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Health insurance companies will not be allowed to contest claims once the premiums on a policy has been paid for a continuous period of eight years, the IRDAI states in new guidelines on indemnity based health insurance. This period of eight years is called the moratorium period. The policies would however be subject to all limits, sub limits, co-payments, and deductibles as per the policy contract. The IRDAI said the objective of the guidelines is to the policies and ensure uniformity across the industry.

The guidelines also state, “If any claim made by the insured person, is in any respect fraudulent, or if any false statement, or declaration is made or used in support thereof, or if any fraudulent means or devices are used by the insured person or anyone acting on his/her behalf to obtain any benefit under this policy, all benefits under this policy and the premium paid shall be forfeited.

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The Indian government is likely to reassess the need to establish a natural catastrophe insurance pool due to mounting economic losses from a series of such events in India over the past three years. Deliberations on a Nat CAT pool have been ongoing for almost five years now. However, due to a lack of consensus on the structure of the pool, it has not yet been set up.

“After Cyclone Amphan, consensus is emerging that there should be cover for dwellings and physical belongings during a natural catastrophe. Traditional insurance products may not be suitable to cover events of such a large scale,” said an official.

Cyclone Amphan caused widespread damage in East India and Bangladesh in May. It was the strongest tropical cyclone to strike the Ganges Delta since 2007, causing economic losses estimated at over $13bn. Insured losses could hit INR4bn ($53m), as per initial estimates. In the last five years, losses due to catastrophes have led to insured losses of almost INR270bn ($3.6bn).

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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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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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It is increasingly likely that the Olympic games in Tokyo will fall victim to the coronavirus, in what would almost certainly be the biggest event contingency loss ever. The economic losses will run into the tens or perhaps even hundreds of billions, with the potential cancellation of the Olympics estimated to cost the Japanese economy 0.8 percentage points of GDP, according to Nomura — and that is before calculating the cost to overseas broadcasters and their advertisers, not to mention Japan’s estimated US$13 billion investment in infrastructure. The International Olympic Committee usually has a policy cover for around US$800 million.

Many other high-profile events have already been scrapped, including the opening of Grand Prix in Melbourne this Sunday, NBA basketball in the US, Tennis Pro Tour. The governing body of European football is also considering postponing Euro 2020, which is due to take place across 12 countries during June and July.

The bad news for most businesses affected by such cancellations is that insurers are unlikely to shoulder the losses as the standard wording does not cover pandemics. Such policies generally exclude coverage for an outbreak of communicable disease which leads to an event being disrupted.

While events that are cancelled due to government mandate can get covered if communicable diseases are included in the policy, voluntary shutdowns such as the Melbourne Grand Prix are not and will likely give rise to more disputes.

The events calendar for 2020 could be a write-off — and an uninsured one at that.

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Vehicle owners will, in a pilot programme, receive messages from the Transport Department if their vehicles lack third party liability insurance or the policy has expired. The pilot will operates in some states including Karnataka, Bihar, Odisha, Andhra Pradesh and Delhi.

The Insurance Information Bureau has details of all insured vehicles whereas the central government’s Vahan database has details of all registered vehicles. The transport departments in each state can easily find out which vehicle is uninsured by matching the the data from these two sources. The messages are then sent to the mobile numbers linked to the vehicle registration number.

The pilot programme is being done in conjunction with the Indian insurance regulator IRDAI with the aim to increase compliance of the local law that mandates that each vehicle should compulsorily have third party liability.

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Fire insurance premiums have been increased by 10-50% for most types of businesses for 291 business segments since 1 January. The revision comes after GIC Re hiked reinsurance rates. When GIC Re hikes reinsurance rates, insurers which take risk cover from the former pass the increase on to their customers.

In 2019, 36 segments in eight industries were mandated to be charged market rates based on past claims experiences. This year, almost all of India Inc has been included in the premium increases and discounting is barred.

Discounting has been a common practice in classes of insurance like fire insurance, where despite higher claims in the previous year, lower premiums are charged. While this helps the incumbent insurer to retain corporate clients, hits their profitability.

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