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How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses
Cybercrime like this is no longer the exception-it's the rule. Every organization, from global enterprises to small-town businesses, is a target in today's hyperconnected world. Sophisticated cybercriminals exploit vulnerabilities not just for financial gain but to disrupt and destabilize.
"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."
Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.
"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."
A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.
Life Insurance News
New business premiums (NBP) in the life insurance sector fell by 4.5% yearon-year in November 2024 to Rs 25,306.56 crore, primarily due to a 27.17% decline in Life Insurance Corporation's (LIC) premiums, according to data from the Life Insurance Council.
General Insurance News
In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.
Role of Surveyor in Controlling Wild Risk - Mud and Debris Flow
Risk minimization and control of mud flow and debris flow are essential as insurance claims are rising, and insurance companies are struggling to sustain themselves. Increasing premiums further is not feasible in a developing country like India.
Insurance Industry and the Power of Generative Al: Transforming Risk Management, Underwriting, Claims and Customer Engagement
Generative AI technologies are rapidly reshaping the landscape of the insurance industry by revolutionizing traditional practices in risk assessment, underwriting processes, and claims management. This white paper provides a comprehensive exploration of the significant applications of Generative AI in insurance, supported by detailed case studies from leading insurance companies. By leveraging advanced machine learning algorithms, insurers can optimize decision-making processes, enhance customer experience, and mitigate risks more effectively than ever before.
The SS Robert Bruce Case: A Landmark in Maritime Insurance Law
We all are aware that insurance is a very important security or guarantee for any ship or cargo owner, when he is in the shipping business. Not only does it deal with the insurance of loss or damage to ships, cargo, terminals, but also against natural calamities or any unforeseen circumstances between the point of origin and the final destination.
International News
Japan's largest insurer, Nippon Life Insurance, has announced plans to acquire full ownership of Resolution Life Group Holdings for $8.2 billion in an all-cash deal, solidifying its presence in the U.S. insurance market.
Insurance Regulator Update
The government's proposal to introduce composite licences under the Insurance Act is expected to favor private insurers, leaving public sector insurers at a disadvantage.
Health Insurance News
HDFC Ergo, a leading non-life insurance provider, is set to launch a cashless claims facility for post-hospitalisation treatments, making it one of the first in the sector to offer this service.
International News
Saudi Arabia's Insurance Market Poised for Transformation - Saudi Arabia's general insurance market is on a trajectory of rapid growth, with gross written premiums expected to rise from SAR 68.8 billion ($18.4 billion) in 2024 to SAR 105.3 billion ($28.1 billion) by 2029, reflecting a CAGR of 8.9%. This growth is driven by regulatory reforms, economic diversification, and increased consumer awareness of risk management.
Life Insurance News
HDFC Life Insurance Reports Data Breach - HDFC Life Insurance recently disclosed a data breach, adding to the growing list of Indian insurers facing cybersecurity threats. The breach, revealed in a regulatory filing, prompted the company to launch an extensive investigation with information security experts to safeguard customer interests.
Health Insurance News
Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).
Insurance Regulator Update
IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.
General Insurance News
Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.
"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad
International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
How to choose a Health Insurance Plan that fits your evolving needs
When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.
Vision Zero and the Role of Insurance in Achieving Road Safety
Vision Zero is a road safety philosophy and strategy that originated in Sweden in the late 1990s. The fundamental principle behind Vision Zero is the belief that no. loss of life or serious injury on the roads is acceptable. It aims to create a transportation system where no traffic-related fatality or severe injury is regarded as inevitable or acceptable.
ERM Implementation Challenges in the Indian Insurance Sector
This article is a snapshot of ERM implementation challenges identified by discussing the current position within the insurance sector in India with Chief Risk Officers, Heads of Risk, and other personnel working in the Risk Team.
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.