IRDAI has issued revised guidelines for Trade Credit Insurance by Non Life Insurers to be effective w.e.f. 1st November, 2021 which is a long demand of the Industry and Trade. This will help to ensure the payment security to all supplies for a nominal cost of insurance.
Non life Insurance premium has gone up by 19% during July, 2021 which shows the Trade and Commerce activities have started gaining ground which was stuck due to Covid-19.
LICI has reported having received 11.42 lakhs death claims during the F.Y.20-21 which have already been settled by the LICI which is to be appreciated.
Since the privatization during 1999 and 2001 private insurers have come in large numbers in India catering the need of non life insurance as well life Insurance in the country. Now presently merger and consolidation have started among the private insurers which will help in consolidation and bring synergy of scale.
As per IRDAI guideline surety Insurance guarantee for Industry Trade and Commerce has to be limited to 30% of the project value which will be reasonable in current market scenario.
IRDAI has started working upon issuing guidelines for Standard Products. A working committee has been formed recently to look into standardization of Cyber Insurance Products. Standardisation will help to reduce complexity and help the customers to take informed decisions to buy insurance products.
