IRDAI is considering the creation of a body like the state-level bankers’ committee (SLBC), Chairman Debasish Panda said. “Several state governments have taken the initiative to constitute state-level committees and…
IRDAI has formed a task force to assess how the Digital Personal Data Protection Act, 2023, will impact the insurance industry, according to a circular issued by IRDAI. In a…
The total number of people killed in road crashes across the globe recorded a 5% reduction in 2021 compared to 2011 – from 1.25 million to 1.19 million, as per…
Over a decade since their debut, zero-depreciation policies have become the top choice for 95% of new car buyers. Often referred to as bumper to bumper coverage, they do not…
Public sector general insurers have lost market share again with aggressive private companies taking the competition to new levels. PSU insurers saw their combined market share declining to 31.99 per…
Private General insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent…
For nearly 10,000 years, humans have had a stable environment that allowed ‘unhindered’ progress. We are now in a situation, according to Christina Lu and Brawley Benson writing in Foreign Policy, whereby…
1. It has been that large number of claims are repudiated because of discrepancy in physical address on value at risk in claim form. In many policies, the bank writes…
The outlook of the insurance industry is undeniably intertwined with product innovation, customization, and streamlined claim settlement processes, all supported by digital advancements. This evolution is not merely a response…
The insurance industry, once rooted in tradition, finds itself at a pivotal juncture. As technological advancements surge and consumer demands evolve, a metamorphosis is underway. Traditional insurers, realizing the necessity…