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Life and health insurance most likely products to see long-term benefits from COVID-19:GlobalData survey

Ben Carey-Evans, Analyst at GlobalData, comments: “Business interruption insurance is another product that could positively be impacted by COVID-19. Businesses around the world would have been scarred by forced closures throughout 2020 and into 2021 were they not able to operate. It is likely that the positive impact to this business line will be felt over time, as business owners would be very interested in policies that include pandemic cover. This product would likely have scored even higher had there not been disputes around whether insurers should pay out on COVID-19-related claims.”

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OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages

While a major overhaul of insurance regulation has been ruled out, and Biden’s primary insurance-related focus is expected to be on healthcare, experts say life and property-and-casualty insurers will also need to prepare for an increase in regulatory attention from the new administration as it rushes to temper the impact of the COVID-19 pandemic.

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U.N. chief urges business to take the lead on COVID-19, climate and global recovery

“We count on businesses to play an important role by themselves and to put pressure on governments to do the right thing,” he said. “We need you more than ever to help us change course, end fragility, avert climate catastrophe and build the equitable and sustainable future we want and we need.”

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India needs a healthcare regulator, will facilitate premium reduction:Economic Survey

The mitigation of information asymmetry, that will be ensured by the proposed healthcare regulator,would also help lower insurance premiums, enable the offering of better products and help increase the insurance penetration in the country,said the pre-Budget document tabled in Parliament on Friday.

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Accord ”strategic sector” tag to pharma: Par panel

In its report, tabled in Parliament on Friday, on the review of loss-making central public sector enterprises, the Committee on Public Undertakings chaired by Meenakshi Lekhi observed that the indigenous awareness of healthcare facilities is of paramount importance of any nation.

The Committee said it was of the strong opinion that pharma sector plays a very important role to keep the nation healthy and strong, and this has been quite apparent during the current pandemic when the need for strong indigenous pharma companies has been realised with more intensity.

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India’s Insurance penetration rises to 3.76%,density at around $78 in 2019-20:Eco Survey

As of 2019, the penetration for life insurance in India is 2.82 per cent, the penetration for non-life insurance is much at 0.94 per cent.

During 2019-20, the gross direct premium of non-lLife insurers was  Rs 1.89 lakh crore, as against  Rs 1.69 lakh crore in 2018-19, registering a growth of 11.45 per cent. Within non-life category, motor and health segments primarily are the main contributors to industry to report this growth.

Life insurance industry recorded a premium income of  Rs 5.73 lakh crore in 2019-20 as against Rs 5.08 lakh crore in the previous financial year, registering a growth of 12.75 per cent.

While renewal premium accounted for 54.75 per cent of the total premium received by the life insurers, new business contributed the remaining 45.25 per cent

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