Insurance -Weekly Digest
?? Keep yourself well-informed and ahead in the Insurance Industry! Here Are Last Week's Updates! ????
**AI and Insurance: A Growing Partnership**
Summary: The global AI in insurance market is set to experience remarkable growth, expected to reach USD 20.6 billion by 2025, with a CAGR of 18.7%. The increasing adoption of AI technologies by insurers to enhance customer experience, streamline claims management, and reduce operational costs is driving this trend. Discover how AI is revolutionizing the insurance landscape and paving the way for a more efficient and secure industry. More
**IRDAI's New Guidelines: Personal Accident Cover for All**
Summary: The Insurance Regulatory and Development Authority of India (IRDAI) has introduced guidelines for a standard personal accident cover, mandatory for all general and health insurers from 1st April 2023. The cover, aimed at individuals aged 18 to 70, offers a minimum sum insured of INR 100,000 and a maximum of INR 10 million. With benefits like hospitalization expenses, funeral expenses, education grant, and loss of employment, this new directive aims to provide comprehensive coverage. More
**Howden's New Leadership in India**
Summary: Howden, the international insurance broker, welcomes Amit Agarwal as its CEO for India. With over two decades of experience in the insurance industry, Agarwal will lead Howden's operations in India, encompassing reinsurance broking, employee benefits consulting, and retail broking. His appointment further strengthens the company's commitment to delivering exceptional insurance services in the region. More
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**Climate Challenges Ahead for Indian Property Insurance**
Summary: GlobalData's analysis reveals that the Indian property insurance industry is facing profitability challenges due to escalating natural hazard losses. With the combined ratio worsening from 101.7% in 2019 to 117.4% in 2020, the sector is grappling with the impact of cyclones Amphan and Nisarga. While improvements are expected in 2021, climate change and urbanization pose long-term risks that demand attention and strategic planning. More
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**Booming India Health Insurance Market**
Summary: The India health insurance market is projected to exceed US$ 219.1 billion by 2027, with a CAGR of 21.7% during the forecast period. The market's growth is attributed to increased awareness of health insurance benefits, rising prevalence of chronic diseases, and supportive government initiatives. Notable players in the market, such as Apollo Munich Health Insurance Company Ltd., HDFC ERGO General Insurance Company Ltd., Max Bupa Health Insurance Company Ltd., and Star Health and Allied Insurance Co Ltd., are driving this upward trend. ?More
Blog of the week :?Hold on tight, because the insurance sector in India is embarking on a thrilling adventure! With a mind-boggling annual growth rate of over 15%, this financial rollercoaster is on track to reach a jaw-dropping US$ 280 billion by 2025! But that's not all – the industry is diving headfirst into the digital revolution, with a jaw-dropping 70% of insurance policies being sold online! With the government pulling out all the stops, introducing game-changing initiatives like Pradhan Mantri Fasal Bima Yojana and Ayushman Bharat, it's no wonder the insurance landscape is attracting a crowd of eager domestic and foreign players, eager to ride the wave of India's insurance extravaganza! Get ready for an adrenaline-pumping journey through India's soaring insurance world!?More
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