E-insurance mandatory in life insurance

Electronic insurance will become mandatory for annual premium equal to or above Rs 10,000 (single/annual premium) in life insurance policies. Insurance Regulatory and Development Authority of India (Irdai) in its Issuance of e-Insurance Policies Regulations, 2016, said these norms would come into force from October 1.

Here, electronic insurance policy will mean a policy document which […]

By |June 22nd, 2016|e-insurance, IRDA, Life Insurance|0 Comments

Swiss Re finds big gaps in insurance coverage

September 22, 2015

Global reinsurer Swiss Re has found big gaps in insurance coverage (pure protection) in Indian households. The mortality protection gap report for Asia Pacific by Swiss Re has found that the gap in India was $8,555 billion in 2014.

Clarence Wong, head of economic research and consulting, Asia Pacific, Swiss Re, said while there […]

Foreign reinsurance players interested in India: Swiss Re

Sep 21, 2015

Several foreign players in reinsurance are looking to enter India and that is the word coming from Swiss re’s Chief Economist, Kurt Karl. The Indian re-insurance market has been dominated by government-owned general insurance corporation for long. Even a hike in the foreign direct investment (FDI) cap for insurance to 49 percent hasn’t changed […]

Life insurers’ new premium grows by 13.8% in April-August period

September 22, 2015

Life insurers collected first year premium of Rs 45,871 cr during April 1, 2015 to August 31, 2015 for the period as compared to Rs 40,296 cr. New business premiums of life insurance companies saw a 13.8 per cent rise for the period between April 1 and August 31, 2015, on the back of […]

Indian Companies are under-insured

September 2, 2015

India Inc is inadequately covered for business-related risks. A survey conducted by ICICI Lombard said that revealed that despite being aware, corporations have taken insurance coverage for only a few risks. Group medical insurance and group accidental insurance is the most common cover.

The study, spread across 292 companies spanned technology, BFSI, steel, cement, pharmaceutical, […]

Insurance Industry To Save Rs.100 Cr. from E-insurance initiative

August 31, 2015

Will E-insurance be the next big step taken by IRDAI?

The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to digitize all insurance policies. Under this, policyholders will have to pay a fee if they want a physical copy of their policy.

However, general insurance executives are of opinion this could […]

By |August 31st, 2015|e-insurance, IRDA|0 Comments
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