Live Insurance News

Insurance coverage lacking among motorcycles in India

May 25, 2015May 23, 2015 G. Turner

scooter two wheeler auto insurance coverage

Accidents involving any of 75 percent of riders provide no compensation to the victims. Two wheelers – including both motorcycles and scooters – are a very common vehicle in India, but recently released statistics have revealed that almost 75 percent of those riders are operating their vehicles without any type of insurance coverage, which is placing other road users at risk. This is particularly risky for other two-wheelers, cyclists, and pedestrians who don’t have protection. This data has been released by the Insurance Regulatory Development Authority (IRDA). This lack of…

India’s government approved major insurance industry overhaul

March 16, 2015March 14, 2015 S.Vagus

Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…

Nuclear insurance pool to be created by Indian government

April 23, 2014April 21, 2014 H. Cutner

The purpose will be to help to address the considerable liability issue as the industry continues its expansion. At the moment, there are 20 nuclear power plants in India, and as the industry continues to expand, so will the liability associated with it, causing the government of that country to take the added step to form a nuclear insurance pool that will help to address that increasing risk. The issue of liability has been a powerful one in India, to the point that it has been a barrier in international…

Insurance news looks good for the industry’s profitability

June 7, 2013June 5, 2013 H. Cutner

India’s insurers have fared quite well over the last quarter, even in the case of life products. The latest insurance news that has been released from India has shown that the industry has done better than expected in terms of its profitability, including the life sector, which had been experiencing a slowdown in its collection of new business premiums. The industry has been struggling under the widespread economic challenges and low penetration in the country. However, the most recent insurance news appears to be showing that the industry in the…

Insurance news from India shows more officials facing suspension

May 9, 2013May 7, 2013 H. Cutner

A growing number of people have been caught in the massive Indian sting operation. At a time when insurance news headlines are already being made because almost all of the banks and insurers that were the target of a recent sting operation in India have promised to take strict action, there have been even more officials that will be facing suspensions. All of the banks and insurers have already started their own inquiries and have promised to take action. Among the actions that have been taken in this insurance news…

Insurance fraud by fake agents targeted by firms

April 22, 2013April 30, 2013

The industry in India is fed up with the number of pretenders who are giving legitimate companies a bad name. One of the most frustrating struggles faced by firms in India is the insurance fraud occurring as a result of fake agents pretending that they are selling real policies to unsuspecting consumers. The industry is now fighting back by becoming very active in battling this issue alongside the authorities. The Insurance Regulatory and Development Authority (IRDA) has been issuing occasional recommendations regarding what can be done to help to battle…

Insurance news from India International expands into Asia

November 27, 2012April 30, 2013

The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…