In contrast to last year’s renewal, 4/1 saw a resurgence in...
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IRDAI bans any competition against Bima Sugam-Insurance Electronic Marketplace
``No other person can commence or operate with same or similar...
Finance ministry and PSUs can’t make any new appointments till general elections are over, says EC
Effectively, for the PSU insurance industry , such a stand by the...
Some life insurers hit pause on older Americans during coronavirus crisis
Some insurers are also suspending applications for people in their 60s who previously may have been eligible for coverage despite common health problems such as diabetes or asthma.
Insuring older Americans can be a big risk for U.S. life insurers under the best of circumstances, but it brings in hefty premiums. A healthy 40-year-old woman pays about $180 annually for a $250,000 15-year term life policy, while a healthy 70-year-old woman pays $2,244, or 1,146% more, according to online brokerage Policygenius.
PNB to retain stake in two life insurance ventures as Irdai gives nod
“Irdai says there is no regulation to restrict currently. So, both can continue,” PNB Managing Director S S Mallikarjuna Rao.
LIC settles 16 COVID-19 death claims, extends prm payment grace period by one month
LIC’s policyholders can now pay premiums through any of LIC’s digital payment options without any service charge. Policyholders do not need to register on the website for paying premium but can directly pay by giving basic details.
In addition to providing facilities for online premium payments for existing policies, LIC has made five plans available online and these can be purchased with ease while at home. These plans are LIC’s Tech Term, which is a Pure Protection Plan, LIC’s Jeevan Shanti Annuity plan, LIC’s Cancer Cover, LIC’s SIIP and Nivesh Plus – the last two being ULIP plans which are available at very attractive NAV.
China plans allowing a foreign life insurer to own more than one main business license
Existing regulations allow overseas life insurers, with operations in China, to own up to 15% stake in a local rival. Under the new rules being considered, the CBIRC will allow a foreign life insurer to own more than one main business license, the people with knowledge of the matter said.
Climate-change effects to drive rising losses from severe weather events:Sigma study
Worldwide, economic losses from natural and man-made disasters in 2019 were USD 146 billion, lower than USD 176 billion in 2018 and the previous 10-year annual average of USD 212 billion. The global insurance industry covered USD 60 billion of the losses, compared with USD 93 billion in 2018 and USD 75 billion on average in the previous 10 years.
“To uphold the insurance risk transfer model as a powerful tool to foster resilience, insurers need to adapt before, not post events,” Martin Bertogg, Head of Catastrophe Perils at Swiss Re said. “To this end, insurers should be wary of historical loss records in understanding today’s state of the socio-economic environment and climate. Averaging out over a past spanning multiple decades can lead to distorted risk assessment.”
Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI
Punjab National Bank (PNB) has absorbed Oriental Bank of Commerce and United Bank — which makes it India’s second-largest bank after State Bank of India (SBI).Similarly, Syndicate Bank merges with Canara Bank, Union Bank of India absorbs both Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank’s merger also comes into effect from April 1
Life Insurers will not cite “force majure’ for settling Covid-19 death claims
“The spiralling global and local impact of COVID-19 pandemic has emphasized the fundamental need for life insurance in every household. The life insurance industry is taking every measure to ensure that the disruption caused to policyholders, due to the lockdown is minimal, by providing them uninterrupted support digitally, be it for honoring death claims related to COVID-19 or for servicing their policy,” said Life Insurance Council Secretary General S N Bhattacharya.
Coronavirus Pandemic: Short-term closure of plants or premises can pose risks for companies:AGCS Study
“We already see a number of losses that occur on holidays or weekends when employees are not largely present on sites or premises,” says Ralf Dumke, Regional Head of Risk Consulting Property, AGCS Central & Eastern Europe: “The production and operating shutdowns currently being caused by the coronavirus pandemic can also bring increasing hazards for businesses.
IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries
The board approved policy should stipulate the specific proportion of rewards to commission/remuneration which sholud be reasonable and justifiable, to individual insurance agent/insurance intermediary subject to the overall limit as specified in the existing regulations-Reg 6(d)(ii) and 6(e)(ii) of IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
LIC & GIC Re contribute Rs127cr to PM CARES Fund for COVID-19 relief
M R Kumar, chairman, said, “India is facing a huge challenge in wake of the global pandemic which is unprecedented in its severity. LIC is committed to the welfare of India and her people