India is the 10th largest insurance market in the world, and it's poised to enter in the top four or five largest insurance markets in the coming 5-6 years much ahead of such predictions by many research organizations

Transforming Reinsurance Sector in India Foram Chauhan is Deputy Manager (Legal & Compliance) in Munich Re which is one of the major reinsurance companies having branch in India. In her article on the proposed draft on Insurance Regulatory and Development Authority of India (Re-insurance) (First Amendment) Regulations, 2022, she explains how these reforms will change the reinsurance landscape in India.

Insurance Regulatory and Development Authority of India (IRDAI) has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive

Recently, the Hon’ble Supreme Court of India in Texco Marketing Pvt. Ltd. v. Tata AIG General Insurance Co. Ltd. and Ors. Civil Appeal No. 8249 of 2022, examined the contours of an exclusion clause in a Standard Fire & Special Perils policy. The authors examine the latest verdict of the Supreme Court and adumbrate its potential effects for the stakeholders who are looking at or are already involved in contentious issues over operability of insurance policy terms, conditions and exclusions.

Extending parametric insurance to consumers provides insurers with an immediate, data-triggered option for claims payments. The term ‘parametric insurance’ describes a type of insurance contract that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional indemnity policy.”

Every Year in our Country there are huge losses suffered by households due to Natural Perils like- Flood, Storm, and Landslides. However, It is really sad to note that in spite of repeated losses due to Floods and rarely due to Earthquake, there has been no urgency or need felt by Indian households to take a General Insurance policy that covers not only the Structure of the House but also the contents which are valuable and costs a lot to replace.

Often the insurance policies are criticized for the detailed terms and conditions it carries as opaque or technical wordings which are not understood by common people. No doubt the simple wording of a contract is always a desirable feature for any contract and the industry is consciously working to make it as simple as possible but many a times the criticism is unfair. For example, If you pick up any document hard or soft copy or OS update in any industry, which has an agreement or a contract, offer, free offer, software update or any sale purchase proposition you will always find the word terms and conditions apply in fine print. Most of the purchase or download will not take place unless you agree to the terms of the agreement which run into thousands of words which no one wants to read.

When you evaluate career prospects, what are the key points that you consider? In my experience, most people look for career opportunities that offer stability, growth, work satisfaction, and holistic development. At times you crave independence, you want to be your own boss, and of course, decide what you want to earn and grow at your own pace. You want to be an entrepreneur but are confused as to how to go about it and what to choose. One such business that offers all the ingredients for building a lasting and happy career, wiping the tears of customers, has unlimited potential and earning capabilities, is the business of becoming an Insurance advisor.

Health insurance is becoming indispensable in the current times. Unhealthy lifestyle and food habits has made even our young population susceptible to many health conditions at an early stage in life. To add to that, high medical inflation and increasing frequency of epidemic such as dengue, malaria, typhoid and not to mention Covid-19 has made having health insurance more crucial than ever. So, here is a deep dive to ‘zero-in’ on the right health plan best suited for you and your family.

A general decline in the economic activity in two continuous quarters of a financial year in a country or a region is termed recession. And if that decline in economic activity spills over to other countries and breaches the borders, it gradually takes the form of a global recession that can be triggered by a lot of factors.

In the financial year, at the end of November 2022, the general insurance industry has grown by 16.46% touching a Gross Direct Premium of Rs. 165,360.32 crores. The health insurance business growth at 22.54% and Motor insurance at 17.04% are the highest contributors to this growth.

Since childhood we have learned that food, shelter, and clothing are the three necessities of life; unfortunately, nobody spoke about insurance, and no one perceives insurance as a priority