Weekly Insurance Round-up Tuesday, August 9, 2022

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We're back with the latest edition of Beshak’s Weekly News Round-up, an analysis of all Insurance News & Updates from our in-house research team. 

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✴️ IRDAI proposes to increase tie-up limits between Insurers and Agents📈

✴️ Insurance Dekho and Future Generali enter into a tie-up to offer Pet Insurance🤝

• IRDAI, on 3rd August 2022, proposed to raise the maximum limit of the tie-up between insurers and intermediaries as well as marketing firms.
• This increase is intended to provide enhanced access to the policyholders in purchasing covers.
• As per the Exposure Draft – Insurance Regulatory And Development Authority Of India (Insurance Intermediaries) (Amendment), IRDAI has proposed to increase the maximum limit of tie-ups with the insurers for corporate agents from 3 to 9.
• The tie-up limit for insurance marketing firms with insurers is decided to be increased from 2 to 6.
• Stakeholders have until 24th August 2022 to give their suggestions and feedback to IRDAI on the draft.

Source: The Economic Times

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• Insurance Dekho and Future Generali have come together to offer dog health insurance coverage.
• Following are the features of the pet insurance provided by Insurance Dekho:
  • The policy will start with an annual premium of ₹324.
  • It will offer comprehensive coverage for over 25 breeds of dogs aged 6 months to 10 years.
  • The plan will cover hospitalisation expenses incurred by the pet parents including pre and post-hospitalisation expenses.
  • Expenses related to terminal illness treatment and surgery will also be covered - subject to some T&Cs that may vary across insurers.
• This initiative is taken keeping in mind the increase in demand for pet insurance in the Indian market.
• It is believed that pet insurance in India, including cattle insurance, will see an increase of at least 14% by the end of the year 2022.

Source: LiveMint

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