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Budget 2020:Indian General Insurance Industry
An index based scheme (Parametric Insurance) can be adopted which compensates for the damage caused due to catastrophic event, as per the pre-defined triggers for such events. The premium for the same can be collected along with the property tax and once the claim is triggered, amount can be directly transferred to beneficiary’s Jan Dhan Account linked to the home insurance policy. It will go a long way in bridging the protection gap between the economic losses and insured losses during Nat-Cat events
India’s slowing economy to weigh on re/insurers, says Moody’s
“India’s GDP growth weakened to its slowest rate in five years in the fiscal year ended March 2019, and the resultant financial pressure on rural households amid weaker job creation is in turn also weighing on premium growth,” says Benjamin Serra, a Moody’s Senior Vice President.
Insurers want higher FDI and more tax incentives in the Budget 2020
“Collectively as an industry, we do see a lack of parity in the tax treatment of pension products of life insurance companies and pension products under NPS. Both the products have similar objective of building long term savings for meeting retirement goals, hence, this disparity should be addressed by the government in the Union Budget 2020, agreed Tarun Chugh, MD & CEO, Bajaj Allianz Life
“Raising FDI limit will provide opportunities to existing players as well as to new players”
The FDI limit could be made 100%, encouraging international players to set up in India and expand their foot print, with their own long-term strategies and best practices. However, adequate provisions will need to be made to safeguard the Indian customers against the adverse effects, if any, of the FII’s international businesses.
“Industry should focus on product innovations, especially in the pension space”
Today we are also seeing more and more life insurers invest in digital assets designed for enhanced customer delight. I believe this 360 degree approach towards ensuring customers’ benefits is making life insurance a more preferred investment product.
Ritu Nanda passes away,holds a record for selling 17,000 LIC pension plans in a day
Nanda’s name was once featured in the Guinness Book of World Records for selling a staggering 17,000 pension plan policies in a single day, IANS reported. She was a “one-window” insurance advisor for top Bollywood personalities in the past over four decades with insurance policies running into stupendous amounts of hundreds of crores of rupees.
Scandal-hit Indonesian insurer, with $2B financial hole, could get government bailout
The scandal has been unfolding during the past three years, after a 2016 audit revealed violations of investment guidelines. Another audit last year showed the insurer had negative equity of 27.2 trillion rupiah ($1.96 billion), sparking calls for a lifeline.
Banks should sell life insurance products more aggressively:LIC chief
According to K Ganesh, member, Life, the major challenge in the industry is to convince people to take life insurance. According to him, schemes like Jan-dhanYojana, PMJJY, PMSBY and Jan Arogya scheme have been instrumental in increasing customer protection.
AXA insurance launches first-in-market plan for Cancer survivors
Sean Goh, Managing Director, Life, AXA Insurance Singapore said, “Many cancer survivors are left without any insurance coverage after their first diagnosis and do not have the security of a financial safety net if cancer strikes again. We want to take away this uncertainty by protecting them financially should they be faced with cancer again, so they can focus on treatment and recovery. This is part of our commitment to support our customers across their entire health journey and to empower them to live better lives.”
dacadoo announces global partnership with Swiss Life Global Solutions
dacadoo’s comprehensive digital Health Engagement Platform motivates users to achieve and maintain healthy lifestyle habits. The digital user journey is optimized to engage clients of Health & Life Insurers, and it is delivered through mobile apps and a web app built in responsive design. It combines motivational techniques derived from behavioral science, with functions from online gaming and social networks that involve users in their holistic health – body, mind and lifestyle