25 Jan, 2022 | Weekly

Weekly Insurance Round-up Tuesday, January 25, 2022

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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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What's Inside? 📦

✴️ Insurers want a 15-20% hike in third-party motor insurance premiums 💸

✴️ Insurers request for an increase in tax exemption limits ⬆️

✴️ Home Credit India and DocOnline launch ‘Care 360' 🛡️ 

✴️ Insuretech Finsall raises ₹12 Cr. in Pre-Series A 🤑

Insurers want a 15-20% hike in third-party motor insurance premiums 💸

  • The insurers have requested the IRDAI to increase the third-party motor insurance premiums by 15-20% to cope with the losses in the general insurance segment.
  • Normally, the third-party premiums are revised by IRDAI every year. However, owing to the pandemic, this was kept on hold in 2020 and 2021.
  • The general insurers are witnessing an increase in the number of third-party claims and are finding it difficult to keep up. Hence, they might increase the third-party premiums from 1st April 2022 if IRDAI accepts their proposal.

Source: The Economic Times

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Insurers request for an increase in tax exemption limits ⬆️

  • To encourage people to invest in pure risk-based products, insurers have asked the central government for various tax sops in the Union Budget 2022-23.
  • Traditionally, people purchased insurance just to get tax exemptions. However, during the pandemic, insurers saw an organic rise in demand for insurance products - especially pure risk-based and guaranteed income-based products.
  • To increase insurance penetration in India (which is 4.2% as of 2020-21), as well as encourage more and more people to buy insurance, the insurance industry has asked the government to - 
    • Increase tax exemption limits under section 80C and introduce a separate tax deduction towards life insurance premiums, besides the current deduction limit. 
    • Increase tax deduction limits under section 80D and reduce the GST rates to 5% from 18% on health insurance premiums.

Source: Business Standard

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Home Credit India and DocOnline launch ‘Care 360’ 🛡️

  • In a partnership with DocOnline, Home Credit India has launched Care 360, a holistic healthcare service protection plan with complimentary insurance. 
  • The Care 360 plan provides free, unlimited tele doctor consultations, COVID care during isolation, cashless OPD, online pharmacy, and quality diagnostic services.
  • It also offers complimentary insurance up to ₹10 Lakhs, which covers Term Life, Critical Care, Specific Ailment Insurance, Home Contents, and Online Fraud Protection.
  • The Care 360 plan is available in three subscription plans - Essential, Advantage, and Premium. It can be bought either online from Home Credit India’s website or from any Home Credit Partner shop.
  • Home Credit India is a part of Home Credit Group, an international consumer finance provider that was founded in 1997. It operates in 9 countries, including India.
  • DocOnline is an online doctor consultation platform that was incorporated in 2016. It allows users to have a live chat with doctors via web or app.

Source: BW

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Insuretech Finsall raises ₹12 Cr. in Pre-Series A 🤑

  • Finsall, an insurance-focused fintech company, raised ₹12 Crore in a pre-series A round from Unicorn India Ventures, SEA Fund, and other investors.
  • The company will use these funds to scale its technology platform and sign in new insurance partners to increase its market share in the insurance premium financing market. It is also planning to enter into lending partnerships with top banks and NBFCs (Non-Banking Financial Companies).
  • Finsall is an end-to-end technology process for premium financing that has built a multi-lender platform for banks and NBFCs so that lending can be done sustainably. 

Source: Livemint

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