push from regulators, numerous insurance companies have rolled out cyber coverage for individuals. These policies aim to shield individuals from risks posed by malicious actors during their digital interactions.
Wildfire Crisis in the USA - Lessons for the Insurance Industry
The recent spate of wildfires across the United States has once again underscored the devastating impact of climate change on our ecosystems, communities, and economies. States like California, Oregon, and Washington have borne the brunt of these disasters, with unprecedented destruction of property, displacement of residents, and loss of natural habitats.
Why Telcos Should Consider Partnering with Insurtech Companies to Offer Insurance Products
The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.
Life Insurance
Aviva Plc has agreed to purchase Direct Line Insurance Group Plc for approximately £3.7 billion ($4.65 billion), creating the UK's largest motor insurer.
How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses
Cybercrime like this is no longer the exception-it's the rule. Every organization, from global enterprises to small-town businesses, is a target in today's hyperconnected world. Sophisticated cybercriminals exploit vulnerabilities not just for financial gain but to disrupt and destabilize.
"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."
Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.
"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."
A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.
Life Insurance News
New business premiums (NBP) in the life insurance sector fell by 4.5% yearon-year in November 2024 to Rs 25,306.56 crore, primarily due to a 27.17% decline in Life Insurance Corporation's (LIC) premiums, according to data from the Life Insurance Council.
General Insurance News
In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.
Role of Surveyor in Controlling Wild Risk - Mud and Debris Flow
Risk minimization and control of mud flow and debris flow are essential as insurance claims are rising, and insurance companies are struggling to sustain themselves. Increasing premiums further is not feasible in a developing country like India.
Insurance Industry and the Power of Generative Al: Transforming Risk Management, Underwriting, Claims and Customer Engagement
Generative AI technologies are rapidly reshaping the landscape of the insurance industry by revolutionizing traditional practices in risk assessment, underwriting processes, and claims management. This white paper provides a comprehensive exploration of the significant applications of Generative AI in insurance, supported by detailed case studies from leading insurance companies. By leveraging advanced machine learning algorithms, insurers can optimize decision-making processes, enhance customer experience, and mitigate risks more effectively than ever before.
The SS Robert Bruce Case: A Landmark in Maritime Insurance Law
We all are aware that insurance is a very important security or guarantee for any ship or cargo owner, when he is in the shipping business. Not only does it deal with the insurance of loss or damage to ships, cargo, terminals, but also against natural calamities or any unforeseen circumstances between the point of origin and the final destination.
International News
Japan's largest insurer, Nippon Life Insurance, has announced plans to acquire full ownership of Resolution Life Group Holdings for $8.2 billion in an all-cash deal, solidifying its presence in the U.S. insurance market.
Insurance Regulator Update
The government's proposal to introduce composite licences under the Insurance Act is expected to favor private insurers, leaving public sector insurers at a disadvantage.
Health Insurance News
HDFC Ergo, a leading non-life insurance provider, is set to launch a cashless claims facility for post-hospitalisation treatments, making it one of the first in the sector to offer this service.
International News
Saudi Arabia's Insurance Market Poised for Transformation - Saudi Arabia's general insurance market is on a trajectory of rapid growth, with gross written premiums expected to rise from SAR 68.8 billion ($18.4 billion) in 2024 to SAR 105.3 billion ($28.1 billion) by 2029, reflecting a CAGR of 8.9%. This growth is driven by regulatory reforms, economic diversification, and increased consumer awareness of risk management.
Life Insurance News
HDFC Life Insurance Reports Data Breach - HDFC Life Insurance recently disclosed a data breach, adding to the growing list of Indian insurers facing cybersecurity threats. The breach, revealed in a regulatory filing, prompted the company to launch an extensive investigation with information security experts to safeguard customer interests.
Health Insurance News
Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).
Insurance Regulator Update
IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.
General Insurance News
Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.
"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad