Insurance News
In a significant move to address the growing cases of mental health issues, the Insurance Regulatory and Development Authority of India (IRDAI) has taken proactive steps to enhance mental health coverage in health insurance policies. In October 2022, IRDAI mandated all health insurance policies to cover mental illness, but the progress was slow. As a … Read more
Chubb Climate+, a leading insurance provider, has announced the launch of its latest product, Climate+ Renewables, designed to bolster the growth of renewable and alternative energy projects in the UK. The solution caters to small to medium renewable projects worth up to £50m in contract value, focusing on onshore wind and ground-mounted photovoltaic solar. Climate+ … Read more
India’s healthcare system is under threat from cybercriminals, warns a new study by Check Point Research. The report highlights that the healthcare sector is the most targeted industry, with smaller and more agile threat actors and ransomware groups causing the maximum number of cyber incidents in 2022. As healthcare institutions increasingly adopt new-age technologies like … Read more
Surrogacy: A New Hope for Childless Couples. In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurance companies to include the cost of surrogacy under their health insurance policies. This development is expected to provide a ray of hope for couples who have been struggling with fertility issues … Read more
What is the new role that Adam Clifford will assume as the Division President of International Casualty Business at Chubb, and what are his responsibilities in this position? Chubb, a leading publicly traded property-casualty insurance company, has announced the appointment of Adam Mason as the executive vice president of casualty for Overseas General Insurance. In … Read more
Specialist MGA, Avid Insurance, has chosen Allianz Partners UK (AzP UK) as its new capacity provider for underwriting travel policies sold through Avid’s network of partners. AzP UK is a leader in B2B2C insurance and assistance and has made notable travel insurance acquisitions in recent years, making it a significant player in the UK’s travel … Read more
Can insurance be considered as a means of passive wealth creation? This is a common question asked by many. Many people wonder whether insurance can serve as a passive source of wealth creation. However, the answer to this question is simply ‘NO’ , insurance cannot be described as a way to create wealth passively. It … Read more
AXA XL, a leading global insurance and reinsurance provider, has announced the addition of three new members to its Energy team in the UK & Lloyd’s Business Unit. The new appointments are expected to further enhance the team’s capabilities in the energy insurance market. Josephine Stroud, who has been appointed as Senior Underwriter for Energy … Read more
Non-life insurance industry sees robust growth of 16.4% driven by health and motor insurance, according to industry report. The non-life insurance industry in India has been experiencing robust growth, with the health and motor insurance sectors driving the demand. In FY23, the industry witnessed an impressive growth rate of 16.4%, surpassing the previous … Read more
Life Insurance Corporation of India (LIC) has recorded a growth of 16.67% in total premium collected for fiscal year 2022-23, reaching a total of ₹2.32 trillion from ₹1.99 trillion in the previous fiscal year. This makes LIC the largest insurance company in India, with a market share of over 62%. The private insurance sector has … Read more
