Industry News

Market growth up to June 2018
Wednesday 18 July, 2018
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Insurance firms go for digital-first to grow business
Monday 04 June, 2018
Insurance firms knock off agents, go for digital-first to grow business - Business Standard – 4th June 2018 Insurance is a business of relationships; traditionally, an outcome of frequent handshakes between agents and their customers. That is changing fast. Some of the country’s biggest insurers are moving to a digital-first approach, reducing the dependence on agents for selling an insurance product.

Don’t give insurance without PUC, IRDA told
Wednesday 30 May, 2018
The road transport ministry has asked the insurance regulator to direct all companies not to issue or renew insurance of vehicles unless they have ‘pollution under control’ (PUC) certificate • The road transport ministry has asked IRDA to not issue insurance without PUC certificate • The ministry has also asked the IRDA to direct the companies to submit their compliance report by June 15 • The ministry will also write letters to about two dozen insurance companies

IRDAI fixes motor third-party insurance premiums for FY19.
Thursday 30 March, 2017
General insurers told Business Standard the reduction in premium rates would motivate customers, especially private car and motorcycle owners After having issued a set of proposed revisions to motor third-party insurance premiums early this month, the Insurance Regulatory and Development Authority (IRDAI) notified general insurers of the rates applicable from April 1 onward. IRDAI has kept the premium rate unchanged from that stated in its draft for private cars and two-wheelers.

IRDAI bars insurers from rejecting claims based on genetic disorders
Wednesday 21 March, 2018
Move follows order by Delhi HC on the issue; insurers will have to de-list 'Genetic Disorders' from list of exclusions Following an order by the Delhi High Court on March 19, 2018, the Insurance Regulatory and Development Authority of India (Irdai) sent directives to all General and Health insurers to not include ‘Genetic Disorders’ as one of the exclusions in new health insurance policies. Some of the most common Genetic Disorders include Down syndrome, Hunington’s disease, Hemophilia, Thalassemia, Cystic Firbrosis and Sickle Cell Anaemia, among many others. Such conditions were violative of Article 14 of the Constitution of India and the court directed Irdai to re-look at these exclusionary clauses and ensure that insurance companies do not reject claims on the basis of expulsions related to genetic disorders.