IRDAI has permitted Insurance companies and intermediaries to test their products under regulatory sandbox approach for a period of 6 months before launching it in the market.
IRDAI has also issued guidelines for standard health insurance products. These products shall have the basic mandatory covers which shall be uniform across the market and no additional addons for optional covers are allowed to be proposed. This will help in popularizing health Insurance products in a wide range of population.
The two recent events of mass damage to cars due to fire in Bangalore and Chennai are quite surprising. This also calls for adequate fire safety arrangements in parking lots to avoid recurrence of events of such nature.
Insurance companies must engage in mass awareness campaigns particularly in industries to prevent and contain fire and other losses. This will not only help in better fire management and loss prevention but will also help in reducing the Insurance claim from fire leading to a more profitable portfolio.
The government is aggressively focusing on Ayushman Bharat scheme to reach out to the mass population of the country. Simultaneously it should also focus on the healthcare infrastructure development across the country. Government has also approved the National Health Authority recently.
