Indian regulator studies staggering claims payoutsOctober 17 2018 by InsuranceAsia News Staff
Several Indian P&C and health insurers have proposed the payment of some personal lines claims in instalments, and the country’s insurance regulator wants to find out if this is beneficial for customers.
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a team to study the feasibility of paying claims in instalments for personal accident policies and benefit-based health policies as opposed to lump sum payments which are considered industry standard.
The concept of settlement of claims in instalments, according to IRDAI, could prove more useful for claimants and other beneficiaries in terms of cashflow.
Suresh Mathur, IRDAI’s executive director for health, has been appointed as chairman of the working group.
- January 24
17 natural disasters in Asia cost over US$1bn in economic losses last year.
- January 16
The claims burden from two powerful typhoons in Japan have increased by US$320m for the reinsurer.
- January 11
Natural catastrophes in Asia accounted for 23% of the US$80bn global insurance bill.
- January 8
The unusually powerful tropical storm is unlikely to be a major insurance event.