Read more about Non-life insurers record 6.7% growth in gross premiums in January on Business Standard. This comes after a double-digit growth in premiums in December and low single-digit growth in November, preceded by contraction in September and October
Budget 2021-22: Insurers seek greater push to health cover, reduction in GST
January 25, 2021
Tax sops for home insurance also on industry wish-list
A greater push to health insurance, reduction in Goods and Services Tax (GST), and a separate deduction for home insurance top the wish list of the general insurers in the upcoming Budget 2021-22.
There are also expectations of broader healthcare reforms that can augur well for the health insurance segment, which has been in the limelight, thanks to increased awareness driven by Covid.
According to Mayank Bathwal, CEO, Aditya Birla Health Insurance, health insurance was growing even before the pandemic. However, the pandemic has reinforced the essential nature of having a safety net for healthcare costs. In this situation, it is necessary to have health insurance as every family today faces questions on their preparedness coping with unforeseen and emergency healthcare costs, he said.
Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life
Importance of setting the correct IDV for your comprehensive car insurance policy
Car insurance serves everyone’s interest as it offers financial protection to the vehicle in case of accidents, theft, natural disasters, fire, and many other circumstances. December 29, 2020 / 04:35 PM IST
How do you view vehicle insurance? Just as a mandate by the government, which has to be fulfilled without giving much thought to it, or an important and useful policy that protects you from financial burden caused due to repairs or accidents. If you belong to the first category, you must review the following facts and reconsider the importance of having a comprehensive insurance policy for your car:
Pandemic pushes sales of 1 crore health covers
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This story is from December 23, 2020
Pandemic pushes sales of 1 crore health covers
Rachel Chitra / TNN / Updated: Dec 23, 2020, 16:41 IST
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(Representative image)
BENGALURU: Insurers are upselling health insurance to customers by skewing their pricing in favour of high-value policies. A Rs 1 crore health insurance cover is available for as low as Rs 18,000 for a 30-year-old. As a result, a third of all health insurance premiums is now coming from the sale of high-value policies.
“There has been high claims experience from the Rs 1-25 lakh segment. So premium rates shot up 50-100% there. And since the Rs 25 lakh -1 crore segment is fairly new, premium rates are low an indirect benefit of cross-subsidy,” said Biresh Giri, appointed actuary and CRO, Acko Insurance.