-The Hindu Business Line Tech must be used in a big way to ensure ryots get compensated quickly, says National Insurance Academy’s Srinivasan Changing rainfall patterns, droughts, flooding and geographical redistribution of pests and diseases have posed a major challenge before Indian agriculture. With the impact of climate change looming large on agricultural productivity, the insurance sector has a big role to play. However, the implementation of crop insurance scheme is mired...
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Aadhaar not mandatory for buying insurance: IRDAI
-The Hindu Business Line However, it may be accepted as one of the proof documents if the customer volunteers Hyderabad: The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to refrain from seeking Aadhaar from the proposer or policy holders. In a circular, the insurance regulator said along with Aadhaar, insurers should not mandatorily seek PAN/Form 60 as part of Know Your Customer (KYC) norms. However, the insurers may accept...
More »Private insurers set to make Rs 3000 crore profit from crop cover, PSUs in loss -George Mathew
-The Indian Express According to the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), as much as Rs 11,905.89 crore was collected by 11 private sector insurers as premium, but they faced insurance claims of only Rs 8,831.78 crore. Mumbai: ELEVEN private insurers are set to register profits of over Rs 3,000 crore cumulatively from crop insurance business for the year-ending March 2018 as against the Rs...
More »Crop insurers made Rs 10,000 crore profit amid agrarian crisis: CSE -Jatin Gandhi
-Hindustan Times The CSE report shows that insurance companies had only settled 32.45% of the claims made till April 2017. New Delhi: An independent evaluation of the Modi government’s much-touted crop insurance scheme has showed that insurers gained nearly Rs 10,000 crore in gross profit during the last kharif season, from June to November 2016. However, it settled less than a third of the crop-loss claims filed till early this year. The report released...
More »IRDAI issues new norms for mediclaim policies -Rachel Chitra
-The Times of India CHENNAI: Many customers only realise at the time of making a claim that their health insurance policy does not cover certain medical conditions or ailment. Policy holders usually depend on what has been told to them by their insurance agents, who sometimes overstate the coverage. To prevent such cases, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to group together all policy exclusions...
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