How would one prepare insurance claims after being devastated by the attack of the Hurricane Isaac? Premium shares Insurance Information Institute’s report on hurricane insurance and provides a step by step guide on how claims are to be filed. WHO IS AN INSURANCE CLAIMS ADJUSTER? An adjuster is an insurance...
Though a lot is known about health insurance, very little is known about fraud and misuse, which is rampant in the healthcare industry. Posing to be a rising threat, Premium spoke to the industry experts at Daman to investigate on the less traversed path. Daman referred several suspected cases...
Chartis recently announced increase in its commercial property per-risk capacity to USD 1.5 Billion on a worldwide basis. Previously underwritten by the Lexington Insurance Company, this level of capacity was available to Chartis’ North American domiciled clients. It now supports all clients with large limits or highly protected risk coverage...
Zurich has launched its suite of travel insurance products tailored to meet the needs of UAE residents. The four plans Schengen, Silver, Gold and Family include features viz. include cover for missed flight connections and missed events (like a sports event or a concert), and no limit to the number...
According to research by Marsh, liability rates in the UAE have gone down drastically in the second quarter. General liability, professional liability and Directors and Officers liability (D&O) insurance dipped between 20 – 30 percent, while financial institutions cover witnessed a decrease of 10-20 percent. The UAE figures...
Insurance House PSC (IH) has announced a net profit of AED 6.33 Million for the first half of 2012. The net profit rose to AED 3.64 Million in the second quarter of 2012, compared to AED 2.69 Million in the first quarter of 2012. This essentially depicts a quarter on...
According to Business Standard, the Indian government’s new rural healthcare scheme, of providing free generic drugs to public hospitals at a cost of INR 298.2 Billion (USD 5.4 Billion) will offer new avenues for growth in the healthcare insurance sector. Typically, medicines account for 15- 20 percent of claim...
The CIRC encourages insurance providers to promote microinsurance among lower income groups (LIG), especially in the rural areas, poor urban residents and migrant labourers. According to China’s insurance regulator, following the completion of the four-year pilot project, microinsurance has now covered 24 provinces from an initial number of...
Takaful commenced in 2005 in Pakistan when Securities and Exchange Commission of Pakistan (SECP) introduced the Takaful rules 2005. According to the rules, only full-fledged Takaful companies had the permission to operate. Five such Takaful companies came into being due to the combined efforts of investors from Malaysia, Qatar, Kuwait,...
According to a Fitch Ratings report, the market share of Sri Lanka Insurance Corporation (SLIC), has declined to 19.2 percent in 2011 from 19.3 percent in 2010 and 20.3 percent in 2009. The report states, “SLIC’s market position in life insurance fell to Number 3 in 2011, though it...
