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
- 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.
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