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Mumbai, NCR Lead Health Insurance Claims From Diabetics
[Posted by: InsuringIndia News on Tuesday, April 12, 2016 10:22 AM]
Large metropolitan cities like Mumbai and Delhi NCR (national capital region) have seen the highest number of health insurance claims related to diabetes, where diabetes is said to have affected over 10 crore people. This data was recently published in a survey conducted by the World Health Organization (WHO), unveiled on the occasion of World Health Day on 7th April.
The last census pegged India’s population at about 131 crores. The WHO survey revealed that 7.8% of the Indian population is diabetic, and that this silent killer has claimed more than 2 lakh lives sofar. 
According to Poonam Khetrapal Singh, regional director of WHO South-East Asia, by 2030 diabetes will become the seventh largest killer in the world. She said that diabetes is not a disease which tends to make headlines, but unless all stake holders like the government, special interest groups, communities and individual people put in their focused and intense efforts, this disease will grow unchecked  
The popular belief about diabetes is that it is a lifestyle disease, which only affects the age group above 60 years and also is confined to the urban affluent. Diabetes is a condition where there is excessive sugar in the body which it is unable to break down. This happens when the pancreas does not produce enough insulin, the chemical which breaks down sugar, or when the body is not able to effectively use the insulin. This condition can happen to anyone anywhere.
In addition to the data reported by the WHO in its survey, there is considerable data collated from health insurance companies that show a marked increase in claims related to diabetes. Another surprising and worrying point that has come up is that a significant percentage of these claims have been made by people in the age group of 25 years and below.
Some of the serious fallouts of diabetes are conditions like hyperglycemia, where patients need to have expensive surgeries like retinopathy, diabetic neuropathy, diabetic nephropathy and diabetic foot treatment.
This data was further supported by a separate report from ICICI Lombard. Here too, the alarming fact of more and more people in the under 25 age group claiming health cover on diabetes related ailments was in sharp focus. Between the period of 2011-2015 ICICI Lombard received 7,915 claims across age groups. Year on year data for claims processed by the insurance company states that 4,140 senior citizens have made diabetes related claims since 2011 while claims from the under 25 group remained at 235. The same numbers for people in the age group of 26-45 and 46-60 stood at 1,564 and 3,433, respectively, it said.

Motor Insurance to Cost More From April 1
[Posted by: InsuringIndia News on Saturday, April 02, 2016 4:41 PM]

The Insurance Regulatory Authority of India (IRDA) has announced an increase of up to 40% in third party motor insurance. The new rule will come into effect from 1 April and will take all motor vehicles, including two wheelers and e-rickshaws into its ambit.


Coming in the wake of a steep price rise in cars across categories, this move has drawn only discontent from all stakeholders. Car prices have increased because world steel prices have become more expensive.


In India, taking third party motor insurance is mandatory for all people owning vehicles of any kind. Therefore consumers can expect to shell out significantly higher premiums. The cost of insurance in the small car category (up to 1,000 cc) will go up by 39.9%, moving from Rs. 1,468 to Rs. 2,055. Mid-range cars (1,000 – 1,500 cc) will see a hike of about 40% and big cars and SUV’s (above 1,500 cc) will attract an increase of 25%.


The premium rates for two wheelers, i.e. bikes and scooters of up to 75 cc will now be Rs. 569 from Rs. 519. For bikes which are 75 cc – 150 cc, a 15% increase is expected. 150 cc – 350 cc will see an increase of 25%.


The combined effect of overall price rise in cars coupled with this increase in insurance premiums is expected to have an adverse impact on the automobile industry, at least in the short run. According to a senior official from an Indian car manufacturer, though the increase is not much, it will definitely cause car sales to dip especially coming after two sets of price rise in cars. The good news is that industry experts do not expect this to have an impact on the industry in the long run.


Insurance companies, though, have not taken this news well. The feeling is that higher premiums will not help to reduce their losses in the motor insurance category. Motor insurance has a very high claim ratio – 77.14%, where there has been a growth of more than 20% in rewards for third party incidents.


Though motor insurance is the fastest growing insurance segment, with a reported growth of 10.52% in 2014-15, claim related losses remain high. The insurance companies say that this increase of third party premium will not have any impact on this very high loss rate.



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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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