Category Archives: News & Analysis

Taking note of hospitals denying cashless facility to policyholders amid the rising covid-19 cases, insurance regulator IRDAI today asked insurers to approve cashless hospitalisation requests within 60 minutes of receipt of documents. “Decision on authorization for cashless treatment for COVID-19 claims shall be communicated to the network provider (hospital) within a period of 60 minutes […]

The Covid-19 pandemic is currently raging through the country and it is of utmost importance to not only mask up and follow the requisite guidelines to avoid the infection. It is equally important to have a health insurance plan that covers you and your family against any unforeseen medical expenses. Majority of insurance players in […]

With the sudden surge in COVID-19 cases following the second wave of the pandemic, many hospitals are now refusing to extend cashless medical insurance facility to patients. Cashless insurance allows patients to walk out of the hospital without any payment as hospitals settle the claim with the insurance provider. “The maximum the insurer can do […]

In FY21, the life insurance industry registered 7.5 percent growth in first business premiums at Rs 2,78,277.9 crore over the previous year, data released by Life Insurance Council showed.   The country’s largest life insurer, Life Insurance Corporation (LIC), posted a growth of 196 percent in individual weighted received premium (WRP) from a decline of 65 […]

Smartcoin, an app-based consumer lending platform, was one of the several businesses that faced a lot of disruption during the pandemic. Even good borrowers who wanted to repay were unable or unwilling to do so. During the lockdown, they found that many borrowers were trying to hold on to cash because they were worried about […]

Private non-life insurer ICICI Lombard general insurance reported a 23.4 percent rise in profits in FY21 despite a surge in Covid-19 claims in the March quarter. The general insurance industry has been seeing an onslaught of second wave of Covid claims in Q4 FY21. ICICI Lombard, in line with the general insurance industry, has seen […]

Your vehicle’s third-party (TP) motor insurance premium rates are likely to be revised upwards by up to 10 per cent this fiscal after remaining unchanged last year. TP motor insurance rates, the only segment which continues to be regulated by regulator IRDAI, are revised every year in April. However, due to Covid-19 the rates were […]

Gross premium underwritten by non-life insurers saw a 5 percent increase to Rs 1.98 lakh crore in FY 21 over the previous year as more people signed up for health insurance following the Coronavirus pandemic, shows the data released by the insurance regulator IRDAI. Non-life insurers include standalone health insurers, general insurance companies and and […]

The insurance industry has been grappling with rising claims following the second wave of Coronavirus. Coupled with rising health insurance premiums, it has emerged as one of the burning issues for the general insurance companies. Roopam Asthana, CEO & Whole Time Director, Liberty insurance, discusses about industry measures to tackle the issue of rising premiums, […]