There is growing clamour among non-life insurers that the business they cede to state-owned reinsurer General Insurance Corporation (GIC Re) of India mandatorily must come down or be done away with as the commission paid by the reinsurer does not reflect the industry cost structure. While no formal proposal has been drafted by industry players through the General Insurance Council, but in discussions with the regulator, this issue has cropped up, resulting in the regulator forming a task force.

High priced products leaving health insurance to be unaffordable to several sections of society: Chairman Debasish Panda The Insurance Regulatory and Development Authority of India (IRDAI) will recommend to the government that neces-sary statutory changes should be brought so as to allow health insurance providers to offer value-added services to cus-tomers, its Chairman Debasish Panda said on Tuesday.

The Insurance Regulatory and Development Authority of India (Irdai) is all set to revamp the grievance redressal mechanism and call it Bima Bharosa, reported PTI citing sources. The revamp will include an option of filing complaints in regional languages. This can be attributed to making the process of complaint redressal more efficient. The Integrated Grievance Redressal System (IGMS), launched in 2011, is being upgraded to make it more convenient for customers. It is to be renamed as Bima Bharosa.

The Non-Life(General) Insurance sector comprises of, as on date, 4 Public Sector, 20 Private Sector Multi-line Insurers, 5 Stand Alone Health Insurance companies and 2 specialized insurance companies viz. AICL and ECGC. They are all direct insurance companies, meaning that they transact insurance directly with the policyholders like you and me.

Non-life insurance covers property, businesses and individuals andis also known as general insurance in India. In some markets this type of insurance is known as Property and Casualty (P&C) insurance. Unlike life insurance which covers lives for assured benefits, non-life insurance provides coverage for damages on indemnity basis. It protects insured monetarily by providing money in the event of an accidental loss. Examplesof non-life insurance are Fire, Marine, Motor, Health insurance, home, factory, shop, travel and liability insurance etc.