In a country as diverse and vibrant as India, festivals and events are more than just gatherings. From grand weddings to corporate extravaganzas, India hosts millions of events each year. Over 10 million weddings occur in India annually, with some estimates suggesting that a typical Indian family spends up to one-fifth of its wealth on weddings. But amidst the excitement, have you considered what could go wrong? That’s where Event Insurance becomes your safety net, ensuring your celebration stays on track, no matter what.

As we enter the International Fraud Awareness Week 2024, it's an opportune moment to reflect on the critical issue of insurance fraud along with the collective efforts required to combat it. The general insurance sector is intricately linked to most of the industries, such as infrastructure, automotive, healthcare, agriculture, and society as a whole.

In today's fast-paced, digital-first world, customer expectations are shifting rapidly, and insurance companies are under pressure to meet these demands. Conversational AI, often seen as a tool for the future, is already here, redefining how insurers interact with customers, particularly in customer support and claims servicing. With AI-powered chatbots and voice assistants leading the charge, call centres are no longer seen as cost centres but as strategic hubs for delivering superior customer experience.

The Malaysian government has proposed increasing the individual income tax relief for medical expenses up to MYR10,000 ($2,318), which also covers medical and health insurance plans with co-payment features. The government has also proposed an increase in individual income tax relief on education insurance and medical and health insurance

The Motor Accident Claims Tribunal (MACT) here has directed an insurance company, rider or owner of a motorcycle to pay compensation of Rs 23.20 lakh to three minor children of Dharmender Singh, a resident of Uttar Pradesh, who died in an accident two years ago.

IRDAI has asked all insurance companies to check their IT systems for vulnerabilities and take necessary precautions to protect policyholder data. The insurance regulator's advisory comes in the wake of two general insurance companies reporting data leaks. Star Health and Allied Insurance disclosed the data breach to stock exchanges, while market sources said that Tata AIG General Insurance

Many banks collaborate with insurance companies to provide health insurance policies to their customers. These bank-based policies, which are typically group policies, are designed to cover a large pool of customers

The Centre may introduce a Bill to push big-ticket reforms in insurance laws in the upcoming winter session of Parliament, to further liberalise the sector. The plan is to increase the foreign direct investment (FDI) limit to 100% from 74% at present, and introduce composite licensing of life and non-life insurance, sources told FE. Among other changes that will lead to the growth of insurance penetration in the country, capital requirements may be lowered for micro-insurance players. For composite licence, however, the the minimum capital threshold may be higher than for separate licence for life & non life.

India's push for universal insurance coverage by 2047 is being propelled by the rapid adoption of micro insurance policies, which are helping drive penetration, especially in underserved and low-income segments. The government's JanSuraksha schemes under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) have aided in this growth and as of April 2023, 66.76 percent of PMJDY no-frills bank account holders had opted for accident insurance, 31 percent for life insurance, and 10 percent for micro-pensions, covering many who were previously outside the insurance safety net, a study shows.

• Global insured losses from natural catastrophes at USD 50 billion (H1 2022: 48), second highest since 2011 • US thunderstorms main driver of global insured losses from natural catastrophes, well above ten-year average • February earthquake in Turkey and Syria single costliest disaster both in terms of economic and insured losses Zurich, 9 August 2023 – A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.

The government will soon notify a new accounting standard for insurance contracts, which would align Indian norms with international practices and help global investors better gauge the risk exposure of domestic insurers

The devastating floods in the Northern parts of India have led to a surge in claims over vehicles and immovable property damages. If industry leaders are to be believed, the insurance companies are now facing higher payouts, causing increased financial liabilities and a re-evaluation of risk assessment in flood prone areas.Talking about the situation of the claims filed due to recent floods, Animesh Das, Chief Underwriting Officer

The Insurance Regulatory and Development Authority of India (IRDAI) has asked general insurance companies and standalone health insurers to expedite processing of claims related to floods in Himachal Pradesh, Punjab, Haryana and Delhi.

The government has started looking for suitable candidates to fill the two posts of Members — Finance and Investment and Actuary — for Hyderabad-based Insurance Regulatory and Development Authority(IRDAI) nearly six months in advance. It is for the first time the government has started looking for the top posts in IRDAI much in advance. The regulator usually gets a replacement several months after the retirement of an official. The current IRDAI Chairman Debasish Panda was appointed nearly nine months after his predecessor retired.

Property and casualty (P&C) insurers in China , which has one of the fastest-growing new energy vehicle (NEV) markets, will see a more profound credit impact from NEV adoption compared to their global peers, says Moody's Ratings.