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<ul><li>More women are buying <keyword id="6362363" type="UNKNOWN" weightage="20" keywordseo="health-insurance">health insurance</keyword> plan with sum over ₹5 lac. </li><li>According to a survey by Policybazaar.com, the proportion of women buying health insurance plans increased from 9% in FY17 to 19% in FY19. </li><li>And their cover is increasing too. Six out of every 10 women are buying health plan with insurance sum of over ₹500,000. Policybazaar.com surveyed 10,000 women who were purchasing health insurance policies across 15 Indian states. </li></ul>Indian women are opting for insurance as a way to brace against increasing risk of diseases like diabetes, thyroid and cancer. According to a survey by Policybazaar.com, the proportion of women buying health insurance plans increased from 9% in FY17 to 19% in FY19. “Cases of cardiovascular diseases, diabetes, thyroid, infertility and breast cancer among women are increasing each year. The data is indicative of the changing trend of women investing in health plans that benefit them in more ways than one and provides financial protection against such emergencies in life,” said Amit Chhabra, head of health insurance, Policybazaar.com. And their cover is increasing too. Six out of every 10 women are buying health plan with insurance sum of over ₹500,000. Policybazaar.com surveyed 10,000 women who were purchasing health insurance policies across 15 Indian states. Health plans with insurance sum between ₹5 lakh and ₹10 lakh witnessed nearly 80% growth. Policies with insurance sum of more than ₹10 lac saw a surge of 61%. According to the survey, two-thirds of the women buying health insurance plan were between the ages of 25 to 45 years. “The average lifespan for women in India is 69 years, which clearly tells us why it’s crucial for women to be adequately covered by an apt health insurance plan early in their lives. A health plan is important to women across all age groups, young girls can opt for health insurance with their parents while working or married women must opt for an individual policy,” said Chhabra. The number of women purchasing health insurance policies on Policybazaar also increased by 57% in a year. This is a good sign for a country which does not believe in buying insurance policies. <a href="https://economictimes.indiatimes.com/wealth/insure/how-can-india-fill-the-gap-in-health-insurance-awareness/articleshow/63075506.cms?from=mdr">A large proportion of the country’s population do not avail of health insurance policies</a>. Recently, NITI Aayog recommended introduction of a mandatory health insurance coverage for everyone in India. <div type="Article" hostid="261" msid="72106851" title="Beware of cheap cancer drugs, they could be fakes from Bangladesh" mstype="2" mssubtype="0"></div>

 <div type="Article" hostid="261" msid="72120405" title="India moves to regulate the thriving business of commercial surrogacy" mstype="2" mssubtype="0"></div>

Indian women are bracing for emergencies with a higher health insurance cover

<ul><li>Insurance regulator IRDAI warns insurance firms to make “prudent” decisions when investing in companies whose credit ratings have been downgraded. </li><li>IRDAI had recently allowed <keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword> to vastly exceed the maximum of 15% stake an insurer can hold in any one company. </li><li>Policyholders’ funds potentially at risk with large exposure to the investments.</li></ul> Amid an escalating bad loans crisis, India appears to be <a href="https://www.businessinsider.in/after-idbi-bank-lic-now-has-to-bail-a-huge-infrastructure-lender-out/articleshow/65840416.cms">relying heavily</a> on the capital of state insurance giant Life Insurance Corporation (LIC) to bail out some of its troubled lenders, leading to experts worrying about a dangerous precedent being set by the insurer. The country’s bad debt crisis involving its state-owned <keyword id="6368751" type="UNKNOWN" weightage="20" keywordseo="banks">banks</keyword> had largely been believed to have had manageable systemic risk with fairly low liquidity concerns –- until now. India is in the midst of its worst <a href="https://timesofindia.indiatimes.com/business/india-business/worst-liquidity-crunch-in-two-years-spooks-indian-financiers/articleshow/65935292.cms">liquidity crisis</a> in two years triggered by the potential bankruptcy of infrastructure finance company <a href="https://www.livemint.com/Money/QBX7Nlk3SmtboyZPExoKtN/ILFS-Its-time-for-a-surgery-not-bandaid.html">Infrastructure Leasing and Financial Services Ltd</a> (<keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword>), which has defaulted on a series of loan repayments, raising alarm in the country’s shadow banking sector and spooking financial markets. LIC, the largest shareholder in IL&amp;FS with a 25.3% stake, is <a href="https://www.businessinsider.in/after-idbi-bank-lic-now-has-to-bail-a-huge-infrastructure-lender-out/articleshow/65840416.cms">reportedly</a> investing close to ₹40 billion ($550 million) into IL&amp;FS non-convertible debentures and also expected to subscribe to a ₹45 billion rights issue later this year. It is reportedly in the process of <a href="https://www.livemint.com/Companies/7sWf4fZDJAagLyFgyWemuN/ILFS-may-move-NCLT-against-admitting-bankruptcy-case.html">requesting</a> India’s insolvency court National Company Law Tribunal to allow it time to resolve its current situation through its capital raising efforts and hold off on admitting a bankruptcy suit. The news of IL&amp;FS comes weeks after LIC stepped in to also bailout state-owned <keyword id="67881" type="CITY" weightage="20" keywordseo="IDBI">IDBI</keyword> Bank by increasing its stake from 8% to 51% for upto ₹130 billion. Regulatory exceptionalism India’s regulators restrict investments by insurance organisations to a maximum of 15% stake in any one company. In the IDBI case, LIC sought special clearance from India’s insurance regulator Insurance Regulatory and Development Authority of India (IRDA), which reportedly <a href="https://www.livemint.com/Companies/XY6tlJMDpBAKAlhv2dPczJ/IDBI-Bank-says-no-discussion-on-investment-by-LIC.html">waived the threshold</a> “based on market conditions and the larger interest of the market and shareholders,” Mint reported in June. Additionally, out of the investment LIC made in IDBI, less than 1% or only about ₹1 billion has come from LIC’s shareholders with the remaining being policyholders’ money, according to the Mint report. That shows the extent of how risky the move can be. While LIC has indicated it will pare down its stake in IDBI in the coming years, no timeframe has been set by the insurer. LIC had earlier made an <a href="https://economictimes.indiatimes.com/markets/stocks/news/will-lic-follow-the-corp-bank-model-to-pare-stake-in-idbi/articleshow/64957202.cms">investment</a> in Corporation Bank exceeding the threshold limit of 15% to buy a 27% stake, which took about 16 years for LIC to pare down, experts point out. A case of throwing good money after bad? Following the news of LIC investing in IL&amp;FS, a subtle warning has come from the Insurance Regulatory and Development Authority of India (Irdai), which has asked insurance firms to make “prudent” decisions when investing in companies whose credit ratings have been downgraded. Subhash C Khuntia, chairman of IRDAI, has <a href="https://www.business-standard.com/article/markets/i-m-sure-lic-will-take-a-prudent-decision-on-il-fs-says-irdai-chairman-118091200040_1.html">said</a>, “Normally, when there is a downgrade, insurers should withdraw their investment and place it somewhere else,” Khuntia said, adding it is up to the insurer to derive maximum value from its investments. The National Organisation of Insurance Workers (NOIW), has also opposed LIC’s move to invest in IL&amp;FS, with NOIW organising secretary Milind Ballal <a href="https://mumbaimirror.indiatimes.com/mumbai/other/sangh-union-opposes-lic-investment-in-ilfs-group/articleshow/65894098.cms">stating</a> “thousands of crores of rupees collected by the LIC from ordinary Indians as premium is at stake.” Joydeep K. Roy, partner and leader, insurance sector, PwC, had termed LIC’s investment in IDBI an <a href="https://www.livemint.com/Companies/XY6tlJMDpBAKAlhv2dPczJ/IDBI-Bank-says-no-discussion-on-investment-by-LIC.html">“extraordinary event</a>” that “should not be allowed as a precedent.” “Insurers holding a larger share of any one company for policyholders’ funds can increase the entire risk profile of the portfolio. However, this is ultimately an equity transaction for policyholder funds and can result in profits or losses,” Roy said. While Sanket Kawatkar, Principal and Consulting Actuary, Life Insurance, Milliman India, has <a href="https://economictimes.indiatimes.com/wealth/insure/lic-idbi-bank-deal-how-life-insurance-companies-invest-your-money/articleshow/64894026.cms">warned </a>LIC policyholders’ benefits would be adversely impacted if LIC incurs a loss on its investment. Elsewhere, insurers’ exposure to bad debt has led to dire consequences. In the 2008 credit crisis in the US, for instance, insurance giant American Insurance Group (AIG) had a near collapse because of the insurer’s exposure to soured loans through its investment in risky credit default swaps. That led to the US Federal Reserve bailing out AIG by giving a crucial loan of $85 billion that kept it from going under.

Why India’s reliance on state insurance giant LIC to bailout troubled lenders is worrying

Not enough savings, the fear of the contracting COVID-19 is mounted by an even bigger fear of being unable to bare the cost of its treatment, reveals survey. A healthinsurance.com survey has found that 52% people don't have enough money saved to cover COVID-19 medical costs. But, it's not just medical bills people are worrying about. 23% of <keyword id="6476236" type="UNKNOWN" weightage="20" keywordseo="respondents">respondents</keyword> said they won't be able to pay bills like utilities, rents or loan payments this month - a bleak response that aligns with the 24% that reportedly lost their job due to the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic, in the United States. Things in India are not much different. When asked about health <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> coverage, 9% of respondents reported losing their health insurance during this pandemic. While more are bracing for the potential impact of unemployment, 56% said they don't know what their health insurance options are should they lose their coverage. In India too the hot topic is doe your medical insurance cover COVID-19? SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/india-unemployment-job-losses-at-many-companies/articleshow/75130701.cms">India’s looming jobs crisis is starting to unravel within the first 21 days of coronavirus lockdown</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

People fear Coronavirus treatment costs, survey reveals

<ul><li>Broadcasting firms are facing losses as matches are getting cancelled due to rain. </li><li>Indian Insurance companies are now looking at losses of around ₹1.5- $1.8 billion. </li><li><keyword id="421566" type="ORGANIZATION" weightage="20" keywordseo="Star-Sports">Star Sports</keyword> which bought the exclusive broadcasting rights from International Cricket Council, is likely to face a loss ₹1.4 billion. </li><li>Out of $1.5 billion global sponsorship, $1 billion comes from India </li></ul>Few cricket fans are making it to the <keyword id="2646248" type="PERSON" weightage="20" keywordseo="ICC-World-Cup-2019">ICC World Cup 2019</keyword> matches in the UK, without an umbrella in hand. This World Cup has already won the dubious distinction of witnessing highest washed out matches in cricketing history. Not only is it spoiling the fun, the monsoon is also costing Indian insurance companies as much as ₹1.5- ₹1.8 billion in claims. Broadcasters have been making insurance claims for lost revenue due to match cancellations. They have lost out of ad revenue, in spite of paying ICC upfront for broadcast rights, <a href="https://timesofindia.indiatimes.com/business/india-business/rain-hit-matches-to-cost-insurers-rs-180cr/articleshow/69849175.cms">the Times of India</a> reported. The ICC has conducted 25 out the 48 cricket matches till now. Out of these 25, four have been washed out because of heavy rains. In fact, three matches were cancelled without a single ball being bowled. The continued losses The three washed out matches in the first week of the tournament have reportedly caused a loss of ₹1.4 billion to broadcaster Star Sports, as reported by <a href="https://www.insidesport.co/world-cup-2019-%E2%82%B9-200-crore-wash-out-for-insurance-companies/">Insidesport</a>. ICC had sold the rights for two World Cups and two Champions Trophy matches and the T-20 World Cup for an eight year period to Star Sports. Star India had paid $1.98 billion for the broadcasting rights for 2015-2023 period, which is 80% more than the previous rights sale at $1.1 billion. The sum insured for an ordinary match is around ₹600 million. It goes up to ₹700-₹800 million, for special matches like semifinals and finals. For extremely high-viewership matches like India-Pakistan match, the insurance money involved could be over ₹1 billion, reported the <a href="https://timesofindia.indiatimes.com/business/india-business/rain-hit-matches-to-cost-insurers-rs-180cr/articleshow/69849175.cms">Times of India</a>. These losses incurred are shared by many companies like New India Assurance, General Insurance Corporation, ICICI Lombard General Insurance and Oriental Insurance. Cancellation of India-Pakistan match on Sunday, would have cost Star Sports ₹1.4 billion and had staggered impact on advertisers such as Coca-Cola, Uber, OnePlus and MRF Tyres, as per <a href="https://www.news18.com/news/sports/icc-cricket-world-cup-2019-rain-india-vs-pakistan-manchester-weather-insurance-companies-loss-rs-180-crore137-5-crore-more-2187717.html">News18</a>. Fortunately, in spite of fear, it wasn’t. See Also: <a href="https://www.businessinsider.in/india-vs-pakistan-world-cup-game-weather-forecast/articleshow/69782815.cms">India versus Pakistan World Cup game: Rain may interrupt second half, as per the weather forecast</a>

ICC World Cup 2019: Rains wash away ₹1.8 billion for insurers-- and there may be more claims ahead

<ul><li>Foreign portfolio investors owned $10.5 billion worth of shares of Indian insurance companies at the end of November 2019, up from just about a billion dollars at the end of October 2018.</li><li>Losing favour with the investors are Indian tech stocks like TCS, Wipro and Mindtree where prospects are looking bleak due to slower business and shrinking margins.</li><li>Private insurance players like Bajaj Allianz Life, Kotak Life, and Tata AIA Life clocked a 25.9% growth in <keyword id="168318" type="PERSON" weightage="20" keywordseo="insurance-premium">insurance premium</keyword> in November alone</li></ul>Foreign portfolio investors (FPI) ⁠— foreign investors who invest in shares and bonds ⁠— have been net buyers in the Indian market for three straight months at the end of November 2019, pumping in a total of $3.14 billion last month alone. More than half of that money has gone into buying shares in the banking and financial services industry. The country’s insurance companies have received the lion’s share of the inflows. At the end of October 2018, foreign investors had a billion dollars invested in Indian insurance stocks. At the end of November 2019, the exposure stands at over $10.5 billion, according to a report from Edelweiss Alternative Research. A lot of that money has come from the sale of technology stocks. 
 
 
 
 
 
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 The foreign investors’ bet on Indian insurance companies seems to be the right decision. The business growth for insurance majors spiked in November 2019. Private players like Bajaj Allianz Life, Kotak Life, and Tata AIA Life clocked a 25.9% growth in insurance premium in November alone, according to a research report from Emkay Financial Services. If someone waited for the data to buy these stocks, they had already missed a big bull run. 
 
 
 
 
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 “The market is extremely positive about the insurance sector, because growth here has been extremely strong over the next 10-20 years. On paper, these stocks may look extremely highly valued, but you need to look at them in the light of an extremely long growth runway that lies ahead,” Srinivasan Subramanian, MD for Investment Banking at Axis Capital, told a television channel ET NOW. 
 
 <div type="Article" hostid="261" msid="72293944" title="India’s $5 trillion dream needs more than just interest rate cuts" mstype="2" mssubtype="0"></div>





 Here’s why foreign investors are pulling money out of IT The prospect for India’s tech stocks is looking bleak. The business is slower and the margin is shrinking, with the exception of Infosys. <table style="width: 281pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:134pt">Company</td> <td class="xl69" style="border-left-width: initial; border-left-style: none; width: 147pt;">Margin compression</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">TCS</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-57 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-40 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mindtree</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-89 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">L&amp;T Tech</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-26 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cognizant</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-34 basis points</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Infosys </td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+21 basis points</td> </tr></tbody></table>Source: Investec Securities The troubles are far from over. “We continue to expect continued pressures on revenue leading to decelerating revenue growth and PE (price to earnings) multiple contraction driven by weakness in BFS (banking and financial services) and retail. Amongst Tier-1s, TCS saw the biggest consensus EPS downgrade while Mindtree saw the biggest downgrade among Tier-2s in the last 3 months,” Investec Securities said in its December 4 report. <table style="width: 159pt;"> </colgroup> <tbody><tr> <td class="xl69" style="height:15.0pt;width:74pt">Stock</td> <td class="xl70" style="border-left-width: initial; border-left-style: none; width: 85pt;">One year Change</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.01%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.97%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">TCS</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.17%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys </td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.74%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Wipro</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.39%</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Mindtree</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11.98%</td> </tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/bharat-bond-etf-launch-is-the-best-tax-saving-plan-learn-how-to-buy-and-save-taxes/articleshow/72484444.cms" data-type="tilCustomLink" target="_blank">The best thing about Bharat Bond ETF is the tax benefit— especially for those in the highest income bracket</a> <a href="https://www.businessinsider.in/stock-market/news/boris-johnson-is-not-the-only-one-celebrating-a-possible-historic-majority-for-uk-conservatives-a-bunch-of-indian-stocks-are-thrilled-too/articleshow/72501071.cms" data-type="tilCustomLink" target="_blank">Boris Johnson is not the only one celebrating a historic majority for UK conservatives— a bunch of Indian stocks are thrilled too</a>

The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year

If you own a car that has engine capacity more than 1000 CC, get ready to pay a hefty premium. The government has agreed to do away with the cap on third party liability of insurance companies in case of grievous injuries or deaths in road crashes. 
 
The Insurance Regulatory and Development Authority has proposed a nearly 50% hike for most categories of vehicles for 2017-18, according to a news report by The Times of India. 
 
It is mandatory for vehicles to have third party insurance while insurance for own damage is optional. In comprehensive insurance policies, which have both components, the share of third party insurance is barely 30%. IRDA has not proposed increase in third party insurance premium only for a few categories of vehicles such as Maruti Alto, Tata Nano and Datsun Go as well as pick-up vans and mini trucks. 
 
But it proposes to increase the premium of cars that have 1,000-1,500cc engines by almost 50%. Sources said the final hike could be 25-30%. It is likely that insurers would push for another round of increase once the Motor Vehicle (Amendments) Bill is passed with the proviso that insurance companies pay the entire compensation awarded by motor vehicle claims tribunal.

Owning a car to get expensive by at least 50% every year. Here's why

It’s proven! Akshay Khiladi Kumar hates body double and prefers doing all stunts by him. After the success of his films, he is in news again! And this time for undertaking the most expensive accident <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> ever! If a news report by The Economic Times is to be believed, he has been insured for Rs 35 crore under a personal accident policy purchased by Hari Om Entertainment and Sunshine Pictures for 'Holiday. 
 The financial daily has learnt about the fact from an <keyword id="2871350" type="UNKNOWN" weightage="20" keywordseo="Oriental-Insurance-executive">Oriental Insurance executive</keyword>. 
 "This is the highest cover taken by a Bollywood star," the <keyword id="6420527" type="POSITION" weightage="20" keywordseo="executive">executive</keyword> told the ET on condition of anonymity. Unlike Kumar, Bollywood's highest-paid actors, <keyword id="6357753" type="PERSON" weightage="20" keywordseo="shahrukh-khan">Shahrukh Khan</keyword> and <keyword id="6355923" type="PERSON" weightage="20" keywordseo="Aamir-Khan">Aamir Khan</keyword>, do not generally seek accident covers in their film contracts. Production houses take a cover of Rs 5-10 lakh for every member of the crew to cover medical expenses towards any shoot-related accident. 
 While accident insurances of movie stars are quite popular in the Hollywood, it’s Indian counterpart is yet to catch on the trend. Some years ago, actress <keyword id="14640" type="PERSON" weightage="20" keywordseo="Kangna-Ranaut">Kangna Ranaut</keyword> is said to have included a personal accident clause with a Rs 1-crore cover in her contract for '<keyword id="6377522" type="POSITION" weightage="20" keywordseo="queen">Queen</keyword>'. Kumar's recent hits include 'Rowdy Rathore', 'Baby', 'Khiladi 786' and 'Special 26', which feature him in action-oriented roles. He got hurt in 2013 while shooting the Vipul Shah-directed 'Holiday'. 
 
The superstar has recently started shooting for ‘Airlift’ and has got for himself a personal insurance cover. 
 
(Image: India Times)

Did you know Akshay Kumar had
got accident insurance worth Rs 35cr for his ‘Holiday’?

Its good news for <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> agents! One of the largest insurance players, Reliance Life Insurance Company (<keyword id="361239" type="COMPANY" weightage="20" keywordseo="RLIC">RLIC</keyword>) plans to hire an additional 20,000 agents across India in this fiscal year as part of its expansion plans. 
	 "We are the agency company. We strongly believe that agents are our backbone and we invest in them. We have planned to increase our agency force by 20 per cent, which now stands at one lakh agents. Thus, we will be adding another 20,000 agents in this financial year," RLIC's Chief Agency Officer <keyword id="2891044" type="PERSON" weightage="20" keywordseo="Manoranjan-Sahoo">Manoranjan Sahoo</keyword> said in an ET report. 
	 
	Sahoo made the announcement at the sidelines of the launch of RLIC's new child plan, called as 'Reliance Education Plan'. He also added that Gujarat generates nearly 10% of their insurance business. 
	 
	"Gujarat has been our favourite state in terms of business. 10 per cent of our business comes from here. We are having a strong agency presence here. We are having 56 branches having more than 8,500 agents working with us" he added. 
	 
	Image Credit: Indiatimes.com

Job galore! Reliance’s insurance arm to hire 20,000 insurance agent in
FY16

NEW DELHI: The spate of serious aviation mishaps globally is all set to impact the financials of already struggling <keyword id="1446" type="CITY" weightage="20" keywordseo="indian-airlines">Indian airlines</keyword>. A leading unlisted Indian airline will have to renew its aircraft <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> in coming days. To its horror, it found that insurance premia charged by foreign companies (Indian insurers do not provide cover for aircraft to airlines) have shot by 15-20%. 
 
"Our insurance covers have to be renewed shortly. The initial talks we had with insurers in past few days showed that premia are up by 15-20%. May be when we actually strike a deal, the hike is softened a bit but general insurers feel that their underwriting risk is up and they are going to charge more," said the CEO of this airline. 
 Another airline also confirmed that insurance premia are up. "We are trying to minimize this blow as any additional cost has to be passed on to the flyer. In India, however, irrational pricing by some airlines means that we are unable to recover our costs. For airlines in black, it means lower profits. And, for loss-making carriers, it means more red ink on the balance sheet," said a <keyword id="160569" type="POSITION" weightage="20" keywordseo="senior-official">senior official</keyword> of the airline. 
 Centre for Asia Pacific Aviation (CAPA) India head <keyword id="159658" type="PERSON" weightage="20" keywordseo="Kapil-Kaul">Kapil Kaul</keyword> said he did not see insurance costs going up sharply except for airlines in "war or conflict" areas. "Premiums have been at their lowest for quite some time and increases, if any, will be marginal," he said. 
 However, for Indian carriers battling high costs any rise in cost is a bad news. Of all desi airlines, only low-cost IndiGo claims to be consistently profitable. GoAir has started reporting profits since last two fiscals. All others are deep in the red, with one airline facing a serious question mark on its survival prospects due to a severe <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> crunch. 
 "Indian carriers cannot survive in the existing cost structure. The government should provide relief on jet fuel price front else there will be some more Kingfisher-like fold ups," said an <keyword id="203924" type="POSITION" weightage="20" keywordseo="airline-official">airline official</keyword>. According to CAPA, collective losses of Indian airlines in past seven years till March 2014 are $10.6 billion and their combined debt is $15.8 billion. Airlines are expected to collectively lose $1.8 billion in FY 2013-14 and $1.4 billion in FY-15.

Desi Carriers' Insurance Costs Rise 20% On Global Crashes

<ul><li><keyword id="22508" type="ORGANIZATION" weightage="20" keywordseo="online">Online</keyword> health consultation platform <keyword id="6885443" type="UNKNOWN" weightage="20" keywordseo="docprime-com">docprime.com</keyword> expands into 34 Indian cities.</li><li>Docprime.com is modelled on the success of <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>'s <keyword id="6791808" type="UNKNOWN" weightage="20" keywordseo="ping-an-good-doctor">Ping An Good Doctor</keyword>.</li><li>Docprime.com is owned Indian insurance unicorn <keyword id="854682" type="COMPANY" weightage="20" keywordseo="Policybazaar-com">Policybazaar.com</keyword>.</li></ul> Insurance aggregator Policybazaar.com is expanding its <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword> platform docprime.com to twelve states in India. The online consultation portal reportedly allows patients to book appointments with 20,000 <keyword id="25205" type="PERSON" weightage="20" keywordseo="doctors">doctors</keyword> and 5,000 diagnostic centres. The portal, which was launched in August last year, is now offering services in 34 cities across the country and aims to reach 100 cities eventually according to Ashish Gupta, CEO of docprime.com as <a href="https://www.aninews.in/news/business/business/docprimecom-expands-to-12-states-in-india201901081402480002/" data-type="tilCustomLink" target="_blank">reported</a> by news agency ANI. Docprime.com is similar to a service in China called the Ping An Good Doctor, which was started in 2014 by technology entrepreneur Wang Tao. Docprime.com's Chinese counterpart too was spun out of China's biggest insurance company and listed in Hong Kong in May 2018, where the startup was <a href="https://beta.scmp.com/business/companies/article/2160487/ping-good-doctor-expand-medical-services-platform-southeast-asia" data-type="tilCustomLink" target="_blank">valued at</a> over $1 billion. The Indian company, which claims to innovate using <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> and <keyword id="294572" type="TECHNOLOGY" weightage="20" keywordseo="machine-learning">machine learning</keyword> on its platform, started out with an initial investment of $50 million from its parent Policybazaar. It plans to invest $15 million over the next three years in preventive healthcare. “The plan is to invest 30% of the total money in building the healthcare business,” Gupta <a href="https://www.livemint.com/Home-Page/LPskQkNOcUXP8uJKMpWceL/PolicyBazaars-DocPrime-to-invest-15-million-in-healthcare.html" data-type="tilCustomLink" target="_blank">told </a>the Mint in December 2018. The parent Policybazaar is in discussions with insurance companies to offer an out-patient insurance product. 20-25% of the insurance aggregator's revenue comes from health products.

An Indian insurance unicorn is looking to replicate the success of China's Ping An Good Doctor

<ul><li>Hewlett Packard Enterprises (HP) India has extended its 26-week parental leave policy to fathers too. </li><li>Earlier, the policy included merely a five-days parental leave. </li><li>With this, it plans to increase the workforce in India by 20% over the next five years.</li><li>It will also allow employees to work part-time for three years following the adoption or birth of the child.</li></ul>Hewlett Packard (HP) India is giving new fathers the same number of parental leaves as mothers. The company said that its 26-weeks paid parental leave will now be applicable to both men and women — for childbirth and adoption. It also includes the facilitation of day-care centres across locations in India — which is eligible for children upto three years of age. The company extended parental leaves to six months in April 2019. Earlier, the policy included merely a five-days parental leave. The company aims to implement a culture of inclusivity to increase its employee retention rate. With this, it plans to increase the workforce in India by 20% over the next five years. “The benefits we are implementing around the globe reflect HPE’s commitment to attracting, nurturing and retaining the best talent in India,” HPE India VP and managing director Som Satsangi <a href="https://www.financialexpress.com/industry/hewlett-packard-enterprise-introduces-26-weeks-paid-paternal-leave-in-india/1683552/">told</a> news agency PTI. At HPE we are not only creating jobs, but also helping employees build long-term careers with the necessary support structure and working culture,” he added. In fact, the company allows its employees to work part-time for three years following the adoption or birth of the child. Overall, paid parental maternity leaves<a href="https://www.thehrdigest.com/parental-leave-for-new-dads-companies-that-boosted-their-paternity-leave/"> increased by 8%</a> during 2016-18, according to a study published by SHRM. It provides other employee benefits like life insurance and health insurance cover. From November 2019, the company will increase the insurance cover to twice the annual compensation of its employees. Indian startups like <a href="https://www.entrepreneur.com/article/334894">Zomato</a> have also stepped up their efforts to establish work-life balance. It recently introduced the 26-week paid parental leave policy for its male and female employees — including same sex partners. See also: <a href="https://www.businessinsider.in/welcoming-lgbtqs-and-acid-attack-survivors-these-job-fairs-aim-to-step-up-corporate-indias-inclusivity/articleshow/69968044.cms">Welcoming LGBTQs and acid attack survivors, these job fairs aim to step up corporate India’s inclusivity</a> <a href="https://www.businessinsider.in/tcs-has-36-women-employees-in-the-workforce/articleshow/70190643.cms">TCS is running on women power, with over 150,000 permanent employees</a> <a href="https://www.businessinsider.in/zomato-paid-parental-leave-policy-for-men-and-women-and-same-sex-partners/articleshow/69635956.cms">Zomato announces a 26-week paid leave for parents of all genders, sexualities – $1000 bonus per child for new parents</a>

Hewlett Packard India extends its 6 month paid parental leave to fathers as well

<ul><li>India's Finance Minister, <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, is on her way to get support for proportional assignment of tax on global tech giants at the upcoming <keyword id="42982" type="PERSON" weightage="20" keywordseo="G20-Summit">G20 summit</keyword> in Japan. </li><li><keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>, India's IT Mininster, has stated that the Personal Data Security Bill will be one the first things on his docket as he embarks on his second-term.</li><li>Critics want PUBG banned in India as the addicted to the game is accused of causing heart attacks and disrupting marriages. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is looking to enter the insurance market in India will reports of the company looking to Coverfox for $120 million. </li></ul> This Tech Insider's daily of <keyword id="35609" type="PERSON" weightage="20" keywordseo="tech-news">tech news</keyword> — everything that's happening in tech that you need know about today from Business Insider and its partner publications:

You Searched For "india insurance news" and got 12 results

Indian women are bracing for emergencies with a higher health insurance cover

Preeti Soni

Why India’s reliance on state insurance giant LIC to bailout troubled lenders is worrying

Rimin Dutt

People fear Coronavirus treatment costs, survey reveals

IANS

ICC World Cup 2019: Rains wash away ₹1.8 billion for insurers-- and there may be more claims ahead

BI India Bureau

The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year

Sriram Iyer

Owning a car to get expensive by at least 50% every year. Here's why

BI India Bureau

Did you know Akshay Kumar had got accident insurance worth Rs 35cr for his ‘Holiday’?

BI India Bureau

Job galore! Reliance’s insurance arm to hire 20,000 insurance agent in FY16

BI India Bureau

Desi Carriers' Insurance Costs Rise 20% On Global Crashes

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An Indian insurance unicorn is looking to replicate the success of China's Ping An Good Doctor

BI India Bureau

Hewlett Packard India extends its 6 month paid parental leave to fathers as well

Prerna Sindwani

Today’s top tech news: India’s new government seeks higher taxes on tech giants, PUBG critics clamour for another ban

Prabhjote Gill

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