United India Insurance has posted a profit of Rs. 1003 crores for the year ended 31st March, 2018 which is a healthy trend. PSU insurers have been struggling with underwriting losses and decrease in solvency ratio. The merger of 3 companies will help to consolidate business, reduce losses and reduce operational expenses. Misselling is still rampant in the life Insurance Sector which is the utmost challenge for the Industry as well as the Insurance regulator. IRDAI should act really harshly against these fraud perpetrators who are destroying the fabric of life insurance. It becomes really difficult to convince people who are victims of fraud and the industry is losing heavily on this count.
The new chairman of IRDAI has several challenges on hand:-
- Increase education and awareness in insurance sector
- Make complaint resolution mechanism fast and more robust
- Take strict action against fraud perpetrators
- In view of frauds in Banking companies, to introduce more controls for managing insurance funds
- Promote mass welfare insurance schemes
Govt. is looking to make Pradhan Mantri Jyoti Bima Yojna more affordable for the poor and enroll more Jandhan account holders under the two key insurance schemes by changing the premium mode to quarterly.
JP. Nadda, Health Minister leading the Indian Delegation at the world Health assembly in Geneva said ‘India has fast tracked initiatives aimed at achieving the tenets of universal health coverage strengthening health systems, improving access to free medicines and diagnostics and reducing catastrophic health care spending. Royal Sundaram General Insurance is offering a unique health policy Family plus health policy which allows coverage of 19 relationships across five generations including son in law, daughter in law, grand children, nephew, niece brothers and sisters who live together within the floater policy corporations for Rs.3/4/5/10/15/20/25/50 lakh covers.
