IRDAI has approved 33 proposals for innovative insurance products under regulatory sandbox and has asked insurers to launch their products on a pilot basis with the cap of 50,000 policies between February and July 2020.
Religare Health Insurance and Bharti Axa general Insurance have got IRDAI’s nod for their short-term health insurance product with the tenure of less than year where in customers may choose to take a policy for short period during the emergence of certain epidemic diseases.
The emergence of corona virus in China has sent the alarm bells ringing all across China and people travelling to China. In India the first case of Corona Virus has been found in Kerela. The Risk Management departments in various Corporate bodies should issue an advisory for its employees travelling to other countries as a measure of precaution and as a part of Risk Management strategy.
Non Life Insurance Companies recorded 15% growth in gross premium underwritten at 1.42 billion during April to December 2019 while the gross premium underwritten by the private Non Life Insurers grew by 17% to Rs.69,488crores.
IRDAI has come up with guidelines to protect the interest of group insurance policy holders of state-run banks which are being merged. The insurance companies shall make suitable arrangement with the acquiring banks to this effect.
The awareness drive about Insurance has still not picked up in effective manner. A sustained campaign should be run by IRDAI, Insurance Councils, making the public aware about the importance of insurance and DO’s and Don’ts while purchasing an insurance policy.
