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Archive for May, 2020

IRDAI Panel proposes increase in trade credit insurance cover

Posted on: May 28th, 2020 by hema kashyap No Comments

A working group formed by the insurance regulator IRDAI has proposed several changes to improve the credit insurance market and meet the requirements of various stakeholders involved in trade related transactions.

It has recommended an increase in the indemnity from the existing 85% of the trade receivables from each buyer to 90%, which is in line with global standards. For micro and small enterprises (MSEs) specifically, it proposes a 95% cover for losses.

The committee has also recommended modifications to certain trade credit insurance definitions for improved clarity and understanding, while also suggesting the inclusion of new options in the insurance policy, like a single-buyer risk cover only for MSEs.

The working group has also recommended the establishment of a Buyer Default Database with Insurance Information Bureau as a measure to keep a check on defaulters and improve risk mitigation. At the same time, it suggests that the Reserve Bank of India recognize credit insurance products as risk mitigation tools for banks so as to make them eligible for capital relief.

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Mental Health Amid Quarantine

Posted on: May 15th, 2020 by hema kashyap No Comments

Two important words that have taken over lives in controlling the Covid 19 epidemic are “Quarantine” and “Social Distancing”.

Though important but quarantine for longer duration may impact mental wellness resulting in anxiety, sleep disturbance, anger and post-traumatic stress disorder (PTSD).

Here are some steps to manage your mental health and reduce the negative impact this isolation may have:

  • Plan your day: Get up as you usually did before quarantine. If working from home, start and end your schedule as per office hours. Create a routine for kids. Take breaks.
  • Take care of your health: Do not indulge in binge eating. Have proper nutritious meals and exercise to keep your body and mind healthy.
  • Stay connected: Talk to your friends and family through phone or video calls. Remember its physical distancing not emotional distancing. This is the time to invest in your relations.
  • Take break from news: It can be disturbing to repeatedly hear, read and talk about pandemic. Just limit you intake of news to once a day.
  • Invest in your happiness – Do what you always wanted to do but couldn’t find time. Listen to music, read or binge on the series you missed.

Remember to take one day at a time and this too shall pass


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Insurance Ownership Among Women Increasing

Posted on: May 11th, 2020 by hema kashyap No Comments

Women in urban India registered a sharp increase in life insurance ownership and awareness over the last 12 months, according to a survey released in conjunction with Mother’s Day which fell yesterday.
A total of 7,014 respondents were surveyed across 25 cities comprising of six metros, nine Tier 1 and 10 Tier 2 cities.

The survey shows that 19% working women in metros, 9% working women in Tier 1 and 15% working women in Tier 2 cities that do not consider themselves the family’s breadwinner and cite that as a reason for not buying term insurance.

The survey also shows other notable differences in the savings and investment mindset of women across metros, Tier 1 and Tier 2 cities of India. Women in metros are more concerned about finances for their children’s education and marriage as compared to women in Tier 1 and 2 cities. Finances for children’s education is a key cause of anxiety for 62% women in metros, 56% women in Tier 1 and 54% women in Tier 2 cities.

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