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17 May, 2022 | Weekly

Weekly Insurance Round-up Tuesday, May 17, 2022

Team Beshak
By Team Beshak
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Hello there! 👋

We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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✴️ Life insurers' new business premium increased by 84% in April 2022 ⬆️

✴️ ‘Vision 2047’ commitment is to fulfil the objective of insurance for all: IRDAI 🛡️


Life insurers' new business premium increased by 84% in April 2022 ⬆️

  • In April 2022, the new business premium of life insurance companies rose by 84%. The new business premium for April 2022 was ₹17939.62 Crores, which increased from 9738.79 Crores in April 2021.
  • The private life insurers' new business premium for April 2022 was ₹6222.92 Crores. This was 27.47% higher than the ₹4882.04 Crores recorded in April 2021.
  • LIC made a significant contribution to the expansion of the life insurers' new business premium, with a 141 % increase. LIC's new business premium increased to ₹11716.7 Crores from ₹4856.76 Crores.

Source: Economic Times

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‘Vision 2047’ commitment is to fulfil the objective of insurance for all: IRDAI 🛡️

  • IRDAI is working on reforms to achieve the goal of ‘insurance for all’ by 2047, a vision plan to enhance insurance penetration.
  • The regulator is interacting with insurance industry stakeholders to develop a reform agenda for increasing insurance penetration and promoting the industry's long-term growth.
  • Some of the reforms IRDAI is working on include - 
    • Promoting ease of doing business by encouraging new insurance players
    • Allowing niche players in insurance
    • Relaxing renewal norms for intermediaries
    • Product certification by insurers
    • Time-bound approvals
    • Administrative flexibility
    • Fast-track approvals for investment proposals
    • Facilitating insurtech and distribution agility
    • Making the regulations lighter and reducing the compliance burden on insurers
    • Revamping the grievance redressal systems
  • According to IRDAI, the role and functioning of life and general insurance councils also need to be revamped in order to make them more vibrant.

Source: LiveMint

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Team Beshak
Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to info@beshak.org

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TAGS:
Term Life Insurance
Health Insurance
Purchase
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