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Air India may have to rely solely on Boeing for compensation for the loss caused due to its Boeing 787 Dreamliners being grounded, as the insurance cover it has taken does not cover financial losses due to glitches occurring on account of technical and other factors. Read more
Insurance companies are lingering on settlement of claims and using the money legally entitled to the insured for as long as they can, amounting to unfair trade practices, a consumer forum has held, reports PTI. Read more
Get ready to pay more for your health insurance. All four public sector insurers — United India Insurance, Oriental Insurance, New India Assurance and National Insurance Company — have got the green signal from the Insurance Regulatory and Development Authority (IRDA) to hike premiums on retail health plans. The state-owned insurers are in the process of filing redesigned products in terms of price and features. Read more
To tap the Indian diaspora, public sector general insurers are considering expanding their operations to other countries in the next financial year. Given the large number of Indians and Indian businesses in South-east Asia, West Asia and Africa, these regions are emerging as preferred destinations. Read more
The Indian general insurance industry is likely to grow by around 20 per cent per annum in the coming years because of increasing penetration, a top official of New India Assurance said. Read more
You may soon have to shell out more to buy motor, health or fire insurance. Concerned over the high level of losses in general insurance and pressured by a government direction to move further towards market-linked pricing, insurers are planning to raise premiums by an initial 2-5% and further up gradually, sources said. Some of the hike will be inflation-linked, but a major portion will be due to the new pricing strategies adopted by insurers after assessing risks. Read more
Almost a third of cars and more than two-thirds of two-wheelers on Indian roads do not have even the mandatory third-party liability insurance, according to an analysis by insurance companies. Worse, many companies have found fake motor insurance policies in circulation. Read more
The families of a man and his cousin, who died in a road mishap involving a rashly-driven truck in Uttar Pradesh three years ago, have been awarded a total compensation of over Rs 1.03 crore by a Motor Accident Claims Tribunal (MACT) here. Read more
It’s a dog’s life – in insurance, too. Though public sector general insurers and some private ones have offered this cover to tap the growing number of canine lovers in the country, interest in the product has been languishing. Read more
The Madurai bench of the Madras high court has upheld a judgment passed by the Motor Accidents Claim Tribunal, Dindigul, on September 29, 2009, and directed the New India Assurance Company Ltd. to give Rs 6.6 lakh as compensation to the family of an accident victim.