Govt. has taken steps to bring health scheme on common platform wherein The National Health Authority (NHA) has tied up with Employees State Insurance Corporation (ESIC) for interoperability with PMJAY beneficiary.
The Auto sales increased in the month of October being a festive season. The business of Motor Insurance also saw an increase in the collection in Insurance premium. It needs to be seen whether this trend continues in the coming months.
Insurers beat slow down wherein the industry has maintained a healthy growth rate of 16% in the first half of the current financial year.
Banking Industry, RBI Regulator and the Govt. are thinking collectively about the rise in Deposit Insurance for Bank Deposits. The Deposit Insurance cover was last hiked in 1993 to 1 lac from Rs.30000/- The amount of Insurance is quite inadequate in comparison to current market condition. In wake of rising NPA’s there must be adequate protection for small depositors.
There is a huge gap in Private & Government hospital Ayushman rates wherein a preliminary analysis in utilization of neonatal care packages in various Slabs showed that total spending for Critical care was at least three times more expensive in private hospitals than in public hospitals. Over 18550 hospitals are empanelled under the Govt. flagship health insurance scheme of which 54% are private hospitals and the rest are public. In order to offer standard health services the government must rationalize the rates of standard procedures.
IRDAI has recently issued an exposure draft for Insurance Surveyors and Loss assessors (Amendment) Regulations 2019. In the draft IRDAI has enhanced the loss limits for appointment of surveyors viz. Motor insurance –above Rs. 75,000/- and other than Motor Insurance- above Rs. 1,50,000/- The Surveyors fraternity has been vehemently opposing the move as they feel IRDAI is gradually undermining the role of Insurance Surveyors in assessment of losses and large number of small surveyors would be out of profession.
The Surveyors are of the opinion that private insurers are not adhering to limit and are conducting online survey as well as survey from in house personnel in contravention of rules which has resulted in significant reduction in services of surveyors. IRDAI must seriously look into the demands of surveyors and must see that the noble profession of Surveyors is not undermined.
