New mandatory cashless health insurance requirement implemented in Punjab

india online senior cashless health insurance

The government of the northern Indian state has now announced that this program is mandatory for its employees. The Punjab government has now announced that it is making its cashless health insurance program a mandatory form of coverage for all of its employees as well as for pensioners. The strategy is meant to help to make sure that coverage is protecting current and retired workers. According to a spokesperson from the Punjab government, it “has notified the cashless health insurance scheme which has been made mandatory for all the government…

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Pet insurance is extremely unpopular in India

pet insurance

According to recent figures, there are very few animal owners in the country who have purchased coverage. Pet insurance is a very unique type of coverage in that there are parts of the world where it has become exceptionally commonplace, and there are others where it has remained virtually nonexistent. India has fallen into that second category, as few owners have chosen to buy health insurance for their pets. This type of coverage helps to cover bills such as those for veterinary visits, medical treatments, surgeries, and even certain medications,…

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Insurance coverage lacking among motorcycles in India

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…

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Airline insurance with 15 percent higher premiums renewed by Air India

airplane airline insurance

This is providing the company with a $26.75 million policy to protect itself against major tragedies. Air India has managed to be able to renew its airline insurance with a mere increase of 15 percent in the premiums that it pays in order to be able to cover its complete fleet of 132 total aircraft. This is notable when taking into consideration that this is an insurance market that has experienced a considerable hardening. The reason that airline insurance usually entails a notably higher rate upon renewal is that it…

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Nuclear insurance pool to be created by Indian government

Nuclear Insurance Power Plant

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…

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Oil insurance pool for Iranian crude expected for India in December

oil insurance news Iran imports stopped from india

The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…

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Insurance industry won’t hurt too much from Cyclone Phailin

south asian Insurance industry India

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

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Insurance news from India shows ongoing consideration of Iranian oil coverage

india news iran crude oil insurance

Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

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Insurance news watchers wonder if new Iran President will promote improvements

insurance news

Many are hopeful about changes from President-elect Hassan Rowhani, but others caution against wishful thinking. Iran has made insurance news headlines for over a year, since the world started preparing for the oil sanctions that were implemented in July 2012 prohibiting the coverage of Iranian crude. These headlines continued to be made as some countries found alternatives and while others found new oil sources. The insurance news that was from some of the country’s largest importers, such as India, China and Japan. Though some governments were able to create their…

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Insurance news looks good for the industry’s profitability

Insurance News Profits

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…

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