Optima Insurance Brokers Pvt. Ltd.

Archive for February, 2023

Indian Insurance Regulator to launch a platform for Information Exchange to tackle frauds in Insurance

Posted on: February 20th, 2023 by hema kashyap No Comments

The Insurance Information Bureau (IIB) of IRDAI is preparing to go live with ‘Beema Satark’ a B2B platform, to alert the general and standalone health Insurers about fraudulent medical insurance cases. All insurance companies will be able to exchange information and gain from this fraud analytics platform of the Indian general insurance industry. It will start with health insurance claims and add motor insurance claims later.

Insurance frauds are on the rise

As per a survey, about 60% of Indian private insurers think that frauds in the life and health insurance are rising significantly, while a minority of 10% think it increased marginally. This survey of insurance frauds was conducted in July-September 2022, with top level management responsible for compliance in leading private Indian insurers.
Frauds are on the rise owing to a higher level of digitization, post-COVID working from remote, and weakening of controls. Data theft is emerging as a big risk while traditional frauds like collusion between third parties and insurance mis-selling continues.

About 40% of the participants across the life and health insurance segments highlighted Fraud Mitigation as the top most priority for the Board and management.

The survey noted that there is an urgent need for Indian insurers to work pro-actively for Fraud risk management framework. Strategic intervention from top decision-makers to mitigate frauds is essential by reviewing and constantly monitoring the insurer’s operational model.

Natural disasters caused $313 bn economic loss in 2022

Posted on: February 15th, 2023 by hema kashyap No Comments

Natural disasters, many driven by climate change, caused global economic losses of $313 bn in 2022, of which less than half was insured. Losses from natural catastrophes covered by the insurance sector amounted to $132 bn, 57% above the 21st-century average, leaving a global ‘protection gap’ of 58%.

While the number of catastrophic events such as floods and hurricanes rose – at least 421 individual events compared to an average of 396 since 2000, the protection gap was one of the lowest on record. It was relatively low due to the fact that many of the costliest disasters occurred in countries with mature insurance markets such as the US or Europe. In contrast, losses in less-covered regions such as Asia were well below average.

Hurricane Ian, which hit Florida in September 2022, was responsible for 75% of the global insured losses that occurred in the United States. It caused insured damages in a range of $50 and $55 bn from total economic losses of $95 bn. Hurricane Ian is the second most expensive natural disaster that the insurance sector has ever faced.

About 31,300 people died due to natural catastrophe events in 2022, of which about two-thirds were linked to severe heatwaves in Europe between June and July.

In Australia, insured losses linked to floods hit a record high of $4 bn as a weather pattern associated with wet weather called La Niña extended its impact into 2022 causing severe rainfall and flooding across the country.

Similarly, in Pakistan, the monsoon season caused 175% above-average precipitation from July to September.

Recent Comments

    

    Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

    • Follow Us:  
    •  
    •  

    Corporate Office

    M6, M Block Market, Greater Kailash-II, New Delhi-110 048
    +91-11-40 50 51 52, +91-11-40 50 51 53

    Registered Office

    M4, Greater Kailash-II, New Delhi-100 048
    +91-11-40505159
    info@optima.co.in

    IRDA Registration Number 326  |  CIN : U66030DL2000PTC103603  |  Category : Direct Broker (Life and Non-Life)  |  License period : 22-03-21 to 21-03-24
    © 2024 Copyrights, Optima Insurance Brokers Pvt. Ltd.