FLOOD INSURANCE
What Is zero depreciation in car insurance?
Car owners are advised to drive responsibly to save on insurance premiums and claim settlements. The concept of zero depreciation insurance ensures full invoice value payment during claims. This add-on is beneficial for new, luxury, or frequently-driven cars, and those in high-risk areas.
Now, customise motor, home insurance policies: Irdai
The IRDAI master circular, which repeals all earlier circulars and guidelines, was released on 11 June 2024 and suggests providing wider choice and options to customers. It follows a master circular on health insurance released on 29 May.
Why might an insurance company deny your claim during the monsoon?Sandeep Saraf answers
A comprehensive policy does not guarantee that all flood-related damages will be covered. Multiple types of damages can occur during a flood, such as engine damage, electrical damage, interior damage due to water seepage, or gearbox damage. A normal comprehensive package covers these to some extent, but not 100%. We recommend a few add-ons for every customer purchasing a car insurance policy.
Insurers must offer a basic cover, strict claim deadlines
Regulator mandates 'pay as you drive' option in motor insurance. Customers to benefit from tailored products and roadside assistance services. Insurers bear salvage disposal burden, offer flexible 'fire' policy options.
General insurance companies can't reject claims for want of documents: Irdai
Irdai stated that general insurance companies cannot reject claims for lack of documents, introducing reforms in the business with a new master circular, repealing 13 others.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
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Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Warren Buffett says AI may be better for scammers than society. And he's seen how
Warren Buffett cautioned the tens of thousands of shareholders who packed an arena for his annual meeting that artificial intelligence scams could become "the growth industry of all time."
How technology is easing the life of insurance customers
As insurance industry overcomes trust issues with data-backed claims payment, technology aids awareness, accessibility, and faster claims settlement using AI, machine learning, and drones. Initiatives like Cashless Everywhere provide personalized insurance solutions, reshaping the sector.
Understanding liability in vehicle insurance: What car and bike owners should know
Choosing the right vehicle insurance in India involves understanding liability coverage, comprehensive plans, and exclusions. ACKO provides tailored coverage, add-ons, and competitive pricing for comprehensive protection and peace of mind.
Bond markets are flooded with deals to fund M&A
Demand has grown so fervent for corporate bonds that investors are once again willing to finance big mergers and acquisitions something they hesitated to do for much of last year.
Cabinet increases FRP for sugarcane to Rs 340/qtl, gives boost to women safety, space sector and National Livestock Mission
FRPs for sugarcane are typically fixed to ensure a guaranteed price to sugarcane growers and thus it does not take into account whether sugar mills will generate profit or stay in the red. Analysts opine that higher FRPs generally hurt the margins of the sugar mills.
Indian diesel floods to Asia as Houthis imperil flows to Europe
Shipments of diesel from India to Europe hit a 2-year low due to Houthi attacks, diverting cargoes to Asia. Higher freight costs and refinery maintenance in Asia shifted trade economics in favor of sending cargoes east. No imports of diesel in EU, only one in UK. Arrivals of diesel-type fuel from India to Asian destinations surged.
Parliamentary panel recommends reduction in GST on insurance products
The Committee, to make insurance more affordable, recommended that GST rates applicable to health insurance products, particularly retail policies for senior citizens and microinsurance policies (up to limits prescribed under PMJAY, presently Rs 5 lakh), and term policies may be reduced.
Sikkim CM seeks Rs 20,000 cr for Teesta river bank restoration after glacial lake outburst flood
Sikkim Chief Minister Prem Singh Golay calls for the central government's assistance, seeking Rs. 20,000 crores for the restoration of the Teesta river bank following the Glacial Lake Outburst Flood. Golay, distributing relief materials to victims, highlights the damages incurred, with a detailed assessment report submitted to the central government. The restoration funds cover both government and private property damages. The Chief Minister also outlines plans for reconstructing damaged homes, providing compensation, and initiating housing schemes for affected residents.
India on cusp of FDI flood, Bajaj Finserv Chair says in Davos
India's potential for attracting foreign direct investment (FDI) could significantly increase with another five years of a majority government, according to Sanjiv Bajaj, the Chair and Managing Director of Bajaj Finserv. Speaking at the World Economic Forum annual meeting on Monday, Bajaj expressed optimism about the future of FDI in India.
Volkswagen India extends service support to flood-hit customers in Tamil Nadu
Volkswagen's Indian arm is extending service support to flood affected car owners including Roadside Assistance, special benefits on parts, labour costs and car care treatment among others. The services will be available from December 22.
Special camps to be organised in 4 districts to settle insurance claims once flood water recedes: Finance Minister Nirmala Sitharaman
Special camps are organised in Chennai for expeditious settlement of claims by general insurance companies in areas impacted by cyclone Michaung and similar efforts would be made in four districts of Tamil Nadu. Once the water in these districts recedes, she said, special camps by insurance companies would be organised to settle claims caused due to flood.
Trying to bring normalcy at inundated solar project, under construction plant in Tamil Nadu: Thermax
The company said it is taking necessary measures in coordination with relevant team/authority(ies) to restore normalcy and resume operations in a phased manner, subject to receding of water levels, resumption of normalcy in power supply, and material movements.
Chennai Floods: Lessons from a natural calamity
Insurance lessons are learnt and lost quickly. Many view insurance as a payment that offers no benefit. No one seemed to have comprehensive insurance for their cars, homes and durables. Many admitted to buying insurance after the 2015 floods and discontinuing the premium later as wasteful.
Insurers may get aid to deal with nature's fury
The standing committee on finance-headed by former minister of state for finance Jayant Sinha has considered issues around reinsurance following complications in insurance claims related to the Teesta Stage III Hydropower project in Sikkim that was washed away by a glacial lake outburst. The power project, which was completely washed down by a glacial lake outburst flood, was insured for ₹ 11,400 crore by a consortium of insurers, including a public sector entity, but reinsurers capped the payout at ₹500 crore.
SBI, Canara Bank deducting money for govt insurance schemes from savings accounts without consent; complaints flood X
Banks including State Bank of India (SBI) and Canara Bank are debiting insurance premiums for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) for life insurance, Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident insurance without obtaining prior consent from customers, the complaints on social media platform X read. All you need to know
Chennai flood sweeps away cars: Here's how to insure your vehicle against flood damage
Flood-related damages can encompass engine, gearbox, electric and electronic, and upholstery damage. Repairing or replacing a water-damaged engine alone can cost between Rs 75,000 to Rs 15 lakh.
Flood-hit Sikkim Urja looks to claim ₹11,400 cr cover
The total sum assured in the policy is ₹11,400 crore. However, there is a cap of ₹500 crore on payouts for certain natural calamities. Therefore, the extent of the claim settlement could be lower. While the estimated loss resulting from the recent incident is yet to be determined, the company is seeking claims for the entire loss under the insurance policy, said a person with knowledge of the matter.
New York City devastated by floods: from residents on water bikes to rats ransacking groceries, various videos go viral
As news of NYC being flooded went viral, netizens on X (formerly Twitter), reacted with various degrees of horror, humour, and empathy.
What add-ons should a car insurance policy have to prevent damages from floods? Amjad Khan answers
We have seen how the rains have impacted every year for the last 10 years. You have seen the impact of this year 2023 happens to be north of India where we have seen flooding all across the entire northern region of our country and we have seen the amount of chaos it has created.
Amid monsoon mayhem and flood crisis, here’s how health, home, and motor insurance can help you secure your life, property, and vehicle
As climate change continues to disrupt weather patterns and intensify monsoon rains, it is essential to be prepared for the potential consequences. The destructive power of heavy rains, floods, and landslides can cause immense damage to life, property, and vehicles and lead to health risks. By securing health, home, and motor insurance, you can protect your assets from the financial burdens associated with such emergencies.
North India floods July 2023: Irdai urges insurers to settle flood-related insurance claims on fast track basis
The Insurance Regulatory and Development Authority of India (Irdai) urged insurance companies to handle flood-related claims in North India on fast track basis.
IRDAI asks insurers to speed Up settlement of flood claims
Himachal Pradesh is the worst affected by cloudbursts and floods over the past few days. The Indian Meteorological Department (IMD) has issued fresh warnings of heavy rainfall expected until July 18, further exacerbating the situation. According to data released by the Department of Revenue in the Himachal Pradesh government, the estimated cost of the damage has soared to over Rs 3,738.28 crore.
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